Develop a list of specific actions which will form the foundation of an action plan that you will take to begin address Midwest Healthcare Systems
Question It is December 2008 and you have just accepted an appointment as the Chief Financial Offic Show more Question It is December 2008 and you have just accepted an appointment as the Chief Financial Officer (CFO) position at Midwest Healthcare System. Dr. Montana is the systems President and Chief Executive Officer (CEO). Your peers on the Executive Team include Mr. Clark the Chief Operating Officer (COO) Dr. Jordan the Medical Director and Ms. Palfrey the Vice-President of Nursing. When Dr. Montana announced your appointment to the organization he stated that your primary objective would be to reverse the ominous financial trend of operating losses that started early FY 2008; the trend is expected to continue into FY 2009. During FY 2008 some of the operating losses were offset with emergency infusions of investment income from restricted net assets; however in November the Midwest Healthcare System Board of Trustees passed a resolution prohibiting that practice. Consequently investment income is now restricted to capital expenditures only. Midwest Healthcare System is a not-for-profit corporation that comprises a 120-bed acute care hospital a skilled nursing facility a rehabilitation center a home healthcare agency and some outpatient clinics. The hospital is the only major facility within 50 miles of the rural community of approximately 40000 that it serves. Write a three- to four-page paper in which you: Develop a specific set of realistic questions (at least five per member) that you will ask each of the three executive team members based on their specific roles responsibilities and perspectives regarding the causes of the operating losses and the potential resolutions. Focus on questions related to the following topics. However you may address other topics not included in this list: Assets liabilities and net worth Sources of revenue Expenses Direct and indirect costs Inventory Staffing Operating budget Capital expenditures Trends Develop a list of specific actions which will form the foundation of an action plan that you will take to begin address Midwest Healthcare Systems
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