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I need help with two questions on the attachment below. any help will be accepted if one answer could be offered. Theory into Practice Anywhere

I need help with two questions on the attachment below. any help will be accepted if one answer could be offered.

image text in transcribed Theory into Practice Anywhere Hospital's CFO for the past 20 years, Jim Smith, just retired. He worked for the hospital for 40 years and was greatly respected by his staff. The hospital governing board has hired a new CFO, Todd White. Jim Smith utilized the silo approach to revenue cycle management during his tenure. He relied on his key management personnel to contact upper management of other departments in the hospital to discuss issues and to resolve problems and vice versa. Todd White, however, had implemented an integrated revenue cycle team at his former hospital three years ago and strongly believed in the power of teamwork. His previous team had gained numerous efficiencies and improved accounts receivable by millions. So when Todd started at Anywhere Hospital he planned on implementing a similar revenue cycle team. As with any change, Todd was met with much resistance. But after speaking with many of his managers in patient accounts and finance he realized that the employees did not know how to effectively work in teams. And why should they the previous CFO had not asked them to do so in several years. 1. What are some creative ways that Todd can help Anywhere Hospital understand the importance of an integrated revenue cycle team? 2. How can a manager improve teamwork amongst his or her employees? Does Todd need assistance from a Change Management Leader? Explain your answer. Name: Instructor: Course: Question 1 There are various reasons why the restaurant would still open for few customers even though the revenues from these customers may not be enough to cover the running costs of the restaurant. One of the major reasons for this situation would be the going concern concept. Most businesses are believed to be going concern meaning that their existence will not cease in the foreseeable future. This therefore means that the restaurant has the resources to operate indefinitely. Managers use this assumption to keep the restaurant running even when they know the contribution margin of the current customers is below par or is closer to losses. The other reason may be If the restaurant is a corporate-owned franchise ("Going Concern Definition | Investopedia", 2003). If this is the case the restaurant will remain open no matter what to serve a certain are or as a way of providing positive public relation to the company. In this case other divisions of the company will be making enough revenues to offset the deficit from the restaurant. Question 2 1. Opportunity costs. Especially if the restaurant is a corporate-owned franchise the management would consider the lost value of the resources used to run the restaurant at a loss and would consider allocating these resources to other divisions that require them more for a profitable outcome. The reasons for paying attention to these costs is that the restaurant may eventually drain the company of its resources to the point of bankruptcy. 2. Customer related costs. The costs of maintaining the customers and luring new ones. When the restaurant is ever open the current customers will not find the reasons to move elsewhere for their meals. The reason why considering these costs is of importance to the restaurant is that when the season and time has overturned these customer will steer the restaurant forward through the revenues collected from them. Opening of the restaurant will also help build customer loyalty especially to the potential customers due to the restaurant's availability. References Going Concern Definition | Investopedia. (2003). Investopedia. Retrieved 27 March 2016, from http://www.investopedia.com/terms/g/goingconcern.asp

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