HS440 Unit 6 Assignment
Unit 6 Assignment: The Impact of Financial and Strategic Planning
Unit Outcomes Addressed in this Assignment:
- Describe the key components of a financial plan
- Define financial and strategic planning
- Explain the difference between a simple budget and a flexible budget
- Describe the use of variance analysis in the budget creation process
Course outcome assessed/addressed in this Assignment:
HS440-5: Explain the methodologies and processes used in preparing budgets for health care organizations.
GEL-6.06: Apply research to create original insights and/or solve real-world problems.
Utilizing your textbook and the Library:
For the assignment this week, you are considering the purchase of a new MRI machine for Bayside Memorial hospital. Think about what types of patients you will be seeing, what types of care you will provide, and the members of the team that you have assembled. Remember that the financial analysis provides much of the guidelines for all decision-making in the purchase decision.
Using the chart of cash revenues and costs read and explain the results of the cash flow analysis. Describe incremental cash flow. Explain sunk costs, opportunity costs, strategic value, and inflation effects. Then provide your decision on whether to make the purchase or not.
- Responses to the questions should be written in a clear, detailed manner and observe the conventions of Standard English (correct grammar, punctuation, etc.).
- Follow APA formatting for the title and reference page, as well as APA formatting within the paper itself (Times New Roman 12-point font and properly double spaced).
- The minimum page limit is 2 pages or 600 words.
- The maximum page limit is 4 pages or 1200 words.
- Information should be summarized in your own words with appropriate APA formatting and citation style of in-text citations in the body of the text to acknowledge the source(s) of information.
- Include at least one reference. The course textbook may count towards the reference requirement for this Assignment. All references will follow APA format.
- Follow the conventions of Standard English (correct grammar, sentence structure, punctuation, etc.).
- Your work should display superior content, organization, style, and mechanics.
- For additional support, utilize the Writing Center and review the document entitled, “Writing Center Resources,” found in Course Documents.
Submitting Your Assignment
Complete the assignment. When you are ready to submit it, go to the Dropbox and complete the steps below:
- Click the link that says “Submit an Assignment.”
- In the “Submit to Dropbox” menu, select Unit 6: Assignment Dropbox.
- In the comments field, make sure to add at least the title of your Assignment.
- Click the “Add Attachments” button.
- Follow the steps listed to attach your document.
- To view your graded work, come back to Dropbox or go to the Gradebook after your instructor has evaluated it.
- Make sure that you save a copy of your Assignment.
Case Study of Bayside Memorial Hospital- Cash Flow Analysis
An MRI machine would be a crucial addition to any healthcare facility owing to its massive assistance in studying the body structures of patients to establish existing anomalies. The machine uses strong electromagnetic waves to generate highly detailed images of the internal structures of the body. It can be used to study almost every part of the body including blood vessels, heart, spinal cord, brain, breasts, bones, and internal organs such as liver, kidneys, prostate glands, or womb. The results from the MRI images assist in diagnosis, making decisions on treatment, and assessing how effective treatment has been in the patient (Morreale, Lau, & Harrison, 2019).