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Middlefield You Decide

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Submitted By albee4u2
Words 1065
Pages 5
Running head: FINANCIAL PERFORMANCE

Financial Performance
Albert Solano
Keller Graduate School of Management

This paper will analyze some of the strategies and recommendations that will improve the financial performance of Middlefield Hospital that has seen some dramatic issues taking place financial wise over the past 6 months that is a great concern for the chief financial officer. Over the past 6 months Middlefield Hospital has been dealing with deteriorating financial issues that can be placed on several issues that have been noted. The budget has taken a big hit due to the new facility across town admitting more patients and this has declined the number of patients being seen at our facility. The number seems to be dropping by the month, and more uninsured patients are seeking services here at our facility. The payer mix of Middlefield Hospital is creating an overall reduction of reimbursement and net income for the hospital because more and more patients is comprised of Medicare, Medicaid, and uninsured patients. The facility across town is a very big competitor and seems to have opened a wellness center that offers its patients many different preventative and wellness services, and is attracting young families to seek care at their facility. In order to stay ahead of the competition Middlefield needs to make some changes in its operations and make a big effort to implement some strategies to improve its overall financial performance measures. Some of the strategies that will enable Middlefield to compete alongside its competitor and surpass them in the near future will include some of the following:
• Accounting systems to cut costs and increase accounts receivable collections
• Spending on advertising to increase revenues
• Wellness Programs
• Quality improvement Program
• Better insurance

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