Healthcare Formal Capital Allocation

Possessing more than 35 years’ executive experience, Brian Derrick has served as CFO of Einstein Healthcare Network in Philadelphia, Pennsylvania, and Summa Health in Akron, Ohio. Currently residing in New Wilmington, Pennsylvania, Brian Derrick was also interim CFO of Jefferson Health System, where he implemented principles for business development and capital investment.

Capital allocation is an integral aspect of running a healthcare system. However, a 2021 study of 1,050 CFOs by Ernst & Young revealed that only 48 percent of healthcare provider executives had an established system to allocate capital. This hampers their ability to channel funds to projects that improve access to care such as telehealth.

It is critical that providers have formal processes for allocating capital. These should be objective, providing a rational framework for making decisions about where and how to allocate capital, while allowing for flexibility to meet emerging needs. Providers can work with an experienced healthcare consultant to develop a process that meets its unique requirements, aligns with its vision, and is objective but unencumbered by rigid rules.

But efficient capital allocation is more than just decision making. It also involves following up during implementation, verifying the correctness of assumptions made during the decision-making process, making adjustments where necessary, and collecting data for analysis. An experienced consultant will guide the organization to create a process that checks all boxes, enhancing overall capital allocation.

Tips for Running a Bed and Breakfast

Creating a successful business does not happen overnight. Opening a bed and breakfast, which is part of the hospitality industry, is no exception. If you jump into the business without proper planning and research, you can quickly become overwhelmed. You will also face new challenges that will arise in your day-to-day work, which is no easy task. However, if you follow certain tips and guidelines, managing your own B&B can end up being a rewarding and potentially profitable experience.

First, you should reflect on your decision to own a bed and breakfast. Do not get caught up in the excitement of running a bed and breakfast and forget the basics of the business. It is expedient to reflect deeply on whether you can commit to the business to the extent required. Running a bed and breakfast is not a normal day job and will require more than a 40-hour workweek. It is a huge undertaking that will require your constant attention. To this end, ask yourself a critical question: “Do I love and enjoy being around people regularly?” It is necessary for you to know precisely what this work will involve if you're going to succeed.

After carefully considering the requirements for running a B&B, if you still choose to own one, there are specific factors you should consider. One of these is making a great first impression. The first impression counts in the B&B business because it plays a crucial role in influencing a customer's decision to stay as well as the length of their stay. When a guest arrives, welcome them with a hearty, genuine smile. It helps the customer settle in comfortably, especially when they are first-time guests. Also, answer phone calls to your B&B politely. And as the popular business saying goes, “the customer is always right,” so always treat your customers with respect when difficulties arise, even when you are not at fault.

Personalizing your location's attractions is another key point to consider. Let your B&B be a representation of your area. For example, perhaps the B&B is in a town that specializes in fruit production. So, based on that, you can prepare meals featuring fruit drinks or fruit salad for your guests. It helps guests to appreciate the uniqueness of the area, making for a more memorable experience.

Last but not least, you need to know your guests. Knowing your guests and their preferences will help you become a better B&B manager. Never be too busy running your business to learn as much as you can about your guests. Find out why they are visiting the area, if they have any acquaintances close by, and their planned activities, among other things. You can tailor your service based on this information and provide any amenities that they will likely need ahead of time if you know their intentions for staying at your B&B. Running a bed and breakfast is all about making lasting impressions. If the service you provide is top-notch, they will look forward to returning.

Thiel College's Running Backs Coach

Brian Derrick is a Pennsylvania-based healthcare executive with more than three decades of experience guiding businesses to achieve their organizational goals. A former CFO and senior vice president at Summa Health System, Brian Derrick served on the board of Thiel College in Greenville, Pennsylvania.

Thiel College is an independent and accredited college that focuses on liberal arts, professional studies and, sciences. It also has an outstanding athletics department. The college’s head of football Mike Winslow announced the appointment of Jordan Reynolds as the running backs coach.

An alumnus of Muskingum University, Reynolds holds an athletics communication degree and previously served as a sports communication specialist. Other positions held at the University included a weight room supervisor and Black Student Union member. Reynolds was a football player during his time at Glenville High School and Ginn Academy and later, became a team manager earning him experience both on and off the field.

Having played both in his freshman and sophomore years, Reynolds also served as a student manager from August 2019 to May 2020 where he undertook the role of player recruitment, assisted in creating schemes, plays and depth charts. Reynolds also organized and managed team meetings.

Healthcare Fundraising for Nonprofits

With a bachelor's degree in accounting, Brian Derrick has served as a leader in the financial sector at several healthcare organizations across Pennsylvania. Brian Derrick was the CFO at Pennsylvania-based Einstein Healthcare Network, responsible for raising $500 million in capital through various strategies and improving the revenue cycle.

Healthcare nonprofits such as the Einstein Healthcare Network typically have a charitable arm or office, to which the community and corporations can donate and help the organization's mission. These nonprofits can raise money in several ways, and there are strategies they can use to increase donations, such as implementing grateful patient programs. These programs are dedicated to offering engagement opportunities to former and current patients who may be willing to donate to help other people, especially after they have been discharged.

Healthcare nonprofits can also seek a partnership with corporations that have a robust philanthropic history. In exchange for positive publicity and visibility, these corporations can give philanthropic support to the healthcare nonprofit by sponsoring a fundraising event or investing in a campaign to raise funds for a specific healthcare need, such as hiring more hospital staff.

Hosting well-planned fundraising events is another excellent way to generate public awareness, attract new donors, and interact with the community. Some tips for such events are to use technology to promote digital donation methods and manage details with fundraising event software, as well as branding the event with the organization's logos and merchandise.