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Financial Management and Accounting - Essay Example

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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 attention (SUNY 2012). The University Hospital of Brooklyn also derives revenue from its care services, such as inpatient visits, Outpatient visits, ambulatory surgery, emergency room visits, dialysis Procedures, health fairs & health lectures (SUNY 2012). Besides the revenue from the students, patients and other patrons, the institution also relies on the donations and grants from both private and public sector and involves the capability of the staff to secure them. The federal government has funding obligations to institutions like SUNY Downstate. But such subsidy or grants are not guaranteed especially in the case of a bad state of the economy (Anderson, 2011, p. 241). The staff, hence, has to be creative in finding funding alternative sources. A case in point is Dr. Sheldon Landesman, the assistant dean of clinical education at SUNY Downstate. Dr. Landesman is considered one of the primary movers

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in securing funding for the institution having repeatedly secured million-dollar grants when he worked at the Department of Medicine as a researcher (Fischer, 2009, p.6). Today, SUNY claims to have about $62 million worth of grant funding for its research centers and laboratories (SUNY 2012). The discourse on funding highlights the importance of financial information primarily from the point of view of the institution's decision makers as well as other stakeholders such as shareholders, grant agencies, donors, among others. In this respect, SUNY Downstate is not that different from the conventional organization. The rule is that financial information is critical in decision-making process. Cleverly, Cleverly and Song (2010) identified five specific reasons why that is the case. They explained that financial information is important in: 1) evaluating financial condition of the organization; 2) the evaluation of the stewardship of the institution; 3) the assessment of operational efficiency; 4) the assessment of operational effectiveness; and, 5) the determination o the compliance to operational directives and standards (p.5). SUNY Downstate as a private organization has to ensure that financial information is generated, accurate and timely. The financial information or data generated within the organization are used by a highly diverse group. Of course, there is the case of the management. It informs the decision-making process within the organization. Managers cannot possibly introduce sound, effective and viable initiatives, policies and actions without financial information. For example, without data about the financial structure of the company, its management is unable to determine the correct mix of various types of debts and equity (Gibson, 2010, p.203). Then, there were the other stakeholders such as the investing public, credit grantors, suppliers and so forth. It is

Summary

SUNY Downstate Medical Center For this activity, I selected SUNY Downstate Medical Center, an "urban medical center", consisted of several academic and research institutions and the University Hospital of Brooklyn. The medical center, hence, provides education, research and patient care services and programs, within what its president called as academic medical center institutional model…
Author : tillman72
Financial Management and Accounting essay example
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