This week you will continue to work on your Final Project for this module. Prepare an annotated outline of your Final Project, briefly indicating the content you plan to include in each section of the report and the concepts and techniques you plan to apply for analysing any data and developing your argument. This is due to be handed in next week. The outline should not include detailed sections of the Final Project. Instead, it should be a specific and crisp overview of the contents that will comprise the final report, which will provide a detailed account of the five tasks listed below.
Remember that the tasks required for the Final Project are to:
- Assess the budgeting process and procedures for the organisation with regards to preparation techniques, uses for evaluation, differences between business units/divisions, etc.
- Analyse how the organisation collects, stores, and prepares management accounting information, particularly the use of a management accounting system (MAS) and how information is disseminated throughout the organisation.
- Evaluate the costing process and procedures of the organisation with respect to method or approach utilised.
- Assess the capital decision making process within the organisation with regards to what methods are utilised, how such methods are chosen, how projects are selected and managed, and what measures are employed to evaluate performance.
- Evaluate the criteria or mechanisms used by the organisation for deciding how best to acquire capital and analyse the capital structure of the company.
The annotated outline should address each of the tasks listed above. You need to briefly describe what information you will include in each section of the report that will satisfy these requirements. The work that will be carried out in the outline should represent a higher-level view than the contents of the Final Project. As such, you must remain at this level to avoid reusing the same wording in the final document.
Please see my proposal attached below
Formal Business Report
Mediclinic Welcare Hospital
Dubai, United Arab Emirates
By: Jennifer Eastaugh
This Paper will cover the accounting management practices that facilitate, support and measure the performance and growth of Mediclinic Welcare Hospital, Dubai, UAE. The study will include a detail analysis of their budgeting processes, management accounting information systems, costing procedures, performance measures, capital acquisition and capital decision making processes.
Dubai is one of seven emirates making up The United Arab Emirates (UAE). Both private and public health facilities operate within Dubai, both sectors are governed by the Dubai Health Authority (Jones, 2013).
Dubai is known as offering one of the highest standards of healthcare within the Middle East region. The private healthcare sector provides the full complement of healthcare services from primary health through to complex specialized care, with first class facilities, latest technology in equipment and highly trained staff. However this top-of the- range medical care does come at a cost and all residents are encouraged to obtain health insurance plans (Jones, 2013).
Dubai’s population is growing, so too is its affluence, shown in a high level of disposable income and generous spending patterns. These factors play an important role for the provision of world class healthcare services across the multi-disciplinary platforms of healthcare (Deloitte, 2011 Survey of the UAE Healthcare).
Mediclinic Welcare Hospital (MWH) is a private Hospital in Dubai, fully owned by a profit company, Mediclinic Middle East (MME). The over- ridding aim of MWH is to provide efficient and effective healthcare to the community whist delivering a financial surplus back to the shareholders.
This study will examine the reports and statements of Mediclinic Welcare Hospital in order to analyse the management accounting and finance practices that affect the current and future value of the organization. This report will set out the financial and non-financial information reported to the board of directors at the corporate office, which facilitates decision making at corporate level, steering the organization towards its short and long term goals.
Methodology and Information sources
In order to make this report credible, secondary data review and qualitative research methods will be used. Secondary data review on existing data extracted from Mediclinic’s official websites, annual reports, peer reviewed articles and other related resources. Qualitative methodology in the means of interviews of identified key personnel, such as financial manager in order to ensure relevance and accuracy of the data.
Changes in the healthcare environment has increased the operational risks and challenges for a private hospital, resulting in the need for better management strategies and careful decision making by its corporate board members in order to maintain the financial health of the organization (Eldenburg and Krishnan,2008). The accounting and financial practices of a company have a significant impact on the business operating in such a dynamic environment such as Dubai.
Deloitte, 2011 Survey of the UAE Healthcare, Opportunities and Challenges for Private Providers (Available at:https://www.deloitte.com/assets/Dcom-Lebanon/Local%20Assets/Documents/Consulting/Consulting%20Healthcare%20publication%20FV2.pdf(Accessed 18 June 2014)
ELDENBURG, L, & KRISHNAN, R (2008), ‘The Influence of Ownership on Accounting Information Expenditures’, Contemporary Accounting Research, 25, 3, pp. 739-772, Business Source Complete, EBSCOhost, viewed 18 June 2014.
Jones, T. (2013) Dubai Healthcare and Insurance .Available at:http://dubai.angloinfo.com/information/healthcare/articles/dubai-healthcare-and-insurance/(Accessed 18 June 2014)