HCM 400 Milestone 4
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Running Head: HCM 400 Milestone 4
1
Southern New Hampshire University HCM 400 Healthcare Finance
Milestone Four
Malini Mohabir
February 17, 2024
HCM 400 Milestone 4
2
Introduction
My proposal for addressing identified issues or improvements for Cleveland Clinic would
include Incorporating Telemedicine to increase the effectiveness and accessibility of providing care for senior citizens and creating specialized programs for managing chronic illnesses suited for the aging population.
Financial Statements The financial statements that I intend to use in my proposal are balance sheets and cash flow statements. “The balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Balance sheets can be
used with other important financial statements to conduct fundamental analysis or calculate financial ratios” (Murphy, 2024). Cleveland Clinic's leadership will need to assess the balance sheet before making any investments in a new Telemedicine system. An overview of the financial state of a corporation at any given time is given by the balance sheet. Cleveland Clinic can thus use this data to evaluate the company's standing and decide whether to invest in Telemedicine. The CFS allows investors to understand how a company's operations are running,
where its money is coming from, and how money
is being spent. “The cash flow statement
(CFS) also provides insight as to whether a company is on a solid financial footing” (Murphy, 2024). Investors can learn how a business is doing, where its funding comes from, and how it is spending money by looking at the Cash Flow Statement. Additionally, the CFS sheds light on a company's financial stability. Cleveland Clinic can use this statement to attract investors for my proposed Telemedicine project for providing care to senior citizens and
HCM 400 Milestone 4
3
managing chronic illness because with an aging population there is also an increase of chronic illnesses. Proposal Impact
My proposal is to use telemedicine to improve senior care delivery's effectiveness and accessibility by developing programs specifically designed to manage chronic illnesses in the elderly population. The financial statements of the organization will be impacted by this proposal. Cleveland Clinic will have to spend money or find an investor for this project but in the
long run they will be able to eliminate many aspects associated with a patient visit to a doctor’s office. For instance, there will be no need for a receptionist to check patients in, there will be no need for space for a receptionist and the doctor will only need a room for the consults. Once the patient is called in for a follow with the doctor, a Medical Assistant can assist in the patient registration and preparation for the patient’s visit with the doctor. Patients on the other hand will not have to leave the comfort of their homes to come to the doctor’s office. This I hope will attract more patients to Cleveland Clinic hence increasing cash flow to the organization. Flexed Versus Fixed
A flexible budget lets you modify your financial goals in response to unforeseen events or pressing needs, while a fixed budget provides an organized approach to long-term goal planning. With implementing Telemedicine at Cleveland Clinic a flexed budget would be beneficial for the company because you would need to budget for the situations that may occur during implementation. A fixed budget is straightforward and stays the same and it remains
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