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Assignment 3 A. Interview a health care leader about a significant capital request that occurred within the last year or two that this leader submitted to a higher authority. B. Write a paper of 1,000-1,200 words from your perspective (of course in third person narrative) on how that process occurred what happened what the leader would do again and what mistakes that may have been made. What were the key financial implications? The interviewee should be listed as one of your references. Be sure to note the time, date, and method of interview. Any other arguments should have strong references to support. C. Prepare this assignment according to the APA guidelines. An abstract is not required. D. Review the rubric for the grading guidelines. Rubric Key questions are answered concerning the capital request process. Key financial issues were analyzed and discussed. Presentation skills are appropriate. There is a command of the language. References are appropriate. 45% 45% 10% Several presentation deficiencies hamper communication. Main thesis need further clarity. Topics could flow more smoothly. Conclusion may not support the thesis and content. Many key issues are discussed. Some lack of presentation skills evident.Demonstrates No presentation skill issues noted.Demonstrates thorough knowledge of the process of implementing a capital request, the issues, and possible mistakes. Develops a analysis of the effectiveness of the process. Introduces appropriate examples. Supports main points with references, examples, and explanations of how they apply. knowledge of the process of implementing a capital request, the issues, and possible mistakes. Clearly develops a strong analysis of the effectiveness of the process. Introduces appropriate examples. Supports main points with references, examples, and full explanations of how they apply. Thoughtfully analyzes, evaluates and describes major points of the criteria. 0-74% 75-99% 100% Topic Assignment Grading Course: Name Topic Yours Name Professor's Name [optional] University 1 Topic This interview has collected the views about healthcare capital request that occurred in last one or two years, financial implications which made changes in healthcare domain. This interview is with a 31-year old McKinsey veteran, Dick Foster. He is a founder of the McKinsey's healthcare practice. He published two popular healthcare books such as; Innovation: The Attacker's Advantage" (1986) and "Creative Destruction" (2001). So, we sat down in his library on April 01, 2017, 17:05:00 for almost 45 minutes and discussed about healthcare capital request including challenges and mistakes, and financial implications. Me: Lots of people say, 'healthcare practices have improved over the time due to improved capital structure in healthcare domain. So, is it true we see last one or two year picture of healthcare domain'? Foster: Good Question. In last few years, healthcare practices have improved due to tech revolutions that resulted as good models can see in healthcare domain. Mckinsey has been running many healthcare practices in McKinsey for which they made many capital request to make changes in healthcare practices and these changes were related to technological advancement that may lead to improve the healthcare practices as there were slow change in tech practice because of low capital investment. First, Mckinsey invested to make information availability in hospital. Similar practices can see in many large hospitals as they want to increase public aware. They focus to provide information that can help patient and physicians to understand what changes have done in last few months and what will happen in coming years. McKinsey is a well-known company that decided to increase its capital investment in this area to influence healthcare people awareness. Regulative authority also suggested to implement however procedure was complex as it is difficult to made information availability every time in a month but 2 Topic somehow, hospital care manage through new technology in the healthcare system for which McKinsey managed almost 20% capital enhancement in its hospital investment. At the other end, if consider this problem at global level and implement information system in each hospital then obviously it would also require to invest 20% more in capital investment what they invest today. Few healthcare system have done but few are still struggling to manage capital funding that could help them to increase healthcare awareness. Secondly, the largest purchaser in the healthcare system is the United States government (CMS), and the large payers include; Aetna, Anthem, MetLife are very suggestive in cost reduction technique and they know very well how to minimize the capital investment without increased risk but unfortunately, McKinsey was not aware and utilized the practice what they think best for it however, didn't compromise patient safety and new technology aspects that they could make through larger institutions. Third, in many non-healthcare fields, a serious problem arise when a vendor does not focus on healthcare system reliability and later on, it can be disaster and in past, many of such kind of problems noticed that is a serious loss in healthcare system that may also result to damage many. Therefore, each healthcare institution must be more cautious when deal with new "hot" companies than the non-healthcare world. However, in past many healthcare institutions invested a lot of capital due to wrong vendor selection. Fourth, in general, hospitals are "not-for-profit" organizations. There are no public shareholders except few exceptions like; HCA, Community Health Systems, etc. Therefore, most of the healthcare institutions are responsible for their operations and financial management hence, healthcare institutions must understand and consider the need of financial aspects first before taking any step because financial safety is mandatory in rapid growth otherwise there should be high financial implications which may result to loss of business. 3 Topic Me: Okay, I got it. There are many changes which happen only after capital request but in last one or two years what significant capital request made globally? Foster: Right now, don't have exact report but yes, can say, most of healthcare institutions wanted to improve their healthcare practices for which they made capital request either to regulative authority or private stakeholders so that to increase public awareness. This value in each institution should be almost 20% more in their current capital request that would reach to almost 2 billion more investment in healthcare system because there are more in lakhs healthcare institutions if consider only large healthcare institutions. Moreover, there may be more than what reports suggest because many of healthcare institutions have information published globally so finding an exact value is complex for anyone. Me: Was there any financial implication of capital request? Foster: Obviously there was. As discussed above, capital request increased almost 20% healthcare institutions investment. Now, most of the healthcare hospitals are "not-for-profit" organizations so private investment were required to accomplish capital request therefore, this budget passed from companies, private investors, or regulative authorities account which paid this value. Therefore, financial implication could see as increased financial burden to all the entities which supported capital requests. Most of the institutions gave this value from their profitability but regulative authorities arranged from public funding, taxes, and other way they collect from public they invested. Therefore, a financial implication could see as; public money invested in this work that may increase public burden in next few years when they realize that medical cost has increased due to 'information' availability and technology advancement in healthcare system which made in last few years for high healthcare practices in healthcare institutions. Lastly, but overall, there is no one who figured out real values for any terms because there are millions of healthcare institutions worldwide even few of them 4 Topic are not registered globally. So, what strategies and capital request they have made in last few years are not very clear to answer but yes, assure to say, most of the large healthcare institutions are dealing with many problems and they do capital request for medical advancement that can help patient and healthcare practitioners so that to improve healthcare conditions in future however, financial implications would be same as public would pay as more as capital request in future as well because no one is going to pay a high cost from their personal account. 5 Topic References Health Information Technology. Interview with Dick Foster of Lux Capital, part I. Retrieved from http://www.beckershospitalreview.com/healthcare-informationtechnology/interview-with-dick-foster-of-lux-capital-part-i-hospital-technologytrends.html What health care CEOs told us in 2015. Retrieved from https://www.advisory.com/dailybriefing/2015/12/23/ceo-interviews Interview with Dick Foster of Lux Capital, part II. Retrieved from https://iqueue.com/blog/interview-with-dick-foster-of-lux-capital-part-ii-hospital-ofthe-future/ 6