1) Identify and describe your healthcare organization - hospital

2) List at least five "Best financial practices" that you believe are important for your healthcare organizations to follow .

3) Explain why each of these practices are important for your healthcare organizations given the current policy and regulatory environment.

4) Explain what can go wrong if the practice is not followed.

1. Identify and describe your healthcare organization - hospital

• Nuffield Health- is the largest healthcare charity provider in the United Kingdom and our objectives are to advance, promote and maintain health and healthcare of all descriptions and and prevent ,relieve and cure sickness and ill health of any kind all for the public benefit.

2.List at least five "Best financial practices" that you believe are important for your healthcare organizations to follow .

• Monitoring restricted gifts
• Creating a cash flow forecast
• Building a reserve
• Monitoring programs individually
• Have a strong monthly close

3.Explain why each of these practices are important for your healthcare organizations given the current policy and regulatory environment.

• Monitoring restricted gifts -this is a number one compliance measure because its where audit is mostly focused on. If a donor finds out their funds were misused, it can be a big problem to the organization.
• Creating a cash flow forecast-we don't have a service fee income so we face a risk of running out of cash so creating a cashflow forecast will help us determine how long can our current cash balance cover our expenses
• Building a reserve-growing a budget reserve helps us protect the organization from the flow of donor contribution, grant funding, private trust and other  non-guaranteed funding sources.
• Monitoring programs individually-we  look at the revenues and expenditures for each of our programs, not just our organization's total bottom line.  If a programs, or fundraisers, don't perform well enough on their own, their continuation needs to be done intentionally
• Have a strong monthly close-we compare our predicted budget to actual revenues and expenditures on a monthly basis, not just at year end to give us a better understanding of where our finances stand

Explain what can go wrong if the practice is not followed.

• If we do not follow these practices, we may face law suits from donors if we misuse the funds we are given and our reputation will be damaged and have no one want to work with us, we can also face bankruptcy and shut down the healthcare organization if we don't monitor and forecast our budgets.