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Running head: PROJECT MANAGEMENT TOOLS 1 Project Management Tools Lauren M. Salinas Grand Canyon University: HCA -610 November 11, 2020
PROJECT MANAGEMENT TOOLS 2 Project Management Tools Memorandum TO: CEO AND CFO OF HARRIS MEMORIAL HOSPITAL FROM: LAUREN SALINAS, ADMINISTRATOR SUBJECT: PROJECT PROPOSAL DATE: NOVEMBER 11, 2020 As administrator to Harris Memorial Hospital I have proposed a project idea for the need to increase in house education to credentialed staff. For this to take place an analysis of the hospitals key performance indicators (KPIs) will need to be reviewed. The financial performance is in high standing compared to the U.S medians. The financial performance is strong because of the return on equity, financial strength index, and total margin which is higher that the U.S median for each one. There a some KPIs that are not aligned with the hospitals dashboard which is what I will be listing below in the memo. Key performance indicators are essential navigation tools for hospitals. They provide managers with valid information enabling them to identify institutional strengths and weaknesses and improve managerial performance.” (Pourmohammadi, K 2018) KPIs Not Aligned and Corrective Action Plan Market Factors: inpatients revenue percent The U.S median is at 46.2% for inpatient revenue, yet Harris Memorial Hospital is at 30.5% putting us behind. Inpatient revenue effects the hospitals profit margins increasing the rate would be beneficial. The corrective action plan that needs to take place is the strategic initiatives that will include profitable products.

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