You are the new administrator of the Miami Medical Group, a 39 physician multi- speciality group practice . You have 10 years of industry experience and an MHA from a known University. The physicians in the group have always been very conservative in dealing with the group’s finances . In the past , the group has never kept extra money in the bank but has distributed it to the doctors . As the group has grown over the past few years , younger physicians now control the Board of Directors . You have been asked by the board chair to design a Cash management program that will benefit the practice but keep the older doctors pacified .
The Miami Medical Group occupies a 15,000 square foot building , which houses the majority of the physicians and all the ancillary services . The group also operates three 5000 square foot practices geographically dispersed throughout Miami ‘s various ethnic communities . The group generates $8’673;000 per year in revenue with a 69 %operating overhead .
As you begin to design the cash management system , you realize the scope of the assignment is much greater . Cash management only looks at immediate needs , while looming changes on the forefront will dictate the need for a more sophisticated planning process that accounts for the sustainability and viability of the Organization for the future .
Many factors complicate the financial planning process including :
a. The Affordable Care Act and its impact from the time it was fully implemented in 2014 .
b. The reimbursement model is changing from fee for service.
c. Regulators are looking at income distribution within medical groups .
This assignment includes both a presentation and a memo :
a. Prepare an outline of your cash management plan for presentation to the board . In addition , prepare Powerpoint slides with audio or video narration summarizing your plan . You will be alloted eight minutes for your presentation to the board .
b. Prepare a 1-2 pages memo explaining all the critical issues facing the group on the financial landscape and explain how the doctors will ultimately benefit from the Plan .You must read 4- 6 peer – reviewed journal articles and use the information to support your outline , presentation , and memo . Your goal is to demonstrate to the doctors your plan is sound and meets the anticipated changes facing them .
The memo format requirements are as follows:
Do not exceed 2 pages
Use a 12 Point font .
Use full – block format -single space within paragraphs , and double space between them .
Use standard memo format (To , From, Date . Subject (no “Dear ….” salutation or Sincerely ” close – those conventions are for letters , not memo )
Use APA format to credit your scores – parenthetical references within the memo and the corresponding reference list at the end of the memo .
Credit your sources for the presentation on a Reference slide