The Healthcare Financial Executives Encounter Challenges For The Health Care Industry

1622 WordsApr 19, 20157 Pages
Assignment 7 Introduction The healthcare financial executives encounter numerous challenges for their day-to-day operations. Consequently, the health care industry is a highly competitive market and the access to capital is limited, which increases the stakes and the importance of strategic planning (Sussman, Grube, & Samaris, 2009). In addition, there was a variety of financial conditions for the health care industry in 2007 and 2012. Overall, the health care costs tend to consume a significant amount of society 's resources and the ability to control health care costs is a significant issue for health care executives (Coss, 2009). As a result, there has been a variety of changes to the health care industry 's financial management sector. The purpose of this paper is to synthesize the financial management changes. Financial Management Conditions in 2007 The financial crisis and credit crunch, which led to the recession in 2007, had affected the healthcare financial industry (Walker, 2008). The recession of 2007 resulted in a significant drop in health insurance coverage and employment (Cuckler, Martin, Whittle, Heffler, Sisko, Lassman, & Benson, 2011). As a result, the health care industry consumed a significant amount of the nation 's resources despite the slower overall spending growth (Cuckler et al, 2011). Consequently, the 2007 recession led to an increase in health care costs, which resulted in higher amount of unpaid medical bills. In addition, health

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