Reply to each of the following separately. Be sure to use at least 175 words per reply and use FULL APA references, as well as in-text citations. Be professional and constructive in your reply.
1. Consider that you are a financial manager in an esteemed institution of higher learning which is facing financial difficulties. At the same time enrollment is high and professors are complaining that their class sizes are simply too large. One of the primary Deans is recommending that more professors be hired in order to reduce class sizes. However, the Vice President of Financial Matters in preparation for development of the next year’s budget is considering the possibility of taking a more fiscally responsible action of providing a salary increase above the normal increase in order to appease the academic personnel.
Please discuss how you might analyze the financial impact of both considerations.
– What is the downside/upside of each action?
– What would you recommend as a financial manager?
– What would you recommend as the “Dean of Professors”?
– How might you balance the two courses of action or can you?
SIX TIPS FOR HEALTHCARE RECRUITING (https://www.peoplescout.com/insights/six-tips-for-healthcare-recruiting/) is a great resource when making hiring decisions.
2. A critical component of healthcare financial management is benchmarking. Looking at 2 to 3 years of historical data is actually essential in conducting good financial analysis of an organization. This type of benchmarking where a company compares its performance to previous years is called Trend analysis. Other forms of benchmarking also exist known as Industry Analysis and Peer Group Analysis.
Industry Analysis is when organizations in the same industry are grouped together based on commonalities like their products/services, sales, or size. Peer Group Analysis is a process wherein an organization’s management identifies a set of organizations that are similar to their own and generally who compete in the same market. So, for instance, a local hospital might select one of its competitor hospitals and compare itself to their average ratios. STATES LOOK TO BENCHMARKING PROGRAMS TO CONTAIN HEALTHCARE COSTS (https://www.healthleadersmedia.com/finance/states-look-benchmarking-programs-contain-healthcare-costs) covers important benchmarking being taken by States to get a handle (or at least understanding) on rising healthcare costs.
How do you think trend analysis would be helpful in your local hospital? What do you think the organization might discover?
How can benchmarking be used in developing budgets?
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