MHACB 560 COMPETENCY THREE ASSESSMENT

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1 Competency Three Assessment Gwendolyn Thompson University of Phoenix MHACB 560 Nicole Goy 12/28/2023

2 Competency Three Assessment 3 Financial Strategies for the Sustainability Initiative Introduction One of the best things to do in a hospital or other healthcare environment is to cultivate a sustainability initiative. The appropriate strategy is to aim to make the healthcare system sustainable and accountable. Although the company has implemented sustainability practices, managing finances might be difficult given the tight budget. The core of this extensive examination is the synopsis of the sustainability project. To demonstrate the efficacy or potential flaws of three key financial strategies, it is appropriate to provide examples of each along with their advantages, disadvantages, opportunities, and dangers. It is also crucial to consider the effects of the suggested community cooperation, waste reduction initiatives, and patient care results. To put this sustainability effort into action, the leadership must authorize the funding, which is contingent on how well the petition works. Summary of Sustainability Initiative Proposal The hospital has decided to update its system for measuring energy use. Reducing energy use and exploring alternate energy sources is a prospective or important sustainability endeavor. Hospitals now prioritize energy needs over all other needs, but to be more responsible, the institution is searching for and implementing alternatives. Large hospitals, constituting 47% of the total area in healthcare facilities, are responsible for 64% of total energy consumption in this sector. Hospitals, due to the nature of their work and running on a 24-hour basis, have higher energy intensity per square foot than any other building in the commercial sector. The company wants to restructure its activities to become more ecologically and socially responsible. To support its mission, the company is prepared to adopt a more energy-conserving stance. The

3 company's goal is to cut its energy use by roughly 30 to 40 percent over the next two years. Aside from that, the company wants to go to over 50% in the next three to five years. This sustainability program considers new energy efficiency techniques, alternative sources of consumption, and modifications to the internal environment with the involvement of patients and staff. 3 Possible Funding Initiatives 1. Fundraising Any activity taken by an individual to obtain donations or investment funds is referred to as fundraising. This includes but is not limited to, direct and indirect solicitation, marketing, and distribution of investment materials. To maintain providing your patients and community members with a high standard of care and resources in a well-run facility, you must continue to raise money for healthcare. You may even more successfully serve your community if you have the best healthcare fundraising tactics at your disposal. Engage Community and Philanthropists We will research prominent local company owners and community individuals who are well-known for their generous donations. Strive to establish deeper, more intimate connections with these people rather than just passing ones. Although it will take time, we are aware of the influence these relationships can have in helping to promote our project during the fundraising process. Engaging employees Another idea we plan to implement begins by investigating the most effective ways to involve staff members when it comes to fundraising for the hospital initiative. We will inform staff members about the significance of their contributions, particularly when it comes to aiding

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4 with the initiative, and consider organizing an internal kickoff event. You can also share quick and simple fundraising ideas with them. We will be asking department heads to take on the role of team captains is one idea. We will invite a panel of significant speakers whose work has an impact on the mission to speak at the kickoff event. Finding the perfect moment to interact with hospital staff or make any requests that will add to their already full daily schedules, so we will be mindful of the timing for the approach in this introduction. To encourage an employee fundraising campaign, we will occasionally host peer-to-peer events. Fun runs and 5ks are a couple of the events that we will include in our engagement tools. Urge hospital employees to come up with innovative, competitive, and enjoyable fundraising initiatives. Make sure some rewards will truly inspire teams and participants to surpass one another in addition to fostering some enjoyable staff fundraisers. Some additional ideas include an extra PTO day, a desired parking space, or even a department pizza party. SWOT for Fundraising The strength of obtaining funding through fundraising is that they are beneficial for the organization because it builds camaraderie, brings in new supporters, and increases engagement. A weakness or disadvantage to raising money in the old-fashioned manner (fundraising) is that it can be highly expensive. A significant amount can be spent on renting, printing, and planning any physical event. Furthermore, the funds allocated for overhead expenses may have been used for the cause itself. The money you're seeking to raise may be reduced by these extra costs, which makes it less effective than digital options. There are various opportunities when funding the initiative through fundraising such as bringing awareness to the energy efficiency initiative. We will also be able to build our donor base and then provide donor and sponsor recognition. A threat is that there might be limitations or guidelines on the kinds of

5 campaigns you can conduct on certain fundraising platforms. These limitations may impact both the reach of your campaign and the final amount of money raised. 2. Grant The Senate introduced February 2021; a measure that mandates the Department of Energy to set up a pilot program to offer subsidies for the installation of energy-efficient materials in nonprofit facilities. There are grant funds available that will support the installation of fuel-saving or energy-saving materials in buildings owned and run by nonprofit organizations. Environmental Protection Agency was created on December 2, 1970, by President Richard Nixon to protect human health and the environment. They have a website that our finance team will utilize to locate grants that are designed to fund our energy efficiency initiative. Over $4 billion in grants and other assistance agreements are funded annually by the EPA. The EPA assists numerous forward-thinking groups in realizing their environmental objectives, from little nonprofits to major state governments. With a long history of accomplishments, EPA grants continue to be a vital instrument for safeguarding the environment and public health. We will register with the hospital so that we can search and locate funds and plan to apply to the Energy Efficiency and Conservation Block Grant Program (EECBG). Various hospitals have been able to benefit from this organization and we feel that this along with applying to other available grants will benefit our initiative. We don’t anticipate having many obstacles however, we will utilize the EPA. SWOT for Grant Funding The strength of grant funding is that grants can give organizations vital resources that they need to complete tasks or offer services that they otherwise would not be able to. A weakness

6 when seeking a grant is that they are competitive. A lot of time and preparation are required to find grant opportunities, plan a project, and then develop a proposal. The organization will have to develop a team to obtain a grant successfully. Denials are always a possibility. Grants provide the opportunity to build credibility with governmental and grant funding agencies. Also, when receiving a grant there’s more opportunity to build financial security because you do not have to pay it back. Another opportunity is that grants leave room for the organization to build up finances for the cause. A threat can be present because grants are not dependable and cannot be sustained over an extended length of time, grants are considered a "soft" alternative for fundraising. It might not be possible for the non-profit to receive another grant from the same organization once one has been awarded and spent. This leaves the organization looking for a different method of funding at any given time. 3. Loans Energy-related financing falls under the broad category of energy lending. Oil and gas reserve financing, solar farm financing, wind farm financing, wind capital financing, financing for renewable and sustainable energy sources, and financing for biomass fuels are some examples. Our last resort will be to apply for a loan. We will have a financial team that will manage loan applications. For example, Texas LoanSTAR (Saving Taxes and Resources) Revolving Loan Program is a program that helps fund cost-reduction, energy-related retrofit projects. Cities, counties, independent school districts, state agencies, public universities, and tax-supported public hospital districts are among the entities that may be eligible to receive loans. There is an application period, and they are reviewed on a first-come first-served basis. Our financial team will determine the appropriate time to complete loan applications.

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7 Repayment is the basis for all loan disbursements. Through the stream of energy cost savings from the retrofitting, borrowers return the loans. SWOT for Loans One notable strength of obtaining funding through business loans is that it provides funding to pursue initiatives. By leveraging borrowed capital, businesses can make timely investments that position them for long-term success. In other words, loans can limit payments to operational budget savings and obviate the capital budget procedure, which may be included in the agreement. Thanks to this financing option, our organization will be able to effectively introduce an energy efficiency initiative without having to raise taxes. One of the weaknesses when obtaining a loan to fund our initiative is there will be an increased debt load. Taking a loan means creating a bill to pay. Loans also leave a possibility of credit damage in the instance that the loan cannot be paid per the contract agreement. An opportunity to build credit can result in making timely payments on a loan. Credibility opens doors with time, and this will create stability for the initiative. The company will take advantage of the chance to find new, affordable energy sources in various situations. One huge threat is that "Debt" can be a result of funding in the case that the organization must settle by taking out loans. An organization’s credit rating can be negatively impacted if it becomes unable to meet payment requirements. Impact of Proposed Community Partnerships The suggested community alliance will have a beneficial effect. These community collaborations, for example, will involve local businesses or groups that can provide funding for the hospital's energy efficiency project. Sufficient financial backing is appropriate, which can expedite and focus the implementation process overall. The hospital may struggle to implement the sustainability plan if it lacks the necessary financial resources. As a result, these community

8 collaborations may be essential to turning the implementation into a continuous process. Integration with other community organizations will facilitate the sharing of personnel, procedures, technology, and a host of other resources, all of which will be crucial to the successful and efficient implementation of the energy-saving effort. Impact of Proposed Waste Reduction Efforts Positive effects result from the suggested community partnership. For example, local businesses or groups that can contribute to funding the hospital's energy efficiency project will be part of these community collaborations. Sufficient financial backing can facilitate a more expeditious and outcome-driven implementation process. When it comes to carrying out the sustainability initiative, the hospital may falter due to a lack of funding. As a result, to make the implementation a continuous process, these community collaborations may be essential. The successful and efficient implementation of the energy efficiency project will be greatly aided by integration with other community groups, which will facilitate the sharing of people, processes, technology, and a host of other resources. Impact of Proposed Improved Patient Care Outcomes In this case, the suggested patient care outcomes are the focus. The cost of the patient’s case can be decreased by implementing the finest energy alternatives and incorporating the appropriate financial measures. Patients will have more access to reasonably priced hospital care. One of the most important patient outcomes has been that. Once more, it is clear what part the suggested financial strategies play. The best course of action is to execute financial initiatives effectively, as doing so can help reduce the cost of patient care. Positive or negative effects on patient outcomes may also result from changes in financial tactics and new energy sources. The administration needs to establish optimal alignment between energy efficiency programs,

9 financial tactics, and anticipated patient outcomes. When the three financial approaches are put into practice and new energy-consuming behaviors are implemented, a change in the treatment strategy is also feasible. Although patient resistance is a possibility, each case's engagement level is essential to demonstrating positive results. Petition To the Leadership for Approval The implementation of an energy efficiency program depends on the leadership's approval of the petition. All advantages, disadvantages, opportunities, and risks of the recently suggested financial plans must be clearly stated in this petition. When sharing and displaying these financial ideas, the project team needs to exercise fairness. Of course, there are dangers and weaknesses, but the domination of opportunities and strengths must be supported. In this situation, the leadership group needs to have a bigger view. The primary rationale for the new sustainability initiative and the soundness of the recently suggested financial methods will be streamlined by this petition. Developing the necessary rationale, initiative, and financial plan can result in the project's implementation being approved. In conclusion, the hospital's vision, mission, and goals cannot be fulfilled if it does not adopt the new energy efficiency or sustainability plan. This comprehensive analysis provided a thorough summary, which optimized the sustainability strategy. Many insights and implications have been discussed together with three well-known financial strategies: improving cash flow, activity-based costing, and cost per case. Making a stronger appeal for the leadership has been accomplished through the SWOT analysis of these financial tactics. It is also clear that the community, waste reduction, and patient outcomes have an impact. These realizations need to be considered when implementing sustainability programs and financial plans.

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10 References Bawaneh, K.; Ghazi Nezami, F.; Rasheduzzaman, M.; Deken, B. Energy Consumption Analysis and Characterization of Healthcare Facilities in the United States. Energies 2019, 12, 3775. https://doi.org/10.3390/en1219377 “Energy Lending.” OCC.gov, www.occ.treas.gov/topics/supervision-and-examination/credit/commercial-credit/energy- lending.html#:~:text=Examples%20include%20financing%20for%20oil,financing%2C %20and%20biomass%20fuels . “Funding for Energy Efficiency Projects - Texas Coalition for Affordable Power.” Texas Coalition for Affordable Power, 20 Nov. 2018, tcaptx.com/education/funding-for-energy- efficiency. Health Catalyst . (2020, December 1).Healthcare Financial Transformation: Five Leading Strategies. Retrieved from https://www.healthcatalyst.com/insights/healthcare-financial- transformation-5-top-strategies Lipham, Caitlin. “Hospital Fundraising Ideas to Help Your Mission’S Health.” Fundraising Blog for Nonprofit, Educational, and Faith-Based Organizations, 6 Apr. 2022, www.qgiv.com/blog/hospital-fundraising-ideas . Raeburn, Alicia. “SWOT Analysis: Examples and Templates [2023] • Asana.” Asana, 6 Nov. 2023, asana.com/resources/swot-analysis. "S.196 - 117th Congress (2021-2022): Nonprofit Energy Efficiency Act." Congress.gov, Library of Congress, 3 February 2021, https://www.congress.gov/bill/117th-congress/senate- bill/196

11 The Power of a SWOT Analysis for Nonprofits. www.npocentric.org/post/the-power-of-swot- analysis-for-nonprofits#:~:text=A%20SWOT%20Analysis%20is%20most,and %20improvement%20for%20your%20nonprofit.

MHACB 560 COMPETENCY THREE ASSESSMENT

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