The COVID-19 pandemic has devastatingly impacted the lives of nearly everyone, i

The COVID-19 pandemic has devastatingly impacted the lives of nearly everyone, including the financial viability of Jordan Hospital. A positive operating margin is essential for the long-term survival of Jordan hospital and due to the effects of the pandemic the hospital faced a drastic halt in the volume of patients and revenue, while the expenses remained high.
The pandemic created immediate and detrimental damage to Jordan’s Memorial Hospital margins, as well as great uncertainty about the path forward toward financial stability. Jordan Memorial Hospital serves a rural population in Southwest Georgia but now faces an uncertain future about serving this vulnerable population where healthcare is much needed. As the CFO of Jordan Memorial Hospital, evaluate your organization’s underlying fiscal health and readiness to move forward following the pandemic.
GUIDELINES
1. Discuss (thoroughly) the financial challenges faced by Jordan Memorial Hospital (hospital characteristics, staffing, differential financial strains within community). Discuss (thoroughly) the importance and challenges of sound financial management in health care, especially during the current pandemic.
2. Develop a committee to restructure the hospital’s finance plan (describe the selected committee members and their credentials AND describe what they will be responsible for)
3. Prepare a hypothetical annual statistical report that includes the following:
a. Volume of patient visits
b. Revenues (percentage of reimbursement from Medicare, Medicaid, Commercial Insurance and Self Pay)
c. Expenses (Labor, Equipment, Supply, Overhead)
d. Provide your assumptions to justify all volumes, revenues and expenses
4. Prepare a three-year operating budget that includes the following:
a. An estimate of revenue each year
b. An estimate of expenses for each year
c. The cash flow (negative or positive) generated from revenues and expenses
5. From your calculations, evaluate the financial risk at Jordan Memorial Hospital
6. Prepare a narrative summary 1000-1500 word minimum (4-5 pages for the narrative summary) of your financial FINDINGS and RECOMMENDATIONS.
7. Describe how key performance indicators and dashboards are used to monitor financial conditions you will provide supporting documentation to support your findings and recommendations.

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