The primary role of financial management in healthcare is to manage money in a way that helps the organization achieve its financial and operational goals while also providing efficient, quality care to patients.
The office manager or administrator needs to understand the role that financial data plays in the reporting process in order to plan and forecast the needs of the organization. Imagine setting up your monthly bills using your banks online bill paying service without knowing your current balance or if or when money will be deposited into your account. How successful would you be? Now imagine trying to manage a healthcare organization without knowledge of what makes an organization operate.
In the Discussion, you examine how financial information is used in the decision-making process and in planning and forecasting a healthcare organizations needs.
To prepare for this Discussion:
Review this weeks Learning Resources.
Specifically, review the sections, Usefulness of Financial Information (pp. 89) and Planningand Forecasting (pp. 1415) in Chapter 1 of Harrington (2016).
Consider how you make personal financial decisions. For example, what financial information do you consider before you make a large purchase?
By Day 4
Post a comprehensive response to the following:
Describe a situation in which you or someone you know had to make a major financial decision. This does not need to be a health-related decision. What financial information was needed to make the decision? What was the outcome of the decision? What would you do differently when making future major financial decisions?
Imagine that you are a manager of a multi-care clinic. You are responsible for handling financial information daily, and many of your decisions are based on how you interpret the information. Give an example of how financial information is used to make decisions in the clinic. Choose and answer only one of the following:
What are some similarities and differences between the decision-making process in the clinic compared to in making the personal decision you described earlier?
From the organizations point of view, what are the implications of not properly managing financial information in the clinic compared to in your personal life?
As the manager of a multi-care clinic, discuss how financial information would assist you in planning and forecasting for the clinics needs.
Provide specific examples in your response. Support your post with the Learning Resources and at least one outside scholarly source.
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