United Health Group Inc.’s Healthcare Management
The major forces affecting the delivery of healthcare in present-day organizations are numerous and, therefore, should be carefully analyzed for proposing strategic plans. They primarily include the increase in prices of medical goods, adverse customer feedback, the complexity of services, technological innovation, and emerging regulations (Wake Forest School of Medicine, 2021). Meanwhile, the situation implies the presence of significant opportunities and challenges.
The former is presented by the improved quality of medical assistance and facilitated access to corresponding data, whereas the latter is a financial burden for patients and the need for regularly updating equipment. In this case, the suitable types of leases are operating loans and rentals (Eldenburg et al., 2017). Therefore, the introduction of new policies should be performed with regard to the mentioned available options.
Major Forces Related to United Health Group Inc.
The selected organization for making a proposal is United Health Group Inc., and it is mainly affected by patient feedback and financial considerations. Thus, according to the recent reports, the policies are aimed at expanding access to their services through the development of healthcare plans and remaining relevant in terms of equipment (United Health Group, n.d.). From this perspective, the creation of a favorable environment in a hospital setting within this organization is conditional upon their compliance with the specified objectives. Hence, it is suggested to introduce updated equipment because this decision will efficiently address them. This measure can improve the provision of services to the population while reducing the number of people in need of additional treatment due to timely previous interventions.
United Health Group Inc.: Opportunities and Challenges
The main opportunities and challenges for United Health Group Inc. when implementing the designed suggestion are related to the accompanying procedures required for its efficiency. Thus, the former is expressed by the necessity to access medical data connected to the use of new equipment, whereas the latter includes the risks of insufficient funds for both new instruments and corresponding software. It means that careful planning with regard to key managerial principles is required.
This task can be performed by designing accounting and control systems correlating with the proposed regulatory changes and expected outcomes described above (Eldenburg et al., 2017). In this way, the correspondence of interventions to addressing financial concerns and data access will be ensured.
The Solution: Financial Implications
The financial impacts of the proposed solution, which is the purchase of modern equipment, include the need for additional funding and the possibility of short-term losses, which will be inevitable when readjusting the regular operations. In this case, the delivery of healthcare services should be maintained at a high level, and it is possible only if the correct type of leasing is guaranteed. For the established objective, it is an operating loan, which should be sufficient for covering the expenses of a two-month introduction period (Wake Forest School of Medicine, 2021). As per United Health Group Inc., this measure will be sufficient for successfully adopting new methods after acquiring the equipment (United Health Group, n.d.). Consequently, budgeting will correlate with the expected costs of the project.
To summarize, United Health Group Inc.’s intertwined issues are linked to client feedback and modernization of operations. They can be addressed by the acquisition of necessary equipment and corresponding software, which will add value by improving accessibility of services while maintaining relatively low prices. This solution also complies with the major forces, which are the human factor and finances, and increases the efficiency of the facility’s activity in general while suggesting only short-term losses.
Eldenburg, L. G., Krishnan, H. A., & Krishnan, R. (2017). Management accounting and control in the hospital industry: A review. Journal of Governmental & Nonprofit Accounting, 6(1), 52-91. Web.
United Health Group. (n.d.) Solutions to make health care work better. Web.
Wake Forest School of Medicine. (2021). Current issues in financial management in health care. Web.