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Resource Allocation - Essay Example

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Resource Allocation

Financial Resources It is important to underscore that no organization can function and produce outputs without financial resources. According to Frank Baker (2003), the logical justification of an organizational need for resources is depicted in the following set of objectives: 1) interest satisfactions; 2) output mix to; 3) efficiency; and, 4) investment. (p. 587) The financial resources are needed to be sourced either externally or within the organization or both. For example, those organizations that sell products or services traditionally acquire financial resources from their market. This is derived from the revenue or the sales output. However, there are other external sources which include the capital market and banks. The former provides resources through capital investment while the latter provides them through loans. This is not the case for nonprofit organizations such as a non-profit children hospital, which has to depend on donations if it does not earn enough commercial revenue. Ideally, wrote Frumkin and Imber (2004), a greater pool of funds will be available to provide social goods and services for which nobody is able or willing to pay, either because these are true public goods or the clients are economically disadvantaged. (p. 57) Today, however, donations are diminishing in contribution to nonprofit hospital revenues mainly because of increase in healthcare insurance coverage. The commercial revenue serves as leverage for donors to cease contribution or their philanthropic subsidy. Operating Resources Simply put, operating resources are the aggregate amount of available money to the hospital. Adequate financial resources is crucial in ensuring the provision of adequate service delivery and marketing capabilities or that the organization must have easy access to funding sources before some venture can be undertaken. (Williamson, Stevens and Loudon, 1996, p. 64) This is especially true when the hospital is at the early stages of its operations. There is a need for sufficient financial resources in order to cover the first few years as the organization struggles to sustain enough number of patients and sponsors that would generate the revenue that will cover high operating costs. Low revenue generation can lead to failure and therefore, the hospital’s current financial position in addition to its ability to successfully obtain financing directly influence its ability to pursue opportunities. (p. 64) The need for these resources is determined by the converted resources needed by other departments such as operational and human resources. Capital Resources Capital resources pertain to the entire material resources in the hospital. These include hospital beds, operating rooms, transportation units, medical devices and other facilities. Vissers and Beech (2005) identified two classifications of operating resources: “leading” and “following” resources. The former lead to the production of “following” resources. For instance, “a ‘leading’ resource for inpatient production of a surgical specialty is the operating theatre capacity allocated to this specialty, while beds or the nursing staff are the “following” resources. (p. 119) The mix of operations resources is an important factor in the efficiency of the delivery of medical services. According to Dyro (2004), physical plants and utility systems have an average useful life of 40 years and a similar percentage of deterioration. (p. 78) This, along with the need to keep up with the latest technologies, require high operating and maintenance costs. Adequacy or scarcity in operating resources is fundamentally credited to the amount hospital budget and the availability of these resources in the ...Show more

Summary

There are two specific types of resources. These are financial and human resources, which can be further broken down into different categories: operating, capital, recruitment and retention resources, respectively. …
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