Financial Management in Health Care - Essay Example

Only on StudentShare

Extract of sample
Financial Management in Health Care

These aspects of management aim at ensuring organizations operate within profitable margins in ensuring continuity of the organization. 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. Profit organization 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). ...
Download paper

Summary

Financial Management in Health Care Name of the Student Student Number Grade Course Name of the Instructor 6th March 2012. Introduction Financial management could be defined as the element of management dealing with monetary resources of an organization, in ensuring adequate return on investments…
Author : telly11

Related Essays

Financial Management in Health Care / Health Care Budget
This has followed a breakdown of the various components i.e. revenues and expenses. A final analysis of the projected income is obtained in the end. Inflation has played a major role in this process and has been considered. The projections show an increase in net income which can sustain the running of the organisation (John et al, 2007). Financial drivers A clear indication of financial drivers’ consideration is deduced from this projection. The management has considered the fixed expenses in the running of the hospital e.g. utilities as well the most vital variable expenses e.g. salaries,...
3 pages (753 words) Assignment
Financial Management and Accounting
69). Such facilities are licensed under state regulatory bodies with approval of either Medicare or Medicaid, or both of them, and can be a simple facility or a complex one under corporate management. The facility’s main purpose is to offer care services to people who cannot maintain sufficient self-care at home, such as the physically challenged, those who are mentally incapacitated and individuals with other forms of disabilities. It, as a result, offers services such as “personal care” and “intensive skilled care” with medical supervision (Evashwick, 2005). Sources of Revenues for...
3 pages (753 words) Essay
Financial Management and Accounting
In general terms, funding for medical institutions such as SUNY Downstate can come from various sources and that it also depends on the type of services provided. But the main source of income is of course its patrons - those individuals that receive and purchase its services: students, organizations and patients. For example, its academic institution has 1,751 students and 1,049 residents. The University Hospital of Brooklyn specializes in a comprehensive pediatric care. It serves a tri-state area but in New York City along, there is about a million and a half children who would need medical...
3 pages (753 words) Essay
Budgeting in Health Care Organizations
There are numerous other types of budgets such as annual statistics budget and revenue budget and they vary according to their purposes (Gapenski). These budgets can vary across different health care institutions. The reason for this is the diversity of the financial structures, organizational culture and reporting systems of organizations (Finkler and McHugh, 2008, p.171). The process by which health care organizations design and implement budget based on such organizational structure, culture and reporting system determines whether they will achieve budgeted operating margin targets. This is...
3 pages (753 words) Essay
Comparative summaries
For developed economies, governments offer subsidies in the form of drugs and other equipments that aid in provision of medical services. Health care financial management Health care financial management entails the use of different financial strategies in managing the financial resources of a healthcare facility. According to Goldsmith, (2011), organizations choose financial management stratagems based on the mission and the objective of the organizations. For non-profit organization, careful management of financial resources is essential for accounting purposes. Hence, the reason healthcare...
4 pages (1004 words) Essay
relationship between finance and accounting, and how they operate to determine financial viability within a health care organiza
On the other hand, there are linking elements of the two functions that create a difficulty in distinguishing between them that shall be highlighted in this paper. Consequently, the analysis will involve the role of finance and accounting; and how they operate to determine financial viability within a health care organization. To begin, it is important to understand the definition of the two functions of organizational operations. Finance in organizations generally refers to the activities that are associated with funding an organization’s processes and operations. On the other hand,...
3 pages (753 words) Essay
Managing Financial Resources in Health and Social Care
Be very precise and detailed on the demands you want from each stakeholder, link stakeholders’ interest with your aims, and prioritize. In the BUPA report, they work with the government and other organization to aid in aligning the agenda and long-term policies. BUPA Company should involve all the stakeholders for the proper costing to be enhanced. (Baker 2007,pg.125).  The principle of consistency This principle needs the following of a similar procedure and in case of any change then an explanation to the effect is therefore ideal. BUPA Care Homes should ensure that the auditors follow...
10 pages (2510 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!