The Financial Manager

The financial manager establishes goals that will help to reach the organizations objectives, then creates steps in which they will use to achieve those goals.

Managers who are managing health care organizations must be attentive to the accounting practices and must obey and practice the financial management procedures to be able to solve any issues if any should arise. With the continuation of the high costs of health care managers as well as consumers must know how to budget carefully. According to All Business. (2010), the cost of providing health care services, patients way of payment for these services and the environment in which those patients reside and receive those services are important elements that affect the care this is or may not be

In Healthcare System the role of finance is an important aspect in healthcare. In the financial role of healthcare it involves handling operations such as negotiating contracts, making cash available for expenses such as payroll and cover cost for unexpected expenses. The role of finances also makes it capable for leadership to better make plans for the future, when finances are in order organizations can better equipped to make decisions such as is the organization financial able to expand test or treatments and are they able to buy new medical equipment.

The role of finance within the health care industry is to properly plan and use the necessary resources to get the full benefit and value of the industry. Organizations will

In addition to delivering health care of the highest quality, another main goal of a health care organization is to remain profitable and viable through effective financial management. In an effort to do so, members of administration along with the Chief Financial Officer (CFO) work diligently in attempting to maintain and sustain a successful health care organization by monitoring the flow of cash (in and out) in accordance to GAAP (Generally Accepted Accounting Principles), while ensuring the needs and wants of the consumers are met. With this being the case, health care accounting skills are equally important in

Financial Management is one important part of health care financial planning. Many financial decisions are made on a day to day basis from all the accounting records and all the business transactions which occur. Some are the decisions made according to the organizations fiscal objectives although some are made on generally accepted accounting principles). So the question I would ask is this “How good is the financial management of our health care organizations and do they hold a good financial reporting records”?

Financial management is very crucial in today’s health care financial procedures. It is one the most important aspects of the financial health care. There are many assessments made- based the financial records and the business transactions that occur within the health care organization. It is crucial the financial records are kept up- to -date and they follow specific guidelines. The books kept up- to- date and in order, this will show the amount of money being brought into the organization for profit and the amount of money the organization has lost in profit. One thing that may cause the honesty of the organization to be on the brinks is the organization financial management and the correctness of the financial books.

Financial management is important to any health care facility and can be more difficult in a health care facility versus another industry. According to Gapenski (2006), the functions of financial management include the

As the financial manager of the healthcare organization, I will review my management view and the specifics that are associated. I will delve into the stewardship components of my view as well. I will accumulate records for the financial operations of the organization and delve specifically into what those pieces are and how I would use those. I will explain the tools that I would utilize in order to explain the financial documents. And lastly, I will delve into the process I would follow for borrowing money from a bank in order to fund my organization and the management decisions that would be incorporated.

The primary objective of accounting is to provide information useful for decision-making (McNair, Olds & Milam, 2013). Financial stability, financial health, and financial performance were, is and will always be a primary focus in healthcare for years to come. In fact, understanding financial performance in any business requires some global or summary measure of economic success (Cleverley, Song and Cleverley, 2010). Therefore, a financially “healthy” organization is one that is producing an operating margin sufficient to finance the current and future capital for its business (Harrison & Montalvo, 2002). Although operating margin is critically important, a healthcare organization should not rely solely on this measure. Therefore, according to Cleverley et al. (2010), a financially successful organization is capable of generating the resources needed to meet its mission. However, in planning for financial stability and health, health care administrators and financial managers need to strategically plan how to address the needs of their organization. The level of resources required by a healthcare organization depends primarily on the range and quantity of health services envisioned in the mission statement (Cleverley et al., 2010). Therefore, financially successful organizations must be capable of generating the amount of funds needed for debt and/or equity to finance the required level of

As with many careers, financial planning requires an education. Financial advisors normally have a bachelor’s degree, but a master’s degree adds credibility (“Financial Advisor”) . Some schools that give you these degrees are Boston University, the College of Financial Planning, Texas Tech University, and San Diego State University (Chandler). There are many degrees you can take in those schools. Some are actuarial science, finance, accounting, business and law. Economics include agricultural and business economics (“Financial Advisor”). You can take all of those classes, but finance is the number one degree that employers want, as reported by the National Association of Colleges and Employers. The classroom provides the foundation of the learning

This week chapter 1 focused on introducing financial management in healthcare organizations. Financial management provides accounting and finance information to assist managers in making decisions to accomplish the organization goals. Accounting is divided into two sections: financial and managerial. Financial accounting is to provide information to external users, such as the government, lenders, insurers etc. Managerial accounting is to provide information to internal users, such as managers. Both accounting methods are very important to healthcare organizations, as they are both needed. The chapter also discusses the six major objectives of healthcare financial management, quality assessments, and ethical theories.

Healthcare managers participate in various important roles that allow them to form and maintain flourishing organizations. Managers ought to be aware of the decisive elements of management and the generally accepted accounting principles. At the same time, they must realize, stick to, and put into effect the general financial ethical standards. Successful management of finances of healthcare is one of countless tests that mug the organization. Revenues and expenses of the organization are essential because they establish the external and internal finances of the company. The

Financial management is a much greater task in the health care field than any other field because there are so many platforms on which a health care organization receives

Financial management in health care sector has become vital in various ways. The choices in financing have an impact on the efficiency on the production and supply of health care services. With the growth of the healthcare industry has come the need for healthcare administrators to make increasing use of financial information and techniques in their decision making. Although organizations have individuals who focus almost exclusively on financial operations, managers in any area of operations are expected to make decisions based on financial information and generally accepted accounting principles. This paper discusses challenges, responsibilities, and financial analysis tools available in developing a comprehensive understanding of the