You have recently been hired as the chief financial officer (CFO) of a large hos

Question

You have recently been hired as the chief financial officer (CFO) of a large hospital. Your hospital has experienced major growth and is proposing a new department of quality improvement. This new department has to be approved by the board of directors. The chief executive officer (CEO) has asked you to prepare a presentation for the board of directors to stress the importance of quality from a financial standpoint.

Make sure to include the following:

An overview of the concept of quality in health care.

A description of the current finances of the organization and how quality would enhance the bottom line.

The consequences of not implementing the new department within the organization, including legal and marketing implications.

Explanation / Answer

Since i have been appointed as CFO of a profitable hospital where their has been a good growth over the past financial year. I would choose a dept where the need is high that is the ICU which i think has to be spacious and has to have highly modernized facilities and equipments. For this the expanison of the dept has to be done so that the patients are given best of the facilities. I would prepare a presentation for the CEO and Board of directions explaining about the needs and the benefits of the services. Financial budget with the estimated cost involved in setting up the department that includes cost of the material and the equipments also the extra staff to be recruited for the smooth running of the services. Also laying emphasis of the best amenities and facilities provided in the hospital.The cocept and quality of healthcare has to be improved for more patient walkin and the services had to be of world class. The present situation where EBITDA of the hospital is very strong averaging 17% growth YOY the funds are enough and a new dept when launched would increase our topline without affecting the bottom line. This will increase our walkins and the dept would become more poweful by ensuring that we get the highest facility.When the quality is good we will have more patients who shall be treated with utmost care.Legal and marketing implications will not affect the day to day functioning nor the hospital reputation.

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