Home Page
Understanding Financial Management Principles As A Healthcare Administrator

Understanding Financial Management Principles As A Healthcare Administrator

Decent Essays

Show More

Financial Management Principles

Understanding financial management principles as a healthcare administrator is utterly important. In fact, each term is used to evaluate operational performance effectively. For example, these terms consist of financial performance of revenue reimbursement, benchmarking of industry standards, payer-mix breakdown of payers, and case rate/utilization data. Below is a chart that discusses each term pros and cons in terms of use in operational performance.

Related Documents

Decent Essays
Cape Fear Valley Health System: A Case Study
- 556 Words
- 3 Pages
Cape Fear Valley Health System: A Case Study

In order to apply a goal or plan, the organization must develop a budget. It takes strategic planning within an organization such as Cape Fear Valley Health System (CFVHS) to help recognize their goals, activities, and resources necessary to fulfill their overall vision. Fritze states that a budget is the gathering of data for the preparation of anticipated cost and revenue for a future period (2001). Budgeting for CFVHC is crucial for overall supplies and services along with the many different departments that must plan individual budgets because it will raise awareness to reduce economic risks, therefore ensuring survival of an organization (Fritze, 2001). In order to become profitable, it is important to monitor incoming money, but limiting the amount of money being spent will help maintain the stability of the organization.…
- 556 Words
- 3 Pages
Decent Essays

Read More
Improved Essays
Est1 Task 1
- 627 Words
- 3 Pages
Est1 Task 1

Introduction The managers of organizations use financial statements to keep track of the performances by reviewing what they are currently producing and what they have produced over an extended period of time. It is vital to these decision makers to have a clear picture of where their organization currently stands and have the ability to identify trends. This data will help create the properly constructed plans to help an organization grow as they will evaluate the strengths, weaknesses, opportunities, and threats that influence the business. Income Statement…
- 627 Words
- 3 Pages
Improved Essays

Read More
Improved Essays
Financial Ratios In Health Care
- 1006 Words
- 4 Pages
Financial Ratios In Health Care

Ratios are important for measuring for comparing one hospital to another and financial statements are necessary to compare from another. Accountants, management, and health care administrators are to refer to ratios as a guide to develop a broader convey of the financial standing of the organization. Liquidity ratios have a big part of accounting and health care organizations, and the purpose of them to assess how well the organization is doing in terms of assets. Then, solvency, efficiency, and profitability are major types of ratios for how the health care organization evaluates or wants to increase profit. Lastly, equations and calculations for discounts from invoices are important to consider when completing for patients.…
- 1006 Words
- 4 Pages
Improved Essays

Read More
Improved Essays
ICD-10: A Case Study
- 2229 Words
- 9 Pages
ICD-10: A Case Study

The revenue cycle has been defined by the Healthcare Finance Management Association (HFMA) as “All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” In a hospital, the revenue cycle would include the entire lifecycle of a patient account from scheduling and preadmission through to payment. There are many processes included in the revenue cycle, and they flow into each other. When operating effectively, the revenue cycle is very predictable, but issues along the path can cause major effects later in the cycle. (Revenue Cycle, 2015)…
- 2229 Words
- 9 Pages
Improved Essays

Read More
Improved Essays
Case Study Of C. O.
- 876 Words
- 4 Pages
Case Study Of C. O.

A.C.O for INOVA First I would like to thank you for giving me this chance to share my opinion and finding on this issue of forming an A.C.O. The Centers for Medicare and Medicaid Services (C.M.S) defines an Accountable Care Organization as a "a healthcare organization characterized by the coordinated care efforts of hospitals, physician groups, insurance agencies, and other healthcare stakeholders who seek quality improvement while being accountable for the cost, efficiency, and overall care of a defined group of patients ” (A.C.O - C.M.S, 2015). The goal of an A.C.O is to “deliver high quality care” and reduce health care expenditure by “avoiding unnecessary duplication of services and preventing medical errors” (A.C.O - C.M.S, 2015). A.C.O…
- 876 Words
- 4 Pages
Improved Essays

Read More
Improved Essays
Fiscal Concerns In The Health Care Setting Case Study
- 1091 Words
- 5 Pages
Fiscal Concerns In The Health Care Setting Case Study

Fiscal Concerns in the Health Care Setting Case Study As a manager of a unit, certain responsibilities and obligations are difficult to manage. There are major tasks that are connected, and each flows in a different direction, and the responsibility always lies with the manager. In a healthcare setting, the importance of nurses in contributing to fiscal planning has been recognized. According to Marquis and Huston (2012), nursing managers have to be experts in financial matters to ensure that there are patient and staff satisfaction within their organization. Therefore, to ensure that resources are used wisely and timely in a cost effective manner, nurse managers are supposed to have an appropriate balance when spending allocated finances and…
- 1091 Words
- 5 Pages
Improved Essays

Read More
Improved Essays
Fressco Health Care Case Study
- 1050 Words
- 4 Pages
Fressco Health Care Case Study

According to Arroyo Fressco (AF) challenges identified by the performance FOCUS framework, it is obvious there is a need to implement and evaluate interventions that would improve AF’s operational efficiency. Financial Performance One of the key strategic challenges is to balance AF’s mission of serving all patients, regardless of their ability to pay or against tight fiscal environments at federal, state, and local levels. Although, AF receives federal section 330 grants from the Public Health Service of the U.S. Department of Health and Human Services, these funds have not kept pace with growing needs or economic changes within the health care industry. Thus, to remain financial viable in the future, it is recommended that AF focus on,…
- 1050 Words
- 4 Pages
Improved Essays

Read More
Superior Essays
Effectiveness Of Boston Consulting Group (BCG) Portfolio Analysis For Developing An Adaptive Strategy
- 1065 Words
- 5 Pages
Effectiveness Of Boston Consulting Group (BCG) Portfolio Analysis For Developing An Adaptive Strategy

The adaptive strategies offer an organization the basic methods of achieving its vision by adapting to the environment. A healthcare organization may apply adaptive strategies by allowing its staff to grow their performance more than its complexity grows. In contrast, a market entry strategy indicates the technique of applying adaptive strategies through internal development and cooperation to deliver services to a target client base. A better strategy for a healthcare organization would be whether to source products, invest in or control a certain market. Competitive strategies, on the other hand, ascertain the strategic posture of an organization and identify the basis for competition.…
- 1065 Words
- 5 Pages
Superior Essays

Read More
Superior Essays
Mapleton Family Medicine Case Study
- 1527 Words
- 7 Pages
Mapleton Family Medicine Case Study

Improving Quality and Productivity at Mapleton Family Medicine Bethany Dyer B17004326 2/25/2018 Mapleton Family Medicine is a physician group located in the Midwest. The practice makes up eight physicians with two of them being owners, and the other six physicians are salaried. At Mapleton Family Medicine the owners are concerned with quality and productivity.…
- 1527 Words
- 7 Pages
Superior Essays

Read More
Improved Essays
Palomar Healthcare Threats
- 509 Words
- 3 Pages
Palomar Healthcare Threats

Palomar Health System has the risk of not having adequate diversification called concentration of credit risk, which can be a lack in substantial investments leading to negative outcomes affecting the health system as a whole (Palomar Health Audit, 2014). These outcomes affect every level of an organization ranging from economic to geographic entities. Palomar Health System may be facing a dilemma such as this if it doesn’t reorganize its investments. After analyzing Palomar Health System’s financial statements for the years 2012-2014, there has been an increase in operating expenses at $508,006,000, $616,425,000, and $620,480,000 where these trends stem from increased overhead to overutilization of services (Palomar Health Audit, 2014). The nonoperating expenses have increased to more than $17,000,000 from 2013 to 2014 at $8,545,000 and $25,404,000.…
- 509 Words
- 3 Pages
Improved Essays

Read More
Improved Essays
Nursing Supervisor Self-Evaluation
- 551 Words
- 3 Pages
Nursing Supervisor Self-Evaluation

Today Ms. Smith asked me to continue developing performance evaluation standards and objectives for the Nursing Supervisor role. In the last clinical I explored performance standards in the context of an Fort Belvoir Community Hospital’s (FBCH) mission and vision. This week Ms. Smith has asked me to keep the organization’s mission and vision in mind as I develop performance standards and objectives. In previous meetings Ms. Smith and I discussed that performance standards should be clear and concise. The statements should also incorporate SMART criteria.…
- 551 Words
- 3 Pages
Improved Essays

Read More
Improved Essays
Get Well Clinic Analysis
- 953 Words
- 4 Pages
Get Well Clinic Analysis

The evaluation of an organization is a task that often presents with its own set of challenges. Despite this, the evaluation should be as comprehensive and accurate as possible, especially when considering the impact it has upon the lives of others. The following is the analysis of a healthcare organization known as the Get Well Clinic (GWC). Our evaluation of GWC utilizes a framework-based perspective that outlines both findings and suggestions for improvement. First, we examine GWC’s structural frame to assess rules, policies, and goals (Bolman & Deal, 2013).…
- 953 Words
- 4 Pages
Improved Essays

Read More
Improved Essays
Principles Of Business Principles In Health Care
- 893 Words
- 4 Pages
Principles Of Business Principles In Health Care

There are several business principles related to patient and system costs in health care that are needed to maintain safe, quality, patient-centered care that is fiscally sound. For this discussion, I will put myself in the shoes of a nurse manager, director of nursing, Chief Nursing Officer, or business owner and consider three of the principles from the Greg Fisher Power Point (2008). The principles I will examine are: 1) decide what makes you different; 2) manage employees; and 3) set goals. The reason why I selected these three business principles is that they appear to me to be a good place to start the groundwork for any business model, including the field of health care.…
- 893 Words
- 4 Pages
Improved Essays

Read More
Improved Essays
Government Role In Health Care
- 1084 Words
- 5 Pages
Government Role In Health Care

How is the role of government likely to change? The role of the government will increase by supporting advance technology innovation across an extensive range of healthcare specialties. Sponsors of public and private healthcare segments will champion efforts to accelerate innovation and sustain advances in medical technology. As healthcare cost increase, federal funding should also increase for innovating healthcare IT infrastructure and promote science and research for more innovation.…
- 1084 Words
- 5 Pages
Improved Essays

Read More
Superior Essays
Reflection Of Financial And Accounting
- 1536 Words
- 7 Pages
Reflection Of Financial And Accounting

Upon the completion of this course I have come across topics that have interested me and increased my knowledge especially in the financial and accounting aspect. This course has introduced me to understanding the relationship between financial and accounting in making an effective strategic decision. In as much they sound alike they are different and used in different purposes, both accounts are important to the business but are used for different purposes. Financial statements are requirement for any organisation and are published at the end of a financial period for its stakeholder, shareholder and customers to see, they show reports of performance on a historic basis and what has been achieved over the years. At the time the statement is…
- 1536 Words
- 7 Pages
Superior Essays

Read More

Related Topics