Sign In
Not register? Register Now!
Essay Available:
Pages:
5 pages/β‰ˆ1375 words
Sources:
Check Instructions
Style:
APA
Subject:
Health, Medicine, Nursing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 21.6
Topic:

Healthcare Financial Management

Essay Instructions:

The purpose of healthcare financial management is to provide both accounting and finance information to assist managers in accomplishing a healthcare organization’s goals and objectives. A variety of managers assist in this role, often led by the organization’s CEO (Chief Executive Officer) and CFO (Chief Financial Officer). It is important for healthcare managers at all levels to have a working knowledge of the six major objectives of healthcare financial management. Each of these objectives complement each other to build a successful organization – from generating income to protecting tax status. Our Case allows for the study and exploration of each of the six objectives.
Case Assignment
After completing the required readings:
Articulate the six major objectives of healthcare financial management. What does each individual objective encompass? Be as specific as you can in your descriptions.
Which of the six do you have experience with, and which do you feel you should devote extra study time to within this course? How could this learning best be accomplished?
Assignment Expectations
Conduct additional research to gather sufficient information to support your analysis.
Provide a response of 3-5 pages, not including title page and references
As we have multiple required items to be addressed herein, please use subheadings to show where you are responding to each required item and to ensure that none are omitted.
Support your paper with peer-reviewed articles and reliable sources. Use at least three references; a minimum of two from peer-reviewed sources. For additional information on how to recognize peer-reviewed journals, see http://www(dot)angelo(dot)edu/services/library/handouts/peerrev.php and for evaluating internet sources:
https://www(dot)library(dot)georgetown(dot)edu/tutorials/research-guides/evaluating-internet-content
You may use the following source to assist in formatting your assignment: https://owl(dot)english(dot)purdue(dot)edu/owl/resource/560/01/. Paraphrase all source information into your own words carefully, and use in-text citations.

Essay Sample Content Preview:
Healthcare Financial Management
Student’s Name:
Institutional Affiliation:
Course ID and Name:
Tutor’s Name:
Due Date:
Healthcare Financial Management
Healthcare provision comprises several stakeholders, including the patients, the healthcare service providers, pharmaceutical companies, insurance companies, education, research institutions, and equipment providers. It includes all the financial resources circulated within the health care industry. Healthcare finance is a crucial component in the health care system and holds a health system’s success. According to Nowicki (2018), it encompasses providing timely and in-depth coverage of the problems facing healthcare service providers and the patients in light of the ever-rising treatment costs, reducing reimbursements, and developing regulations. This gap calls for a highly qualified professional to manage the finances according to the healthcare institutions’ objectives. It supports patients and the beneficiaries in footing their medical bills. A management system is needed for judicious regulation of the flow without mismanagement. Nowicki (2018) adds that a healthy financial system would be the best element in realizing universal health coverage for public healthcare facilities. Such a system’s primary purpose is to raise funds, eliminate barriers to financial access, and allocate the available funds to promote efficiency. This paper highlights healthcare financial management by explaining the six significant healthcare finance objectives and expresses my views on experience with the objectives, the objectives requiring detailed studies, and achieving the objectives.
Objectives of Healthcare Financial Management
An organized and robust financial management system enables healthcare organizations to provide efficient and quality service. A publication by Finkler, Smith, and Calabrese (2018) mentions that the finance specialists tasked with managing finances give the top management some necessary information helpful in informed decision-making, identify strengths and weaknesses, and monitor spending internally. Financial management encompasses objectives, intertwined, and related to each other. The achievement of one goal leads to others’ achievement, while failure in one affects others (Cleverley W. & Cleverley J., 2017). This correlation demands an integrated approach that considers all the objectives and formulation to allow synergies and trade-offs to realize positive results. Healthcare financial management’s primary goals include income generation, protecting tax status, monitoring internal spending, careful evaluation and planning, long-term investment decisions, and influencing third-party payers.
* Careful Evaluation and Planning
A financial manager evaluates the healthcare institutions’ elements to identify the needs then plan for their future attainment. The evaluation includes assessing the effectiveness and financial requirements and completing the crucial planning to develop their execution (Finkler, Smith & Calabrese, 2018). The financial manager’s first role is to plan carefully with the organization’s available finances and incorporate means of expanding the plans and ways ...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

πŸ‘€ Other Visitors are Viewing These APA Essay Samples: