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Financial Strategies

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Response to Question One

The best example of the relationship between complexity issues, value-based reimbursement and the implementation of budget strategies is financial planning. Financial planning is a process which is complex because it involves many inter-connected activities. The process helps health finance managers to support healthcare facilities through identification and management of uncertainty, risk, and volatility of financial matters (Fisher, Shortell, Kreindler, Van Citters & Larson, 2012).

Response to Question Two

Several actions can be taken in the workplace to prepare for the second curve. The first example is developing an integrated information system to enhance communication in the healthcare facility among the stakeholders. The second example is the hiring of qualified finance team for proper management of resources (Harter, Schmidt, Agrawal & Plowman, 2013). Third, enhancing security in the workplace to increase the safety of the patients and workers. Fourth, offer proper orientations to the new employees on the financial issues. Last, having adequate financial and operational planning.

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Response to Question Three

Productivity either lowers or increases the cost of operation. Since it affects the financial issues, it must be playing a critical role in the financial management efficiency. Indeed, proper productivity planning would automatically increase the financial management efficiency (Harter et al., 2013). As a result, it helps in increasing revenue for better reinvestment and innovation.

Response to Question Four

Creation of a cost-conscious environment can be done through the utilization of evidenced-based practices and the use of efficient and effective financial management system (Kim, Kumar & Kumar, 2012). The application of these ways would help in improving quality care provisions and employee job satisfaction.

Response to Question Five

This proposal is prepared with the necessity to hire more qualified financial officers to improve commercial quality of the finance department in the company. Currently, the department has less financial officers, which can compromise the quality of services offered. Consequently, there is need to hire more workers to help in effective and efficient management of finances in the company (Fisher et al., 2012). The implementation of the plan needs to be done in two weeks. Finally, the human resource management is invited to evaluate the need.

Fisher, E. S., Shortell, S. M., Kreindler, S. A., Van Citters, A. D., & Larson, B. K. (2012). A framework for evaluating the formation, implementation, and performance of accountable care organizations. Health affairs, 31(11), 2368-2378.

Harter, J. K., Schmidt, F. L., Agrawal, S., & Plowman, S. K. (2013). The relationship between engagement at work and organizational outcomes. Gallup Poll Consulting University Press, Washington.

Kim, D. Y., Kumar, V., & Kumar, U. (2012). Relationship between quality management practices and innovation. Journal of operations management, 30(4), 295-315.

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