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Comparative Summary - Essay Example

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Comparative Summary

It is against this backdrop that three major financial environments namely the profit making environment, not-for-profit environment and government environments have been identified in this study for critical scrutiny on how differences in financial management in each of the environments can be well harnessed to ensure that the collective goal of achieving universal quality healthcare can be achieved. Profits Making Financial Environment Healthsouth is the identified entity under the profits financial environment. Generally, the financial structure of the profits financial environment can be described as one that is influenced by the activities of shareholders. This is to say that these entities have financial bottom lines that address the profit gaining needs of their shareholders (Experience Healthsouth, 2010). To this end, they are structured such that there is several profit making avenues on the services and products that are offered. As much as possible also, there exist external investments models made with the contributions of shareholders so as to maximize the earnings from the health facility. Some of the policies that are unique to the profit making environment include the fact that annual profits are shared among shareholders instead of reinvesting the entire amount of profit made. This is because shareholders come on board as investors who expect positive financial returns at the end of each fiscal year. In the same manner that profits are shared, there exists a peculiar provision whereby losses are also shared among the shareholders. In the event of recording a loss at the end of the fiscal year, shareholders will be expected to make financial provisions for the proceeding budget (Experience Healthsouth, 2010). Because losses are shared by shareholders as much as profits, there are always efforts that ensure that all lope holes to financial malfeasance of any kind are blocked. This is indeed one of the most outstanding financial management practices prevalent in the profit financial environment. With the Healthsouth as a case study, it would be observed that the entity employs the services of financial experts such as accountants, bursars and auditors whose duties are not incorporated into the larger healthcare delivery services of the entity (Experience Healthsouth, 2010). Despite the numerous efforts that are made to ensure financial management practices at Healthsouth, it would still be realized that the facility faces several challenges. The major reason that can be ascribed to the existence of these financial management challenges is because the facility is a healthcare facility. Generally, it is debated because the services of financial experts are not directly linked to the health provision services of the healthcare facilities; there exist apathy on the part of healthcare administrators to closely monitor the activities of the said financial management experts (Wolinsky, 2005). Not-for-Profit Environment Carolinas Healthcare Systems is the selected entity under the not-for-profit financial environment. Among the features of the facility that makes it stand out and worth discussing is the fact that the facility focuses its services to not just short term care but lifetime medical care to patients. The facility therefore serves as lifetime medical home to patients (Carolinas Medical Center, ...Show more

Summary

COMPARATIVE SUMMARY Introduction The provision of quality and accessible healthcare to all citizens is the priority of every nation. But there is no denying the fact that this all important goal is not achieved so easily by every other nation. There are indeed countries that suffer to implement policies that ensure universal quality healthcare delivery for all its citizens…
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