Financial Management and Accounting

Financial Management and Accounting Essay example
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Finance & Accounting
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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…

Introduction

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). ...
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