Harvard Case - Rosemont Hill Health Center
"Rosemont Hill Health Center" Harvard business case study is written by David W. Young. It deals with the challenges in the field of Accounting. The case study is 5 page(s) long and it was first published on : Mar 1, 1978
At Fern Fort University, we recommend Rosemont Hill Health Center (RHHC) implement a comprehensive strategy to address its financial challenges, improve operational efficiency, and enhance patient care. This strategy will focus on:
- Financial Restructuring: Implementing activity-based costing to accurately allocate costs, revising pricing strategy to reflect actual costs, and exploring new revenue streams.
- Operational Optimization: Streamlining accounting procedures and policies, improving cost accounting practices, and utilizing management accounting tools for better decision-making.
- Patient-Centric Approach: Investing in technology to improve patient experience, enhancing communication channels, and fostering a culture of patient satisfaction.
2. Background
Rosemont Hill Health Center, a non-profit organization, faces financial challenges due to rising costs, declining reimbursements, and increasing competition. The organization's current accounting system struggles to accurately capture costs, leading to inefficient resource allocation and difficulty in determining profitability of various services. This situation has resulted in mounting financial pressure, forcing RHHC to consider cost-cutting measures, potentially impacting the quality of patient care.
The case study focuses on the challenges faced by RHHC's management team, particularly the Chief Financial Officer (CFO), who is tasked with finding solutions to address the financial crisis. The case highlights the need for a comprehensive approach that considers both financial and operational aspects of the organization.
3. Analysis of the Case Study
This case study can be analyzed through the lens of financial performance measurement, cost accounting, and strategic management.
Financial Performance Measurement:
- RHHC lacks a robust financial performance measurement system. The current accounting system fails to accurately capture the true cost of services, leading to inaccurate profitability analysis and hindering effective decision-making.
- The organization relies heavily on traditional cost allocation methods, which do not reflect the actual resource consumption in different departments and services. This leads to misallocation of resources and potential underestimation of costs.
Cost Accounting:
- RHHC needs to implement activity-based costing (ABC) to accurately allocate costs based on the actual activities involved in providing services. This will provide a more accurate picture of the cost structure and allow for better pricing decisions.
- The organization should also improve its cost accounting practices, including tracking and analyzing costs across departments and services. This will help identify areas of inefficiency and potential cost savings.
Strategic Management:
- RHHC needs to develop a comprehensive growth strategy that focuses on expanding its service offerings, attracting new patients, and improving operational efficiency.
- The organization should consider diversifying its revenue streams through partnerships, collaborations, or exploring new service lines.
- RHHC needs to adopt a more patient-centric approach by investing in technology, improving communication, and enhancing the overall patient experience.
4. Recommendations
Financial Restructuring:
- Implement Activity-Based Costing: RHHC should implement ABC to accurately allocate costs based on the actual activities involved in providing services. This will provide a more accurate picture of the cost structure and allow for better pricing decisions.
- Revise Pricing Strategy: The organization should revise its pricing strategy to reflect the actual costs of services, as determined by ABC. This may involve increasing prices for certain services or introducing new pricing models.
- Explore New Revenue Streams: RHHC should explore new revenue streams, such as offering specialized services, partnering with other healthcare providers, or developing telehealth services.
Operational Optimization:
- Streamline Accounting Procedures and Policies: RHHC should streamline its accounting procedures and policies to improve efficiency and accuracy. This may involve automating certain processes, implementing new software, or revising internal controls.
- Improve Cost Accounting Practices: The organization should improve its cost accounting practices by tracking and analyzing costs across departments and services. This will help identify areas of inefficiency and potential cost savings.
- Utilize Management Accounting Tools: RHHC should utilize management accounting tools, such as variance analysis, to monitor performance and identify areas for improvement.
Patient-Centric Approach:
- Invest in Technology: RHHC should invest in technology to improve the patient experience, such as online scheduling, patient portals, and telehealth services.
- Enhance Communication Channels: The organization should enhance communication channels with patients, such as providing clear and concise information about services, billing, and appointment scheduling.
- Foster a Culture of Patient Satisfaction: RHHC should foster a culture of patient satisfaction by emphasizing patient-centered care, providing excellent customer service, and actively seeking patient feedback.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with RHHC's mission to provide high-quality healthcare services to the community. They focus on improving efficiency and effectiveness while maintaining a patient-centric approach.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (patients) and internal clients (staff). They aim to improve the patient experience while also streamlining processes for staff.
- Competitors: The recommendations consider the competitive landscape in the healthcare industry. They aim to make RHHC more competitive by improving efficiency, offering new services, and enhancing the patient experience.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve RHHC's financial performance by increasing revenue, reducing costs, and improving operational efficiency. While specific quantitative measures, such as NPV or ROI, are not readily available in the case study, the proposed changes are anticipated to have a positive impact on the organization's financial health.
- Assumptions: The recommendations are based on the assumption that RHHC has the resources and commitment to implement the proposed changes. It also assumes that the healthcare market will continue to evolve and that RHHC will need to adapt to these changes.
6. Conclusion
By implementing these recommendations, Rosemont Hill Health Center can address its financial challenges, improve operational efficiency, and enhance patient care. The organization can achieve a sustainable future by embracing a comprehensive approach that considers both financial and operational aspects, while prioritizing the needs of its patients.
7. Discussion
Other alternatives not selected include:
- Merging with another healthcare organization: This could provide access to additional resources and expertise, but it could also lead to loss of autonomy and potential cultural clashes.
- Selling the organization: This could provide immediate financial relief, but it could also lead to job losses and disruption of services.
Risks and Key Assumptions:
- Implementation Challenges: The implementation of these recommendations may face challenges, such as resistance to change, lack of resources, or technical difficulties.
- Market Volatility: The healthcare market is constantly evolving, and RHHC needs to be prepared for changes in reimbursement rates, competition, and patient demographics.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline the specific steps, timelines, and resources required to implement each recommendation.
- Secure funding: RHHC will need to secure funding to support the implementation of these recommendations.
- Communicate with stakeholders: The organization should communicate with stakeholders, including staff, patients, and donors, about the proposed changes and their benefits.
- Monitor progress: RHHC should monitor the progress of implementation and make adjustments as needed.
By taking these steps, Rosemont Hill Health Center can successfully implement its new strategy and achieve its goals of financial stability, operational efficiency, and patient satisfaction.
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Case Description
An administrator of a neighborhood health center is considering changing his cost accounting system from a single cost per visit to a cost per visit for each department in the center. Used to illustrate several issues related to cost accounting in health care: decisions on cost objectives and cost centers; overhead allocation mechanisms; the distinction between service and production cost centers; and others. Requires preparation of a simple step-down.
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