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The Financial Management of Health Facility - Research Paper Example

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The research paper “The Financial Management of Health Facility” focuses on pragmatic ways of bringing about financial stability in the organization. The key factors to consider when making pricing and service decision are considered to include the cost of production…
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The Financial Management of Health Facility
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The Financial Management of Health Facility

First, the key factors to consider when making pricing and service decision are considered to include the cost of production, profit mark-up and external factors including prices of competitors. Once the right prices and services are rendered, the facility is sure to have a very firm basis for financial performance. Again, there is consideration on the actual financial planning process, where it is said that there are as many as six components in the financial planning process. Each of these components relates to the other to ensure that a firm financial basis is built for the facility. Finally, focus is given to various investment policies that the health facility can involve its self so as to ensure that it keeps an appropriate time value series and is able to overcome all major financial risks. Introduction It is common knowledge that the major business associated with health facilities such as the selected facility is the provision of quality healthcare to patients. However, the researcher is of the opinion that in order for this core objective of the health facility to be achieved, there are some key structures that need to be put in place in order t ensure that this key objective is achieved. One of the key structures is the financial structuring of the facility. As a private health facility that receives no financial assistance from central government, it is expected that there are a number of measures that will be put in place to ensure that the financial requirements needed to successfully run the facility are met. To this end, this research paper is dedicated to looking at some of the key financial structures that need to be instituted for the progressive running of the company. The first of these shall be on the factors to consider in making pricing and service decisions so that the prices issued by the facility will not in any way be a disadvantage towards the competitive advantage it wants to build. The specific financial planning processes that need to be followed by the facility and future investments that will bring the most forms of financial returns shall also be outlined in the paper. Factors to consider in making pricing and service decisions Literature identifies two major factors that need to be taken into account when making any pricing and service planning as in the case of the selected organization, which is a healthy facility. These factors are internal and external price and service determination factors (Tomecek, 2003). Generally, the internal factors are those factors that need to be considered in relation to the expenses that are incurred as part of the in-house planning and services that are rendered to patients. In the case of the identified health facility where the researcher has worked with for some time now, the very first internal factor that needs to be considered is the issue of cost of production. As a matter of fact, the health facility incurs so much cost in its bid to live up to its mission and vision statement of giving first class health service to patients at first hand supply. Some of the cost of production inculcates into the salaries and remuneration of staff, the outsourcing of drugs and medicine, the payment of bills and rents, the cost of infrastructure, cost of research works that takes place within the facility, cost of machinery and equipment, and the cost of transportation and accommodation. ... Read More
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