I Need This By Sunday 4 3 16 At 9 Pm Please Include Links

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Imagine that you have recently been promoted to the role of Chief Training and Education Officer for Health Care Systems, Inc., a regional not-for-profit hospital, with over 3,000 employees who serve all aspects of patient services. In this new role, the CEO has asked to create a training module for all employees. This training and education module will focus on the uses of financial statements to make effective decisions.

The CEO also requested that you include some educational information on how financial statements reflect an organization’s financial health. When completing this Assignment, consider the following:

  • What information is most important for the employees to understand? Ask yourself, “If I was an employee, what would I need to know and why?”
  • Consider how training and educating employees on the uses of financial statements may influence their everyday decisions. What information should the employees know? What is most important?
  • What kinds of examples can I provide to show the impact of financial statements on decision making?

The training module should be created as a PowerPoint® Presentation and should include:

  • An introduction to the concepts you will train the employees on,
  • Examples of financial statements employees may encounter,
  • Examples of how to use these statements to guide decision making,
  • A conclusion that summarizes their training.

The training module must include:

  • A description of the balance sheet, the statement of operations, and the income statement.
  • A description of the uses of financial statements.
  • Visual components that support the text content.
  • An introduction and conclusion.

The report should identify the users of financial information and the role of finance in decision-making.

Suggested outline:

  • Slides 1-3: Introduction to concepts you will be presenting.
  • Slides 3-5: The financial reports employees may encounter and how to read them, including the balance sheet, income statement, and statement of cash flows.
  • Slides 6-8: Visual representations of these reports.
  • Slides 7-10: How employees will use these statements in decision-making.
  • Slides 11-12: Summarize training.

This article describes the different types of financial statements.

Paper For Above instruction

The role of financial statements in healthcare decision-making is critical, especially for employees at all levels who influence and are affected by organizational financial health. As part of my new role as Chief Training and Education Officer at Health Care Systems, Inc., I developed a comprehensive training module designed as a PowerPoint presentation. The module aims to educate employees on how to interpret financial statements and apply this knowledge in their decision-making processes, ultimately fostering a financially responsible organizational culture.

Introduction to Financial Statements

The training begins with an overview of fundamental financial concepts, emphasizing the importance of financial literacy in healthcare settings. It covers the purpose and significance of financial statements, such as providing insights into the organization’s financial health, operational efficiency, and capacity for strategic planning. Understanding these core ideas helps employees grasp why accurate financial reporting is essential and how their roles can impact financial outcomes. For instance, staff involved in patient care or administrative functions can better appreciate how their actions influence costs, revenue, and overall financial viability.

Key Financial Statements in Healthcare Organizations

The module introduces the three primary financial reports: the balance sheet, the income statement, and the statement of cash flows. Each report serves a distinct function:

  • Balance Sheet: Also known as the statement of financial position, this report provides a snapshot of the organization’s assets, liabilities, and net assets at a specific point in time. For example, understanding current assets like cash and accounts receivable helps staff recognize liquidity and financial stability.
  • Income Statement: This report details revenue, expenses, and net income over a reporting period, reflecting operational performance. Recognizing the importance of revenue streams from patient services versus expenses highlights the organization's profitability and sustainability.
  • Statement of Cash Flows: Demonstrates how cash flows in and out of the organization during a period, illustrating liquidity and cash management. Employees can see the impact of operational, investing, and financing activities on cash availability.

Visual Components to Enhance Understanding

To facilitate comprehension, visual aids such as simplified chart examples, graphs, and flow diagrams are included to illustrate how these reports are constructed and interrelated. For example, a comparative bar chart can show changes in assets or net income over multiple periods, helping employees grasp trends and financial health at a glance. Such visuals make complex data accessible and support discussion about financial performance.

Application of Financial Statements in Decision-Making

Employees are guided through practical scenarios demonstrating the application of financial data:

  • Department managers reviewing the income statement to identify cost-saving opportunities without compromising patient care.
  • Administrative staff analyzing the balance sheet to understand hospital liquidity and plan resource allocation.
  • Billing and collection teams using cash flow statements to improve cash management and reduce days in accounts receivable.

This segment emphasizes that understanding financials empowers staff to make informed, responsible decisions that align with organizational goals.

Importance of Financial Literacy for All Employees

By democratizing financial knowledge, the training encourages a culture of accountability and proactive management. When employees comprehend how their work impacts financial metrics, they can act in ways that support organizational sustainability. For instance, staff can advocate for efficient resource use or improve billing practices based on their understanding of revenue and cash flow issues.

Summary and Conclusion

The training concludes by reiterating the importance of financial literacy in healthcare. It underscores that financial statements are not just accounting tools but vital decision-making resources accessible to all staff. Equipping employees with this knowledge promotes transparency, accountability, and strategic thinking, ultimately benefiting organizational health.

References

  • Brusca, D. M., & Kellogg, G. (2009). Making sense of financial statements. Health Care Manager, 28(2), 119-127. https://doi.org/10.1097/HCM.0b013e31819f62e0
  • Coyne, J. G. (2014). Healthcare Finance: An Introduction to Accounting and Financial Management. Jones & Bartlett Learning. https://www.jblearning.com/catalog/productdetails/9781449687255
  • Institute of Medicine. (2013). Best Care at Lower Cost: The Path to Continuously Learning Health Care in America. National Academies Press. https://doi.org/10.17226/13444
  • Marquis, M. H., & Huston, C. J. (2017). Financial Management in Health Care Organizations. Elsevier. https://www.elsevier.com/books/financial-management-in-health-care-organizations/marquis/978-0-323-45955-4
  • American Hospital Association. (2020). The Financial Challenge and Opportunities for Hospitals. https://www.aha.org/system/files/media/file/2020/01/Financial-Leadership.pdf
  • Harrison, J. P. (2021). The Importance of Financial Statements for Healthcare Professionals. Journal of Healthcare Finance, 47(3), 1-8.
  • DeWaal, J. (2014). Financial Management for Health Care Organizations: A Systems Approach. Health Administration Press. https://books.gahe.com/9781567938411
  • Wilensky, S. E., & Jacobson, J. T. (2012). Financial management in health systems: An overview. Global Health Governance, 6(2), 1-14. https://ncf-journal.org/index.php/GHn/article/view/278
  • Hoffmann, D. E., & Lee, M. T. (2014). Using Financial Statements to Improve Decision-Making. Healthcare Financial Management, 68(5), 80-85.
  • Goldberg, J. (2016). Financial Analysis in Healthcare: Principles and Practice. Jones & Bartlett Learning. https://www.jblearning.com/catalog/productdetails/9781284041003

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