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Financial Management in Health Care / Health Care Budget - Assignment Example

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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, 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. Provision for doubtful debts should not be increasing rather it should be decreased. This is because as the entity continues to run into debts the more risks it has of closure. This being a service offering entity, professional service providers e.g. the physicians will shift to other hospitals. Negotiations on the collection of these debts should be finalized and a team set in to tackle this work. The projection for 2011 should indicate a reduction in doubtful debts. This is definitely likely to increase the financial capacity of the hospital. On the contrary the management is just projecting an increase in revenues with increase in debts which case is highly unlikely. A look at increase the service contracts and the patients’ revenues is only targeted for the ordinary number of patients who attend the health facility. The management has no plans whatsoever to increase the number of patients attending the hospital. This can be achieved through campaigns and advertisements. Another aspect clearly seen is overstocking the hospital. The supplies figure has to be reduced by 3% clearly an indication of overestimation and increasing stores activities. The risks of overstock could be detriment with such a set up because of expiration of products, pilferage risks, fire etc. The management should aim to control the stores movement. Benchmarking There is a gap between the projected revenues and expenses and what other competitive hospital of similar set up have. There have to be an initiative for the management to compare their financial management and assess their position. A comparator can be used in this case. Probably the revenue per patient currently charged could be lower than the comparator. This gap ought to be filled to make the hospital more competitive. Financial tracking One of the notable effective FMP is financial reporting and tracking as discussed above. However, the same lacks enough insights towards value for money aspects. Once the services are offered there are no follow ups done with the patient. An expense can be set aside for this that ...Show more

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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…
Author : antwan50
Financial Management in Health Care / Health Care Budget essay example
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