Essay on The Standards Of Financial Management

819 Words Nov 21st, 2016 4 Pages
Health care data standards are the primary information needed for verification from the national health data structure. This information is important because having common values makes it cohesive for clinical and patient safety systems to share data, provide uniform service, report information, and represent the image of the company (Chapter, 2016). Therefore, the standards of financial management will be discussed since this is an important area in health information management and it is a personal career goal.
Financial management involves regular fiscal operations like negotiating contracts, providing cash for expenses like payroll, preserving available cash for unforeseen costs, and providing management with the relevant statistics to budget. In addition, the implementation of the Affordable Care Act has forced health care organizations to have financial managers with the skill to recalculate plans, analyze premium structures, and make changes for future predicaments (Role of Financial Management, 2016). Financial management plays a significant part in the overall success of an organization. Hence, financial management should be considered an essential part of an organization’s development because financial managers are expected to invest opportunities, evaluate risks, and do bookkeeping tasks. For example, an accounting system should be in place to evaluate, identify, document, and present financial information about the company (The Important Roles, 2016).
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