Current Trends in Health Care Delivery

Use critical thinking skills and metacognition to: Explain the 10 characteristics of the U.S. healthcare system.Define patient-centered care.Why is the U.S. health care market referred to as “imperfect?”

  • Create a thesis statement relevant to current trends in healthcare delivery.  Write a 2-3-page paper in APA (2020) format, include a cover page, a reference page, three peer-reviewed references to support your rationale, and use the textbook. The paper should follow the SESC format of state, explain, support, and conclude, see the Sample Paper posted in this course.
  • 1
    Individual Assignment 1: Responsibilities of the Chief Financial Officer
    Your Name
    Department of Nursing and Allied Health, Norfolk State University
    HSM 331-90: Health Financial Management
    Dr. Hedieh Sirjani
    Responsibilities of the Chief Financial Officer
    In health care organizations, the Chief Financial Officer (CFO) measures and reports on
    the validity of meeting the business’s objectives. The CFO also measures the effectiveness of
    policies and procedures to attain those objectives (Nowicki, 2018). One of the CFO’s primary
    goals is to protect the assets of the organization and ensure that the hospital systems are running
    most cost-effectively. To achieve the hospital goals, the characteristics and traits of CFOs will be
    discussed. Also, the American College of Healthcare Executives (ACHE), conducted a survey in
    2015 to identify typical CFO profiles (Nowicki, 2018). Subsequently, the International Journal
    of Innovation and Research in Educational Sciences published an article that identified
    healthcare CFO professional development attributes. This paper aims to identify the
    characteristics, traits, and responsibilities of CFOs and their fiduciary duties in healthcare
    Characteristics and Traits of the CFO
    There are some CFOs that oversee the day-to-day administrative operations of healthcare
    organizations. They plan and supervise all medical services that include monitoring budgets and
    updating health records. Nowicki (2018) believes there are six skills that CFOs must have: 1) the
    ability to communicate clearly, 2) provide day-to-day leadership, 3) manage resources and
    finances, 4) build coalitions, 5) create a positive organizational culture, and 6) maintain strong
    physician relationships.
    ACHE Survey of Typical CFO Profiles
    The American College of Healthcare Executive (ACHE) conducted a survey that showed
    CFO compensation trends of middle managers from 2005 to 2015. There were seven CFO job
    titles that showed a progression of increased salaries. In 2015, the director/manager of managed
    care’s largest salary was $134,000 followed by the director/manager of finance at $127,600
    (Nowiski, 2018). Today, the nationwide average CFO hospital annual salary is $152,106 (Zip
    recruiter, 2020).
    CFO Professional Development Attributes
    The International Journal of Innovation and Research in Educational Sciences published
    an article titled “Identifying Healthcare CFO Professional Development Attributes” written by
    Rochester, Wilson, Berkshire, & Houlihan (2017). The article identifies the concern of
    uncontrolled healthcare expenditures in the United States. The authors also identified fourteen
    important attributes for CFO development and success. The top five attributes respectively
    ranked: “1) ability to translate financial information into meaningful action, 2) effective
    communicator, 3) high integrity, 4) ability to translate financial and performance metrics into
    useful measures for operations people, and 5) ability to execute…” (p. 617). The article focused
    on the importance of financial leaders having a professional development portfolio.
    This paper aimed to identify the characteristics, traits, and responsibilities of CFOs and
    their fiduciary duties in healthcare organizations. Research and literature reviews were conducted
    for the past five years. Research showed that the healthcare industry would be the most
    prominent industry by 2026, employing more than one-third of all jobs in the country with the
    projected growth rate exceeding every other sector (BLS, 2016). The characteristics, traits, and
    responsibilities of CFOs play an essential role in helping the United States reduce healthcare
    costs by improving the CFO professional development portfolio.
    Bureau of Labor and Statistics. (2016). Industry employment and output projections to 2024.
    Hospital Chief Financial Officer Salary. (2020).
    Nowicki, M. (2018). Introduction to the financial management of healthcare organizations
    (7th ed.). Chicago, IL: Health Administration Press.
    Rochester, C., Wilson, A., Berkshire, S., & Houlihan, R. (2017). Identifying healthcare CFO
    professional development attributes.

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