Business Finance Homework Help

You should already have conducted your interviews and submitted a write-up of each. In this discussion, you’ll share what you learned with your classmates.

1. In your first post: • Identify the people you interviewed and explain why you chose them. How were they relevant to your project?
• Briefly summarize the two interviews. What information did you find most helpful from each one?
• What suggestions can you offer to your classmates?
2. Respond to a minimum of two classmates

Student 1:

Hello Class,

I had the opportunity and privilege of conducting rewarding and educational telephone interviews with Mr. Terrell Jackson, Accounting Manager at a nursing home and Mrs. Janice Theaker, Clinical Laboratory Manager. I chose these two professionals for interview because their professions are intertwined with my future business. A clinical laboratory is a constituent of my future clinical support services business. Long term cares facilities, will be future business partners in business. Hence, it was helpful having an insight of the finances of nursing homes.

The purpose of interviewing with Mr. Terrell Jackson, Accounting Manager, at Manor Bayside Long Term Care, was to explain budget formulation, what’s important to know about starting a business, how the business is funded, role of personnel, and financial management system at the long term care facility. He emphasized the significance of the finance department, adding, “Finances are the engine that runs enterprise and are crucial for the functioning of the facilities, accounts for millions of dollars in payroll wages, salaries, daily expenses, revenue, and unanticipated outflows as well as tax obligations with the state and federal governments.”Mr. Jackson revealed that starting a home health business doesn’t require millions of dollars and $50K could start a home health care business, and $500K can start a franchise in multiple locations. The amount of $500K when invested properly in home health care business has a potential to rake millions of dollars in future compared with other franchises that require up to a million dollars to start but less profitable.

Mrs. Janice Theaker, Clinical Laboratory Manager, was interviewed via phone to explain her role as manager, state the biggest decision made, managerial perspective of starting a business, and how is his business advertised. She explained that she supervises the daily operations of the laboratory from supplies, equipment, hiring, staff management, costs, patient care, billing, and franchise management. I was emotionally touched when she divulged that the biggest decision ever made and to make is firing an employee. “When I fire a fire an employee, I think of the family that the employee put food on the table for, the family behind the employee, and the consequences of letting the employee go home.” Mrs. Theaker’s had different perspective for starting a business. She emphasized networking for a manager starting up a business. “Success of a business depends on who you reach out to, those you genuinely connect with can help you know to the intricacies and the road and the way to success.”

From the analysis of both interviews, the information that I found helpful the most was, the financial and administrative aspects of any business are inseparable. Finances drives a business but the managers or administrators are the drivers. Their decisions steer the business in right directions towards profitability or downward towards losses, and it all depends on how the finances and management are utilized.

My suggestions for classmates is that as future healthcare administrators, they should take leadership and accountancy seriously. Finances run any business from payment of wages, financial reports to managers, analyzing financial records, assessment of the financial health in relationship to the assets, liabilities, and future earnings. Leaders are the selfless people that are the center and steer direction business on behalf of the employees and stakeholders.

Student 2:

Identify the people you interviewed and explain why you chose them. How were they relevant to your project?

For my interview, I picked Erika who is a receptionist at our sister offce along with the dentist that I work for Dr. Kim. I picked these two people to interview because my project is about a dental office and I felt like they could give me the best insight. Erika has been in the field for over 10 years and Dr. Kim has own his own businesses for over the past 5 years.

Briefly summarize the two interviews. What information did you find most helpful from each one?

Erika manages the day to day schedules for Dr. Kim’s Monroe office; her daily tasks are checking in/out patients, collections from both the patients and insurances along with billing insurances for serviices that were rendered. Erika gave me more of an insight on how the Monroe offices runs in compared to TCFD (my office). Dr. Kim oversees both offices and travels to each of them to help provide dental care to patients. He gave me great insight on the financials of owning and operating your own clinic. After completing both interviews, I did notice some similar answers in regards to patient care being the top priority within our company’s dental offices. Marketing is also something that we focus on as a company but it is something that we could focus more on via social media.

What suggestions can you offer to your classmates?

The best advice I could give is take your time to fully understand what business you want to run/operate. I lucked out because I have always known I wanted to run a dental office, so I was able to get more insight. Running a private practice is easier than a chain/corporation dental office; smaller office means smaller staff and you are able to build relationships within your practice among your staff. With a coporation dental office, there are way more staff members and sometime you are treated more like a number than a person. Also get to know your community so you are able to get an insight on your possible patient base.