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SLP 4 - Healthcare Financial Problems and Remedial Action Plans - Research Paper Example

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Healthcare Financial Problems and Remedial Action Plans Name Institution Healthcare Financial Problems and Remedial Action Plans Finance is one of the key elements that ensure the survival and success of an organization. Finance is a complex process that involves identification, distribution and the use of money within an organization…
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SLP 4 - Healthcare Financial Problems and Remedial Action Plans
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Download file to see previous pages The organization needs to develop a formal remedial plan to counter these weaknesses for it to achieve its goals and objectives. Remedial action plan Inadequacy of finances renders the organization’s efforts to produce high quality services futile. The hospital serves a large number of patients with different health needs, with the majority being poor (California Hospital Medical Center, 2012). Therefore, California Hospital Medical Center should find alternative sources of funds to finance its operations. Many non-governmental organizations provide support to health facilities across the world. The management of the hospital should approach such organizations for help. The hospital should also approach the government, through the ministry of health for support. The research center should have adequate finances to acquire facilities that will aid in its research activities. Their support will help the hospital acquire facilities that will help in offering high quality services to patients (Carrin, 2009). CMHC lacks adequate finances to compensate its employees. The hospital serves many people, which brings in the need for many qualified employees (California Hospital Medical Center, 2012). The hospital should restructure the allocation of finances and allocate more money on human resource management. Remuneration raises the employees’ morale in performing their tasks. The management should also allocate some funds for hiring health practitioners from outside sources. This helps in meeting the demands of different people by increase the quality of services. The management can also come up with other means of rewarding the employees. The hospital should allocate some funds for incentives meant to reward and encourage the employees. The best way for the hospital to overcome this weakness is by reviewing the allocation of funds in the organization by allocating more money towards employee satisfaction. Resource required for the successful implementation of the plan The successful implementation of this plan requires different types of resources. The main resources required are the financial resources. These resources will help the organization planning, formulation and implementation of the plan. Financial resources will help in outsourcing labor, which is among the ways of overcoming the finance weaknesses of the hospital. Financial resources help the hospital in tracking the performance of the plan and in adopting necessary corrective measures for defaults. The financial resources are also responsible for compensating employees and motivating them. Remuneration increases the morale and encourages employees to work as a team. Financial incentives given to employees makes them feel part of the organization, which raises their productivity (Lee & Mills, 2011). The plan also requires human resources for it to be successful. The main human resource required is work force. The workforce should be capable of meeting the needs of people. The plan requires adequate planning and monitoring of activities within the hospital. For instance, the hospital needs to review the allocation of finances between its various departments. Highly trained personnel can only carry out such an activity. This calls for the need to hire skilled employees to help the organization in performing these tasks. Apart from the management, the implementation of the plan needs employees. A sizeable workforce ensures that the ...Download file to see next pages Read More
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