![]() According to the text (page 368), some of the main areas of risk exposure for a group practice include: property (general liability and safety), technology, and financial practices. Support your recommendation by determining three (3) main benefits of having this type of system for the practice. ![]() Next, analyze the strategic purpose of each level of benchmarking and specify the overall importance of benchmarking as a financial planning tool for a medical practice.Recommend a Health Information Technology (HIT) system that includes an Electronic Health Record (EHR) for the new practice to implement. Write a four to six (4-6) page paper in which you:Compare and contrast the two (2) main levels (i.e., internal comparison and external comparison) of financial benchmarking. In addition, they are aware that a public health emergency or natural disaster could have had a significant impact on their practice, and want to include a strategy for emergency preparedness as part of their plan so that they will be able to manage their patients and help serve the community as needed. The physicians have stipulated that the plan must promote medical excellence and limit their exposure to risks associated with the practice of medicine and the operational functions of the practice. Your job is to advise the physicians in creating a business plan that includes management strategies that will help ensure their success. Imagine that a group of physicians who are planning to open a single-specialty group practice has hired you as a consultant. Explain why your recommendations should be effective. Suggest annual targets over the next three years to catch up with or surpass industry averages. Be sure to Include the following:Areas within the company that are both above and below industry standardsAn explanation of the limitations of using ratio analysisThe qualitative factors that play a role in improving the company’s financial healthIn the memo, suggest some specific ways in which the company can plan to improve below industry average ratio performance over time. The comparisons, including a list of your computations in a table, should be added as an appendix to the memo described below and submitted as a separate Excel spreadsheet.Write a memo (approximately 2–3 pages) to your supervisor explaining your findings and your recommendations for where improvements are needed to increase financial health. Prepare your performance report to show calculations for the 11 ratios listed on page 129, as well as a comparison of your computed ratios with the listed industry averages. Taking the role of a financial analyst within the company, prepare an executive dashboard (performance report) on a large, publicly traded company of your choice (e.g., Cisco, Walmart, IBM, Apple, etc.) by computing and comparing its ratios against the 11 industry average ratios listed in Problem 4-23 on page 129 of the text.Use the provided Financial Ratio Excel Spreadsheet to show the computed financial ratios for your chosen company.
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