Davenport HCMG745 week 3 paper

QUESTION

For Week 3Focus Area: FinanceDevelop a basic budget for your practice. Include items such asstartup requirements if pertinent,operations expenses,Capital items. Also includeanticipated revenue.2. Evaluate the financial solvency of your practice and project future growth based on this solvency.3. What would it take financially in order for your practice to achieve its goals over the next five years?4. How will you determine pricing?5. What business best practices would be required in order to maintain profitability?6. How does (quality care) clinical best practices impact the bottom line?7. How do you plan to prevent medical malpractice? Internal fraud schemes? External fraud schemes?8. How do you plan to increase collections and reduce bad debt?9. What financial data will you review on a daily basis? Monthly basis? Quarterly basis?10. How will you justify large expenditures?11. Who will be your key vendors? How can you ensure successful and appropriate relationships with them?12. EACH Week, be sure to summarize:weekly the focus area,evaluate its effect on the future of healthcare and your practice, andconclude the aspects of quality and best practice involved.Submit paper by Day 7 – to the Week 3 Research Paper link under the Written Assignments area of the course.

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