Venice Family Clinic

Venice Family Clinic

Founded by Phillip Rossman and Mayer Davidson, Venice Family Clinic (VFC) focuses on providing high-quality, comprehensive healthcare services to individuals and families who might otherwise go without accessing their much-needed care (Venice Family Clinic [VFC], 2021). As the firm’s future manager, I need to familiarize myself with various aspects of the organization and management fundamentals. It includes familiarizing with the firm’s departments and selecting the most preferred one, examining its mission and vision, ascertaining its financial condition, and drawing the connection between various healthcare industry trends and the clinic.

Department Selection

            The selected department that is likely to exist within the organization is the audit department. The department is tasked with expressing an opinion on the firm’s financial reports, including the consolidated financial statements. The department sees through this support function per the auditing standards generally accepted in the United States (U.S). The procedures involve obtaining audit evidence concerning the amounts and disclosures in the records to ascertain the firm’s financial condition in its quest to accomplish its overall objectives.

Financial Condition

            The process of determining the clinic’s financial health involves the analysis of its most recent financial statements to ascertain the total medical revenue, operating costs, and the subsequent net revenues. The financial performance can also be determined by examining the number of patients’ visits to the clinic since they are the clinic’s clients. According to the VFC’s 2018 annual report, the clinic recorded 125,771 visits, including 83,299 primary and specialty care, 10,462 mental health, 11,934 dental health, and 14,309 health education. As of June 2020, the number had increased to 128,775 clinic visits, including 82,742 primary and specialty care, 15,362 behavioral health, and 9,789 dental health (VFC, 2021). The increase in the number of clients or patients visiting the facility indicates increased revenues hence better financial health.

Based on the VFC’s 2018 financial report and the consolidated financial statements for the year ended June 330, 2018, the firm recorded total revenue of $53,164,116, including investment income, government contracts and grants, in-kind revenue, and private support. On the other hand, the clinic expenses amounted to $49,239,177, inclusive of in-kind expenses, healthcare-related expenses, education and outreach, and other general and management expenses. Therefore, the records indicate that the facility is operating with an excess of revenue over expenses of $3,924,939, indicating the clinic is generating profits and can sustain itself while striving to accomplish its short- and long-term goals.

Healthcare Trends

One of the growing trends in the health care sector is the increasing number of patients visiting the health care facilities, which presents a significant challenge for VFC since it increases the risks of straining the firm’s resources and overpowering the staff’s abilities. With an increasing number of patients, the firm is faced with the challenge of collecting and managing massive data. Despite adopting some big data tools, the clinic needs to offer the necessary training to the staff to equip them with the required knowledge to operate these systems (Current Big Data Challenges in Hospitals and Healthcare 2020).

Opportunities and Challenges

Elsewhere, various trends and technological advancements such as artificial intelligence and virtual care present much-needed opportunities to reduce staff workload and overcrowding at the facility. Virtual care or telehealth and remote medicine would decrease minor and routine appointments, reduce the risk of spreading contagion, eases physicians’ burdens, and enables them to squeeze more patient consultations into their busy schedules (Marr, 2020).

Potential Implications for the Mission