Bartlett Learning 2 Week 14 Reply

The set up for the balance sheet and essential framework are mainly the same in for-profit and nonprofit organizations. However, basic terminology and account details are different because of the distinct difference in these organizational types. The for-profit organizational balance sheet represents the intent of the organization to earn money for its owners. The nonprofit balance sheet accounts more for the acceptance and use of funds in operating programs. The balance sheet of an organization is generally reflective of the widespread equations of assets equal liabilities plus equity, the balance sheet is one of four common financial statements prepared by both for-profit and nonprofit organizations. While their names and uses maybe somewhat different, both organizations produce financial reports intended to account for the receipt and distribution of funds used to accomplish organizational goals and objectives. The area considered most crucial on the balance sheet is the top line, cash. Cash is the fuel of any organization. If cash is depleted then the organization is in trouble.

Financial ratios are considered important in tracking and analyzing the financial health of a nonprofit organization. These ratios are a critical practice for health care organizations in that they assist management regarding organizational strategy and budgeting, and ultimately, help the nonprofit manage their resources. The ratios show where operating costs are moving and help manage cash flow and provide a great baseline for analyzing profitability (Dunham-Taylor & Pinczuk, 2015). The current financial ratio is the most important ration in healthcare finance. The current financial ratio is a ratio where an organization’s ability to pay short-term obligations or those due within one year. It tells stakeholders and analysts how the organization can maximize the current assets on its balance sheet to satisfy its current debt and other payables (Dunham-Taylor & Pinczuk, 2015).

References

Cheney, C. (2017) Top 5 Differences Between NPPS and For-Profit Hospitals Retrieved from https://www.healthleadersmedia.com/welcome-ad?toURL=/finance/top-5-differences-between-nfps-and-profit-hospitals

Dunham-Taylor, J., & Pinczuk, J. Z. (2015). Financial management for nurse managers: merging the heart with the dollar. Burlington, MA: Jones & Bartlett Learning.

#2 Shannon Del Orbe Been

For-profit hospitals generally have to be more cost-efficient because of the financial hurdles they have to clear sales taxes, property taxes, all the taxes nonprofits don’t have to worry about. Nonprofit hospitals, viewed as charities by the IRS, don’t pay federal income or state and local property taxes. In keeping with their charitable purpose and community focus, nonprofit hospitals are often affiliated with a particular religious denomination. For-profit hospitals are owned either by investors or the shareholders of a publicly traded company. For-profit hospitals tend to serve lower-income populations, while nonprofit hospitals tend to be located in communities with less poverty, higher incomes, and fewer uninsured patients (Fatali, 2016).

The purpose of a balance sheet is to give interested parties an idea of the organization’s financial position, in addition to the assets owned vs debt. It is important that all investors know how to use, analyze and read a balance sheet. A balance sheet may give insight or reason to invest in a stock. The Balance Sheet is a report of the asset and liability accounts. Cash, capital equipment, and money are the business assets earned for products and services the organization has provided to customers (2020). Liabilities are obligations of the business, pending bills and money borrowed from a bank or investors.

Using the current assets and current liabilities information presented on a balance sheet, you can determine a company’s current ratio. The quick ratio is an easy way to determine whether a company is able to meet its short-term commitments with current, short-term, liquid assets on hand. A quick ratio that is better than one is generally regarded as safe but remember that it really depends upon the industry in which the company operates. Debt to equity ratio demonstrates how dependent a business is based on debt. Essentially, it is a ratio of what is owed to what is owned. In most industries, a lower ratio is viewed more favorably, though a debt-to-equity ratio of zero may not be desirable, as it may indicate an inefficient capital structure.

Reference

Fatali, L. (2016). Quality of Care in Profit vs Not-For-Profit Hospitals. Jama, 289(23), 3087. doi:10.1001/jama.289.23.3087

Balance Sheet. (2020.). SpringerReference. doi:10.1007/springerreference_792

The American Association of Colleges of Nursing (AACN) Homepage. (n.d.). Retrieved from https://www.aacnnursing.org/

#3 Stephanie Mortimer-Wallace

One challenge that I have experienced is; due to the upswing in COVID-19 cases here on Grand Bahama, patients have been missing their follow-up clinic appointments in the Public Health System. Most of them have stated that because of the lockdowns due to the Corona Virus, they were afraid to leave their homes, and were not sure that the clinics were opened for follow-up. As Abrams & Greenhawt (2020) suggest, “risk communication as being the exchange of real-time information, advice, and opinions between experts and people facing threats to their health, economic or social wellbeing” (pg. 1791). I took the initiative as a clinical leader to research the appointment dates for persons needing follow-up appointments, and their telephone numbers, as Department of Health and Human Services (HHS) is encouraging healthcare providers to use iPads and smartphones as a way of providing safe care to patients in appropriate situations such as these. I requested a cell phone and an iPad that was equip with the safety features to protect patients privacy from the hospital administrator for the purpose of having follow-up conversation with patients and reminding them of their appointments, as well as informing them that the clinic would be open for them to see their physicians. I also provided them with the cell phone number to reach me in case they had any questions, and also the assurance that the cell phone and iPad was protected for their privacy, security, and safety. In this regard I felt it was necessary to communicate with these patients to ensure they remained current with their medications.

Reference

Abrams, E. M., & Greenhawt, M. (2020). Risk Communication During COVID-19. The Journal of Allergy and Clinical Immunology: In Practice, 8(6), 1791-1794. doi:10.1016/j.jaip.2020.04.012

U.S Department of Health and Human Services (n.d) Telehealth: Delivering Care Safely During COVID-19 Retrieved from https://www.hhs.gov/coronavirus/telehealth/index.html

#4 Shannon Del Orbe-Been

In my experience as a nurse, I believe that electronic health record satisfaction may not be overwhelmingly high, but it continues to rise in healthcare. While EHR fluency is a desirable job skill for registered nurses, hospitals and health systems can also use their electronic health record system to attract qualified candidates. When I’m looking for new nursing position the reputation of a hospital’s EHR system is very important in my decision to take the job or not. The reason being is, I find it challenging to work and provide high quality patient care using certain systems. Clinical documentation supports patient care, improves clinical outcomes, and enhances interprofessional communication. When you document your assessments, plans, and actions, you rely on nursing practice standards, organizational policies, meaningful use directives, and a variety of quality criteria.

For example, I have been using Cerner for a couple of months, primarily PowerChart. I find it to be very flexible and customizable. The Tracking Shell is also very useful and has an option to “filter” your view in several different ways. At my previous job, EPIC was the electronic health record software, I usually used a global view that showed all patients, in rooms and in the other units. Now that I’m working with Cerner, I use a filter that shows my assigned area based on my unit and our holding units. The downside of Cerner is that it is very customizable. Your facility can choose the naming and placement of the various “bands” so you just have to work with the system to get used to where the various things you will need to do your charting “live” so you can find them and do your charting. If I had a choice, I would rather use Epic as a hospital wide EMR system. Overall, each software has its pros and cons, but this has been my experience using each system.

Reference

Stefan, S. (2018). Using clinical EHR metrics to demonstrate quality outcomes. Nursing Management (Springhouse), 42(3), 17-19. doi:10.1097/01.numa.0000394062.30819.61

The American Association of Colleges of Nursing (AACN) Homepage. (2020). Retrieved June 25, 2020, from http://www.aacnnursing.org/