Discussion: Finance and the Healthcare Manager
With all the advances in healthcare in recent decades, one question that continues to stir debate within the political arena and cause great concern to the public is how to pay for the rising costs of healthcare. Healthcare managers must be good stewards of their resources to allow the funds available to do the greatest good for the largest number of people. Healthcare finance information is critical to assessing the financial condition of an organization, as well as assessing whether the resources being spent are achieving the goals of the organization.
To prepare for this Discussion: Select a recent (within 5 years) relevant article from the Walden University Library. Review current information from Centers for Medicare & Medicaid Services and the Healthcare Financial Management Association Knowledge Center which addresses the importance of healthcare finance information in decision-making within the healthcare setting. Choose one of the individuals described in the Good Samaritan Hospital’s Organizational Chart: Week 1 or Welcome to Waldenville media. Consider how the individual’s particular healthcare setting influences financial decision-making and application of financial strategies. Consider how healthcare managers apply principles of financial management in decision-making—assessing the financial condition of an entity or stewardship or assessing the efficiency, effectiveness, and compliance with organization directives. What are some of the financial challenges healthcare leaders and managers would face considering today’s factors? Consider real-life internal and external environmental factors such as defunding of programs and increased competition from other organizations. By Day 4
Post a comprehensive response to the following: Briefly summarize a potential financial situation faced by the individual you selected in the Welcome to Waldenville or Good Samaritan Hospital: Week 1 media and explain why it is a challenge. Explain how the healthcare manager depicted might successfully apply the principles of financial management in his or her decision-making within the healthcare setting. What role, if any, did healthcare setting play in application of the financial management principles?