Organizational Budget Process Discussion

Prompt: Your expertise in healthcare finance has attracted the attention of some of the newer employees in your organization. Wanting to become managers someday, they have asked you to share some of what you know in the online journal that serves as the company’s knowledge-sharing portal. Create a journal assignment in which you respond to these specific topics from your colleagues:

Describe the ways in which financial statements, financial calculations, and working capital are used in the organizational budget process Identify the main objective of managing cash flows Explain why financial leaders are concerned about having cash on hand Identify the three factors that set the healthcare industry apart from most other industries with regard to accounts receivable Explain the ways in which trends within Medicare, Medicaid, and third-party payers affect working capital and the cost elements associated with the

revenue cycle

Critical Elements Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value Uses of Financial

Statements, Financial

Calculations, and Working Capital

Assignment accurately describes the primary ways in which financial statements, financial calculations, and working capital are used in the organizational budget process

Assignment is missing some important ways in which financial statements, financial calculations, or working capital are used in the organizational budget process, or some descriptions are inaccurate

Assignment does not describe the primary ways in which financial statements, financial calculations, and working capital are used in the organizational budget process

22

Objective of Managing Cash

Flow

Assignment accurately identifies the main objective of managing cash flows

Assignment does not accurately identify the main objective of managing cash flows

12

Concern about Cash on Hand

Assignment accurately explains why financial leaders are concerned about having cash on hand

Explanation as to why financial leaders are concerned about having cash on hand is incomplete or inaccurate in important respects

Assignment does not explain why financial leaders are concerned about having cash on hand

22

Factors that Set the Healthcare Industry Apart

Assignment accurately identifies all of the factors that set the healthcare industry apart from most other industries with regard to accounts receivable

Identification of the factors that set the healthcare industry apart from most other industries with regard to accounts receivable is incomplete or inaccurate in important respects

Assignment does not identify the factors that set the healthcare industry apart from most other industries with regard to accounts receivable

22

Effects of Trends within Medicare,

Medicaid, and Third-Party

Payers

Assignment accurately explains the ways in which trends within Medicare, Medicaid, and third- party payers affect working capital and the cost elements associated with the revenue cycle

Assignment is missing some important ways in which trends within Medicare, Medicaid, and/or third-party payers affect working capital and the cost elements associated with the revenue cycle, or some of the explanations are inaccurate

Assignment does not explain ways in which trends within Medicare, Medicaid, and third- party payers affect working capital or the cost elements associated with the revenue cycle

22

Earned Total 100%