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Financial Management in Health Care / Health Care Budget
Finance & Accounting
Pages 3 (753 words)
Financial Management Practices Name: Institution: Instructor: Subject: Date: Financial Management Practices In an attempt for management to meet their objectives, they are endowed with activities that meet all the financial obligations in an entity to create a lasting organisation.
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, interest expenses etc. The breakdown shows a projection of the marketing plan that are intended to increase funds for the hospital. Financial reporting and tracking The management has a clear set of reporting in this hospital. A look at the actual accounts in 2008 and 2009 have aided in the forecast for 2010 budget. The variances and discrepancies are looked into e.g. overstock in 2009 is considered in 2010 that ultimately reduces supplies by 3%. Ineffective financial management practices for Patton-Fuller Community Hospital Financial capacity Some aspects in regards to financial capability of the hospital are brought to light in this projection. ...
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