HCM 400 Milestone 4

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Jun 21, 2024

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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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HCM 400 Milestone 4 4 constant regardless of an organization's activity. In this case if any problems arise there is no room for additional funds. Ratio Selection Managers utilize ratio analysis to decide on budget planning and to assess whether the company is running at its best. The operating margin ratio calculates a company's profit on each dollar of sales after variable costs of production, like labor and raw materials, are covered, but before interest or taxes are paid. For this project an operating ratio will benefit Cleveland Clinic because it would enable the organization to project their expenses and possible earnings. Ratio Result “Operating margin is calculated by dividing operating income by revenue” (Vipond, 2023). For Cleveland Clinic the operating ratio for 2023 is: Operating Ratio = Operating Income / Revenue Operating Ratio = 3,512,841/3,643,893 = 0.96 Short- and Long-Term Impact Based on my calculations and financial statement analysis the short-term impact on the organization and the organization’s financials will include investing in a system for Telemedicine or finding an investor, training doctors to use the system and transitioning from in person visits to virtual visits. Long term impact includes attracting more senior citizens especially the immobile ones and those with limited access to transportation and doctors will

HCM 400 Milestone 4 5 have more time to invest in creating specialized programs for managing chronic illnesses suited for the aging population.

HCM 400 Milestone 4 6 References: Murphy, C. B. (2024, February 2). Financial Statements: List of Types and How to Read Them . Investopedia. https://www.investopedia.com/terms/f/financial-statements.asp Vipond, T. (2023, December 11). Operating Margin . Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/accounting/operating-margin/

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