Fundamentals Operations Management Toronto -Myassignmenthelp.Com

Question: Discuss About The Fundamentals Operations Management Toronto? Answer: Introducation Currently, Genesis healthcare is performing well in terms of financials. The year 2017 financial results show that the recorded EBITDA( earnings before Interest, tax and dividends totaled to $126 million). Although this was a decrease from the previous years figure of $197 million that was recorded in 2016, the company is recording positive results regardless (BRIGHAM, 2018). The continued growth is due to strategic acquisition that is being executed. This coupled with the growth in innovative care delivery segments, efficiencies in operating cost as well as the selling of non core assets. The company expects a 14% EBITDA growth at the midpoint of the financial year i.e from the financial year 2016 to 2017 (Financial management, 2014). Discuss HOW the business is performing According to financial experts, if you do not have an adequate financial strategy, sooner or later you will have problems to fulfill your mission and strategic objectives. No matter what your mission is, if it is without or for profit, if it is public or private property, every hospital will benefit from an adequate financial strategy that supports its mission. What does change, depending on the hospital's property, is the focus of that strategy. While for a private for-profit hospital profitability is key, and for a private non-profit, sustainability and perhaps growth are important, for a public hospital its problem is mainly financial planning. Private hospitals supporting growth In the case of Genesis heathcare, the financial strategy is vital to ensure sustained growth..According to this publication, in the first quarter of 2017, the adjusted EBITDAR was $165.7 million as compared to $178.4 million in 2016. The adjusted EBITDA in the first quarter of 2017 was $129.6 million compared to $141.0 million in the first quarter of 2016 (BRIGHAM, 2018). According to the CEO the performance is attributed to disciplined management of costs, collection of bad debts that is progressive and a continued positive growth in the hospitals value based initiatives have contributed to a good performance. In terms of Debt, the average hospital has a return on equity (ROE) of 7%, and a return on assets (ROA) of 5.1%. That is, they have a leverage of 1.37 times (Madura, 2018). This means that for every dollar invested in the company one has 37 cents of Debt. In the last year, it grew by 10.9% and for this purpose it invested US $ 4.2 million in technology, while its debt decrease d by 1.4%. This shows that the management of Genesis healthcare has managed to run the hospital in an efficient way. Where is it performing well? The continued growth is due to strategic acquisition that is being executed. This coupled with the growth in innovative care delivery segments, efficiencies in operating cost as well as the selling of non core assets and customer retention. Where is it performing poorly? The hospital is performing poorly in debt payment that is why restricting of capital structure could not have come at a better time. Changes in Performance over the past 5- 10 years Genesis healthcare has reported a growth in general performance for the last 10 years. It has grown in leap and bound in the said period making it among the biggest performers in the health care industry in America. Its stock has largely grown to almost double its share price in the,last 10 years. The increase in performance of Genesis Healthcare (NYSE: GEN) has led to double the amount of staff. It has approximately 450 skilled nursing institutions and centres. It also has senior living communities in over 30 states in America (Khan and Jain, 2007). Changes started in the management of the company and has seen several management. Performance Improvement Recommendation Here are some suggestions to improve productivity and performance: The business has changed the management severally. The latest management structure led by the CEO has set a raft of measures aimed at improving the performance of the human resource in the company. This may seem superficial, but the raft of measures have actually increased the performance of the company (BRIGHAM, 2018). Change of work mentality: it is not better to be more hours in Genesis healthcare position if not to meet objectives. Each one must have his own and that is what must be evaluated. Forget the culture of presentism. (Madura, 2018). Enjoy at work: it seems something very used always but it is real. The worker who goes every day to the motivated office will perform his tasks better and therefore will achieve his objectives. The motivation and involvement of employees are fundamental pillars for the operation of any company. Creativity: we must encourage it. Nothing to mechanically repeat a task without providing inspiration and creativity. We must pursue this object of desire that can be very useful for both parties(Luftig and Ouellette, 2012). The following are the changes in programs for the last 10 years. These are also the success in the programs instituted by the company. Work behaviours: some have to be modified because they come from other times and now they do not have the same meaning. They are neither the most correct nor the most adequate. You have to look for managers who know how to work as a team and direct people with everything that comes with it. A greater union of company and workers, greater growth everywhere (Khan and Jain, 2007). Time of the meal: if you look at other countries, the time you have for lunch is about 30 or 45 minutes compared to the two hours we usually spend in Spain. It does not make much sense to waste so much time because this may mean that you can get out earlier. The responsibility belongs to everyone: it is not worth complaining without doing anything. The workers can request but giving in return what corresponds and the employers have to make an effort to make a more modern labour system and with necessary measures(Improving business processes: expert solutions to everyday challenges, 2010). Challenges There are several challenges that are facing Genesis Healthcare. In the US alone, healthcare takes approximately 20% of the GDP which is quite a large percentage of the money. The first challenge to contend with is the digital underinvestment. Digital underinvestment By some estimates, healthcare spending in the US is close to 20% of GDP, but healthcare marketers aren't funneling much of their marketing dollars into digital.One of the consequences is the creation of third parties through digital underinvestment in which a diagnosis can be checked online. Many marketers including Genesis has lost a lot of customers in this way (Davis, Balakrishnan and Heineke, 2007). Market structure In the US ,very few consumers pay directly for healthcare which makes this not a typical market. Third parties like the health insurers are now in charge of controlling the bills are are responsible for when, how and where a consumer is accessing a healthcare system. This challenge leaves the marketer with ample struggles of convincing the consumer that it provides the best services. Controversies such as drug pricing has put healthcare facilities like Genesis healthcare facing a lot of trust issues from its consumers. This has led to a trust gap. Recommendation to these Challenges These challenges can be mitigated by setting a good healthcare bill that is both free, just and fair to both parties in the healthcare industry. The parties are the healthcare institutions and the consumers. Insurers should have minimal right in choosing where a patient can go to keep the market liberal and free .Many of these services provided should also be quality to ensure a consumer gets the maximum value for their money. Conclusion This may seem superficial, but the raft of measures have actually increased the performance of the company. There are several factors that have contributed to the slump in healthcare business in America. You have to look for managers who know how to work as a team and direct people with everything that comes with it. A greater union of company and workers, greater growth everywhere. References BRIGHAM, E. (2018).FUNDAMENTALS OF FINANCIAL MANAGEMENT. [S.l.]: SOUTH-WESTERN. Davis, M., Balakrishnan, J. and Heineke, J. (2007).Fundamentals of operations management. Toronto: McGraw-Hill Ryerson. Falcone, P., Sachs, R. and Sachs, R. (2007).Productive performance appraisals. New York: AMACOM, American Management Association. Improving business processes: expert solutions to everyday challenges. (2010). Boston, Mass.: Harvard Business Review Press. Khan, M. and Jain, P. (2007).Financial management. New Delhi: Tata McGraw-Hill. Luftig, J. and Ouellette, S. (2012).Business performance excellence. London: Bloomsbury. Watch, G. (2014).Global Health Watch 4. London: Zed Books. Madura, J. (2018).International financial management. US: Cengage Learning Custom Publicatio