Tuesday, March 12, 2019
hHCS 405 WK Individual Assignment Essay
Reducing agency staff, I choose this figure cut because it leaves more positions open for the facilities own staff and this form of befriend is a high equal, twice as high a lawful infirmary staff scarce each open occupancy is continually monitored to determine if that position needs to be filled. Changing the skill mix, this picking al imprints for unlicensed assistive personnel to address economic realities. This constitute cracking choice natural selection allows for nurse to be fitted to delegate kid jobs in order focus on more complicated ones (University of Phoenix, 2013).Which add option did you select? Why?Loan option 1, this loanword in reality allowed for a longer period of repaying the loan, even if it has 9.45% interest rate, as option 2 does not give you the ability for the three month loan closure and it needs to be repaid in six months time. Being that this is a facility which needs flexibility option 1 provides the vanquish manageable alternative for achieving substantial financial grounds (University of Phoenix, 2013).What was the terminus of your ratiocination?The end for my decision was that it was in good health for EFC. The decision to reduce a portion of agency contract staff was good because it settles outflow of money through expenses without hurting or decreasing the facilities actual revenue by saving on premiums it pays to staffing agencies and their management fees so it is a huge woo saver. Changing the skill mix made for a good figure saver for Elijah Heart focus on because it serves save the company money in the long haul.There result be an increase in be in the beginning in regards to the less o hospital training, but all overall workers can assist with the registered nurses with simple designates like, feeding and the moving of patient ofs. authorise nurses can focus more on the more complicated task such as those directly affecting or related to patient care. As for my loan option it was the ex ceed choice for solving the hospitals capital shortfall because EHC consume out receive $2,300,000 as payments from Medicare and opposite managed care organizations within three months. This will undoubtly solve Elijah Heart Center cash flow problem, were as option two could not be prepaid in six months (University of Phoenix, 2013).Phase II Funding Options for Equipment attainmentWhich cost-effective equipment selections did you make? Why? High hie-CT Scanner Refurbished Equipment Loan, this option I felt was top hat because the technology advancement for this machine is not judge to change much and the cost is high to buy forward-looking $750,000 and its animation expectancy is around 10 years if brought new.Therefore buying new can greatly affect the hospitals finances and acquiring equipment that is refurbished is much more cost saving with a 30 50 percent cheaper sale tag and it decreases staff training costs. X-Ray Machine-Capital Lease, seems to be the best option f or this equipment because the likely hood of needing to be upgraded or changed is low and it life expectancy is 15 right around years the cost of this machine is 320,000, so a capital betroth just makes more sense than the rest plus this form of leasing allows the company to be able to feed the option to mickle for the equipment at a bargain purchase option and the lease itself is transferred at the end of the lease automatically.& Ultrasound System-Operating Lease, this is the best option for this equipment because this can be a device equipment that can study an technical advancement or change in the long harmonize and using other methods could make purchasing this equipment worthless in the emerging event of advances in technology so it would be a impairment cause or enthronisation to have reflect on the residuum sheet or to buy new or refurbished. This form of obtaining the equipment is hard-boiled s a rental and is not included on the dimension sheet as with a capit al lease and there is no bargain purchase option either (University of Phoenix, 2013).What was the core of your decision?The outcome of my decision was the best possible choices for the company as the high speed CT scanner beingness refurbished allowed for the equipment to be purchased cheaper than being brought new. As for get the x-ray machine on a capital lease makes this the best option because higher present value compared to the operating lease or buying refurbished equipment and the argument has the option of buying the equipment at a bargain price or pickings up a new lease and with the life expectancy of this machine being 15 years with bitty or low possibility of change it makes for a good investment and means of saving finances in the long run. Last on the list is the ultrasound system getting an operating lease is best suited for the company because it allows for an upgrade. The option of the operating lease helps in taking care of technological obsolescence (Univer sity of Phoenix, 2013).Phase III Funding Options for Capital refinementWhich source of funding did you select? Why?HUD 242 Loan Insurance platform I choose because the hospital can payoff this loan in the beginning its time without precautions and it allows the facility to be able to do this after octet years. Although its rate were cheaper than a private bank loan and higher than the exempt and revenue bonds it allowed for a year advantage of loan payoff over tax-free, as strong as not putting a stipulate on the period of use for the funds interest rate is begin than both other options setting at a 3.90 percent and tax-exempt is 4.18 percent, and private bank funding is 4.50 percent (University of Phoenix, 2013).What was the outcome of your selection?The outcome for my decision was that this funding option was a healthy choice, as well as the best possible option for Elijah Heart Center (EHC). Benefits were that the option was callable after years instead of tens and that i f the interest rates were to decrease it would be possible for the organization to buy back the bonds and reissue the debt reservation it moreprofitable for Elijah Heart Center (University of Phoenix, 2013).Summary and ConclusionsWhat did you learn from this wile?I learned that buy choosing the best options for the business I am able to better provide equipment, workers, and finances for acquiring equipment, expansion and staffing of the facility.What would you do differently if you performed the simulation again? If I were to reduce this again I would not change anything as the other options badly affected the budget and other mixtures were not good ones they decreased cost but economize dipping as months went by, which would ultimately affect the overall finances for the business hence creating issues such as down-sizing being a reality and or the decrement of benefits to staff and reducing length of stay really does not have an effect on saving or benefiting the company at a ll.How will you apply what you learned at your current or next job? I could apply what I have learned at my future job by keeping the result and notes for my simulation as a guide for planning and determining how to spend revenue earned or needed to keep my business operational. As well as being able to suggest possible ways and ideas for saving my current business money were equipment and loans are of use. In my future job/business I plan on running my own CMA/CNA facility this can help me with determining the best loans to get for equipment, supplies, and materials needed to run a to the full functioning and profitable business.I can sue this simulation to finalise on the best way to get those supplies, equipment by determining the cost for leasing or buying new or used equipment. I will be allowed to make a more clear and informed decision about my current and future business ventures. Once I get into a medical facility and staff thoughts and decisions are taken into consider ateness for future changes I will be able to give an existent suggestion or idea for changes that can affect staffs jobs, future positions, benefits, and care and treatment of patients..ReferenceUniversity of Phoenix. (2013). Analyzing Financial Indicators for Decision devising Multimedia. Retrieved from University of Phoenix, HCS/405 Health Care Financial Accounting website.