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Hospital CFO
You are the hospital CFO, trying to solve the managed care problem. Based on the scenario and advice provided. What will you do?
The first step is to see if Mega Plan can live with a 20% discount. The way that this can be achieved is this amount could be applied to the hospital (which is in line with the profit margins for the facility). The other 15% will be passed onto to members. If this kind of approach was used it will address the concerns of Mega Plan and ensure that these programs are economically viable. (Wolper, 2011) (Young, 2003)
To reach this goal means negotiating with Mega Plan and asking them to take this kind of discount. At the same time, staff members and actuaries from accounting will need to have an open discussion about how some kind of compromise can be reached. During this process, there will be a focus on the way procedures could be implemented that will deal with bookkeeping related issues. This will ensure that Mega Plan patients continue...
(Wolper, 2011) (Young, 2003)
To help deal with the increased amounts of paperwork, some of the operations could be outsourced to third party information providers and collection agents. This will help to increase the profit margins of the hospital by reducing paperwork and staff. When this happens, the facility will see a rise in productivity and a decrease in costs. (Wolper, 2011) (Young, 2003)
In the event that Mega Plan rejects the 20% discount, the facility will be forced to accept the deal. However, outsourcing and new technology will be utilized to streamline the process internally. To improve upon bill collection, an independent contractor will work with the company and address these issues. This will reduce the burden on accounting and bookkeeping personnel. Over the long-term, the facility will need to find another provider that can service Commercial Intertech. This could be used as leverage…
References
Wolper, L. (2011). Health Care Administration. Sudbury, MA: Jones and Bartlett.
Young, D. (2003). Management Accounting. Hoboken, NJ: Wiley.
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