Assignment Assignment #2: Case Analysis
You are the new administrator of the Miami Medical Group, a 39 physician multi-specialty group practice. You have 10 years of industry experience and an MHA from Claremont Lincoln University. The physicians in the group have always been very conservative in dealing with the group’s finances. In the past, the group has never kept extra money in the bank but has distributed it to the doctors. As the group has grown over the past few years, younger physicians have decided to make changes and update their business practices. The younger physicians now control the Board of Directors. You have been asked by the board chair to design a cash management program that will benefit the practice but keep the older doctors pacified.
The Miami Medical Group occupies a 15,000 square foot building, which houses the majority of the physicians and all the ancillary services. The group also operates three 5,000 square foot practices geographically dispersed throughout Miami’s various ethnic communities. The group generates $8,673,000 per year in revenue with a 69% operating overhead.
Issues
As you begin to design the cash management system, you realize the scope of the assignment is much greater. Cash management only looks at immediate needs, while looming changes on the forefront will dictate the need for a more sophisticated planning process that accounts for the sustainability and viability of the organization for the future.
Many factors complicate the financial planning process, including:
The Affordable Care Act and its impact from the time it was fully implemented in 2014.
The reimbursement model is changing from fee for service.
Federal, state, and local regulation and scrutiny of healthcare organizations is increasing.
Regulators are looking at income distribution within medical groups.
Assignment
This assignment includes both a presentation and a memo:
Prepare an outline of your cash management plan for presentation to the board. In addition, prepare PowerPoint slides with audio or video narration summarizing your plan. You will be allotted eight minutes for your presentation to the board.
Prepare a 1-2 pages memo explaining all the critical issues facing the group on the financial landscape and explain how the doctors will ultimately benefit from the plan. You must read 4 – 6 peer-reviewed journal articles and use the information to support your outline, presentation, and memo. Your goal is to demonstrate to the doctors your plan is sound and meets the anticipated changes facing them.
The memo format requirements are as follows:
Do not exceed 2 pages.
Use a 12-point font.
Use full-block format—single space within paragraphs, and double space between them.
Use standard memo format (To, From, Date, Subject [no “Dear . . . .” salutation or “Sincerely” close—those conventions are for letters, not memo)
Use APA format to credit your sources—parenthetical references within the memo and the corresponding reference list at the end of the memo.
Credit your sources for the presentation on a References slide.
Note: Everything needs to be answered in it’s
entirety. This is for a Master’s level class.
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