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Finacial Management in Health Care/Comparative Summary - Essay Example

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Finacial Management in Health Care/Comparative Summary

The management ensures that organizations find sustainable sources of funding for various activities.
Financial management in healthcare takes various perspectives depending on the source of funding for organizations (Gapenski, 2009). Balance sheets, for example, remain some of the best known indicators of financial performance within an organization. Balance sheets form a fundamental element of assessment of the financial position of an organization during specified period. The information contained in balance sheets remains similar within different entities but the functions performed by the balance sheets differ.
In profit making healthcare organizations, the financial structures of organizations aim at utilizing financial resources to achieve monetary gains. These entities operate like other businesses whose fundamental objective remains making profits from financial resources. The financial management of these entities aims at maintaining profitability for the organization. All financial decisions implemented in these financial entities seek to ensure that the organizations remain profitable and competitive within the industry (Nowicki, 2008). The funding for these organizations comes from returns on investments made by the proprietors of the organization. These organizations offer services according to the available finances available for specified services.
The functions performed by financial statements differ between healthcare entities depending on the financiers of the establishments. The financial statements for these establishments ought to be presented to the proprietors of the organizations. All expenditures for these organizations should be accounted for in the organization’s balance sheet. Presentation of the balance sheet remains critical in the financial structure of these organizations. Within other healthcare entities, like those owned by the government, the information contained in the balance ...Show more
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Financial management could be defined as the element of management dealing with monetary resources of an organization, in ensuring adequate return on investments. This element of management aims at determining the objectives of businesses in maximizing profits. Essentially this…
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