Healthcare Financial Management Implications In My Future Career

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Various concepts have been learned in class through a thorough discussion of the modules. These concepts are designed to aid the students in reaching their objectives throughout the semester. In this paper, I shall discuss some of the concepts explained in class and their implications in my future career.
The first concept is about healthcare financial management. Nowicki (2018) states that it helps healthcare providers and administrators promote a service that does not exceed the patients' expected costs. An excellent grasp of financial management shall support the health providers' decision-making process on which tests are vital for the patient to reduce their expenses and the reimbursements that need to be made by the hospital. Finkler et al. (2018) enumerated healthcare financial management objectives, including generating income, evaluating and protecting taxes, assessing internal expenses, careful evaluation and preparation to make informed decisions, long-term investments, and persuading the stakeholders (i.e., third-party payers).
Through this topic, I have learned that I must countercheck the diagnostic and laboratory procedures that I request for the patient to prevent overspending as a healthcare provider. Additionally, it is also essential to check with the insurance company which tests are covered to prevent the patient from unnecessary spending. The concept also suggests that before requesting the procedures, it is best to have a complete history and physical examination so that the other conditions will already be ruled out. This step removes the necessity to request for many tests.
To optimize financial management in healthcare, the scrutiny in the current healthcare practices have also been elaborated. Graber (2017) explained that in the United States, many patients and employers allot money to the hospitals over pharmaceuticals, thereby increasing the need to assess the origin of the possible solutions for the recent healthcare financial issues. The main problem is that the healthcare facilities are inclined to inspection without follow-up several times, which escalates the costs even more. Another pressing issue is the amount of money spent on mergers, driving the expenses higher. The patients shoulder the said expenses through the high pricing of services. Because of this, there is a call for transparency (Graber, 2017).
Keith (2019) suggested that transparency can be equated to efficiency because it entails accuracy, which leads to a sensible reduction of healthcare costs. Excellent transparency allows the patients and health providers to select the best services at the lowest possible cost. To maximize transparency, healthcare managers must devise a strategy that improves patient literacy over health-related options. Furthermore, they can also influence state policies through advocacies (Keith, 2019).
By understanding healthcare financial management's s...