As the cost of healthcare rises in the United States, a slew of new groups has sprouted up to fulfill the need. How health providers, hospitals, and other healthcare facilities are managed and structured can have an impact on health outcomes, quality of service, and client experience. UnitedHealth Group is one of these companies that offers services and initiatives to assist individuals to have access to high-quality healthcare. UnitedHealth has developed and extended its portfolio by purchasing other healthcare companies, including MetLife and The Travelers Insurance Company, as well as developing new brands like Optum, which is UnitedHealth’s technology arm. This paper was written with the aim of identifying the capabilities of a medical company, as well as proposing possible improvements that will actually change the way the company works for the better.
Opportunities
When executing the proposal, the primary possibilities and difficulties for UnitedHealth Group Inc. are connected to the accompanying processes necessary for its efficiency. It provides health-related products as well as insurance services. UnitedHealth Group is the world’s eighth biggest corporation by revenue, second-largest healthcare firm by revenue (behind CVS Health), and largest health insurer by net premiums. United Healthcare’s revenue accounts for 80% of the Group’s total revenue (United Health Group, n.d.). In the meantime, the scenario suggests that considerable opportunities and difficulties exist. The former is characterized by enhanced medical support and easier access to relevant data, whereas the latter is characterized by a costly burden for patients and the necessity for frequent equipment upgrades.
The former is shown by the need to obtain medical data related to the usage of new technology, whilst the latter is characterized by the dangers of inadequate funding for both new instruments and software (United Health Group, n.d.). It necessitates meticulous preparation in terms of fundamental managerial concepts. UnitedHealth Group relies on patient input, so they have developed creative initiatives that use cutting-edge technology to reach as many people as possible and help them gain access to more inexpensive and high-quality healthcare.
Proposal
The recommended remedy, which is the acquisition of new equipment, has financial implications that include the need for extra money and the potential of short-term losses, which will be unavoidable while readjusting normal operations. In this situation, the quality of healthcare services should be maintained, which is only achievable if the right sort of lease is in place. After purchasing the necessary equipment, this measure will be adequate for effectively implementing new procedures. It is an operational loan for the stated goal, which should be adequate to cover the costs of a two-month introduction phase (Wake Forest School of Medicine, 2021). They are training staff on innovative techniques and boosting their engagement in the implementation of new procedures as long-term initiatives. As a result, budgeting will be in line with the project’s projected expenses.
This job can be accomplished by creating accounting and management systems that are aligned with the planned regulatory reforms and anticipated consequences outlined above (Eldenburg et al., 2017). As a result, it is recommended that new equipment be introduced because this decision will effectively handle them. This strategy has the potential to improve population service delivery while also lowering the number of persons who require further treatment because of timely earlier treatments. They are training staff on innovative techniques and boosting their engagement in the implementation of new procedures as long-term initiatives. As a result, budgeting will be in line with the project’s projected expenses.
References
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), pp. 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.