HSM543 DISCUSSIONS WEEK 1-7 W/ CITATIONS (REFERENCES) KELLER SCHOOL OF MANAGEMENT

HSM543 DISCUSSIONS WEEK 1-7 W/ CITATIONS (REFERENCES) KELLER SCHOOL OF MANAGEMENT

HSM543 DISCUSSIONS WEEK 1-7 W/ CITATIONS (REFERENCES) KELLER SCHOOL OF MANAGEMENT

KELLER SCHOOL OF MANAGEMENT HSM543 DISCUSSIONS WEEK 1-7 W/ CITATIONS (REFERENCES) NOTE: SOME REFERENCES ARE INDICATED WITHIN THE DISCUSSION POST.
WEEK 1: TAX STATUS AND THE ABILITY TO RAISE CAPITAL Q1: Welcome to week one! In this topic, we will be addressing how to raise capital in organizations. You are at a seminar with other attendees representing various types of healthcare organizations. After dinner, you are chatting with several of your new fellow attendees and you are discussing who has it easier for raising capital, the not-for-profit organizations or the for profit organizations. What comments do you have? Regarding the discussion of raising capital the not-for-profit organizations raise capital easier than a for-profit organization. For-profit organizations rely on investors to help them raise the money necessary to grow the business. However, they will only do so for a percentage of the business. For instance, investors will provide cash and services as well as property for shares. Whereas, a not-for-profit will raise money from donations submitted by businesses and community. Also, they are able to obtain grants and government assistance.
Q2: JULIE KOKOCZKA True Thalia, However, I submit that it is very difficult and time consuming to obtain donations or grants. Also, the outcomes of such requests and applications are not guaranteed. So, from a simplicity standpoint, perhaps it is not so easy for not-for-profit organizations to raise money. 1 Julie your statement is very true regarding not-for-profits are challenging and time-consuming to obtain capital. Not-for-profits are organizations that do more charitable work, and their objective is to serve the community. They don’t distribute any of the profits to the owner(s) it goes back into the organization. Whereas the funds in a for-profit the profits can redistribute into the organization or shareholders. I believe that not-for-profit can raise capital easier than a for profit, but the for-profit with raising more money.
Q3: Non-profits usually make a profit to keep the business running. However, earning a profit is not their primary objective. They use 501(c)(3) that exempts them from some federal taxes. According to the IRS, it states the tax exemptions for the 501(c)(3) is that the organization has to be referred to as “charitable.” [IRS17] Meaning organizations must not be formed or developed for their interests. Also, profits are not to be paid out shareholders. There are some limitations on section 501 that states there is a certain amount of political influence or lobbying the organization may conduct.
WEEK 1: STRATEGIC  UDGETING Q1: Class, let’s begin the second topic of the week by warming up with budgeting! We all do budgeting or have done budgeting in a different form in our daily routines. Why is it so 2 important for healthcare organizations to budget in a strategic manner? And what is the connection between the organization’s 3-year strategic plan and the annual budget cycle? Budgeting helps the organization strategically spend money in places that it is most needed. It is a comprehensive financial plan that helps the organization achieve its operational goals as well as finances. By developing a budget, the firm is creating their objectives for the usage of resources and acquisition. It becomes an important benchmark to ensure that management is on the right path to receive satisfactory outcomes. According to Louis Stratton, he states budgeting “provides coordination between all departments while aligning the company’s strategic plan.” [Str15] Everyone with a say so are working towards a common goal such as performance evaluations and the overall organizational goal.
Q2: Strategic planning in health care consists of developing objective to meet goals as well as determine how well the organization is presently doing and what they hope to achieve in the future. In healthcare, one must take into account things that may affect the organization’s day to day operations such as governmental policies, technological advancements as well as economy. A key component in strategic planning is evaluating and appointing the right people that are responsible for different aspects of the organization. Communication is another element that one should consider ensuring the team’s success. Q3: A SWOT analysis plays a critical part in strategic planning. It addresses any concerns the organization may have such as weaknesses and threats. Also, the strengths the business has and future opportunities. It allows us to see the bigger picture and the challenges that we may face. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The strength is the 3 competitive edge the organization has on others in the industry. As a company, one must understand its weaknesses to help improve the outcome of the firm. Opportunities assist the company advance and grow in the ever-changing economy. Finally, analyzing the external threats such as environmental threats and or regulation as well as technology is an enormous contribution to the success of the organization.
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