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Compose a 750 words essay on (Cost Analysis). Needs to be plagiarism free!Download file to see previous pages... It is essential for the Chief financial officer to develop a budget that retain and inf
Compose a 750 words essay on (Cost Analysis). Needs to be plagiarism free!
Download file to see previous pages...It is essential for the Chief financial officer to develop a budget that retain and influence doctors input. Managing the physicians could be adequately done by proper management of time so that those who may seek to make more money do not do it at the expense of BCH. As a CFO, the management can be effected by converting hospital staff’s net paid days worked to a factor. BCH CFO Office is open and staffed seven days a week, per as a work agreement with a well managed care plans. The office manager prepares a worksheet, which displays 9 holidays, 15 vacation days, 7 sick days, and 3 education days, equaling thirty four paid days per year not worked. The physicians’ cluster allows 5 sick days, 8 holidays, and 1 education day. A physician must work one full year to receive 5 vacation days. An employee ought to have worked full time for 3 full years before getting 10 annual holiday days. This is a cost effective approach that can be implemented to allow physicians get committed (Nowicki, 2008). As a CFO, the iron triangle of health care must be implemented to cater for the physicians, patients and organization. Health policy analysts normally refer to an iron triangle of healthiness. The three edges of the triangle are the quality, cost, and accessibility of care. This means that, in equilibrium, improving the performance of the health care organization along any one of these perspective can compromise one or both of the other aspects, regardless of the quantity that is spent on health care (Zelman, McCue, &. Glick, 2009). Such tradeoffs are not frequently required, of course. For instance, tying payments to physicians to the quality of services offered could improve providers’ enticement to contain costs and progress quality. As a CFO, cost effective programs implementation is essential. Dealing with hospitalist issues Hospitalist is the term applied for physicians who are specialized in the care of sick clients in the hospital. This movement was started about ten years ago and has transformed due to many factors. These factors include. convenience, cost-effectiveness for hospitals, financial strains on primary care doctors, efficiency, patient safety, and need for more dedicated and synchronized care for hospitalized patients. As a CFO, funds must be budgeted to enable implementation of the hospitalist. Financial costs Cost accounting system. Bobcat Community Hospital has a strong billing and collection constituents but a weak cost accounting coordination. Financial incentives have always maximized on reimbursement but not in controlling costs (Brent, 2003).
