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
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…
Introduction: In the present times, any business organization gives significant importance to leadership and values that enhance the performances of the organizations leading to improved outcomes. Considering this fact, the field of healthcare has also in the recent times been focusing on these aspects realizing the importance of leadership and values within the healthcare organizations.
Firstly one of the most prominent reasons is pollution. Pollution has merely damaged the health of adults as well as youngster developing respiration issues in them. Secondly the increase in the population rate and the constant increase of the immigrants have caused insufficiency and lack of adequate facilities.
The Systems for Managing Financial Resources in BUPA 5 Task 2 6 2.1. Diverse Sources of Income for BUPA 6 2.2. The Factors That May Influence the Availability of Financial Resources in BUPA 7 2.3. Different Types of Budget Expenditure in BUPA 7 2.4. Decisions about Expenditure that could be made in BUPA 8 References 10 Task 1 1.1.
If appropriate action is taken in time that employs infrastructure such as the latest technology capable of improving efficiency and harmonizing the cost, then life expectancy will still be at stake. Despite the promises made by the United States government leaders about the action of improving healthcare facility, possible sources still disclose the United States as a country where people live a shorter life span than the nations around the world.
Thereafter, the hospital bill calculation and payment is done by the hospital and the insurance company; the patients are rarely consulted (Joynt & Jha, 2012).
Consumers should know the value of the services or products during
21). Throughout the period, achieving the best health and social services remains an important focus as opposed to the primary objective of achieving national targets. To ensure effective control of the health and social care services in the U.K Care Quality
One of the department within the facility is The Parkland Emergency Room (ER) that provides full-service emergency service care all hours a day regardless of whether it is a holiday. The emergency room is responsible for addressing the needs of anyone in
4 pages (1000 words)Assignment
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