Healthcare Financial Management

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Healthcare Financial Management

Healthcare Financial Management

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Healthcare Financial Management

Maximizing Revenue and Expenditures

The purpose of preparing a cash budget is to lead the organization toward maximum financial efficiency and to anticipate cash needs and be ready to fill the needs. It is important because the efficiency created will save money by not wasting money with lag times and unnecessary borrowing of money to fill the gaps. 

  1. Explain in detail how the four kinds of float (billing, collections, transit and disbursement) can be used to maximize the efficiency of incoming revenues and outgoing expenditures? What kinds of policies can be initiated to facilitate maximum efficiency and why?

After posting your response, respond to two other peers’ posts. Do you agree or disagree with their posts and why?

Please respond to the initial question by day 5 and be sure to post two additional times to peers and/or instructor by day 7. The initial post by day 5 should be a minimum of 150 words. If you use any source outside of your own thoughts, you should reference that source. Include solid grammar, punctuation, sentence structure, and spelling.

What Does Financial Management Involve?

 

Financial management in any industry entails handling basic financial activities including negotiating contracts, making cash accessible for needs like payroll, and preserving cash buffer for unforeseen costs. 
Financial management at the executive level of corporation entails presenting information to the other members of the leadership team in order to formulate strategic plans for the future. 
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For example, health care providers such as major physician offices and hospitals may opt to purchase additional medical equipment in order to offer more tests or treatments. 
Financial management includes both assisting in the decision-making process and determining the best way to pay for it.

 

Obtaining Various Financial Objectives

 

Financial management and business strategies are inextricably linked. 
Hospitals have begun taking up physician practices in the area. 
Doctors who sell their practices become hospital employees, and the hospital becomes part of regional health system. 
The hospital will be able to build larger and more consistent payment stream this way: 
It receives funds from all aspects of medical care, including tests, surgery, and rehabilitative services.

 

The revenue stream helps pay for the acquisition, and the regional hospital system, which is much larger than the hospital alone, has more bargaining power with health-insurance companies.

 

Keeping Treatment Costs Low

 

Cost-effective medicine is critical to health insurance. 
Insurers compile lists of drugs they’re ready to pay for as well as treatment guidelines for their contracted doctors. 
Insurers then utilize software to monitor individual doctors’ “utilization,” or their selections of tests and treatments, to ensure that they are adhering to the recommendations. 
The importance of cost effectiveness to an insurer’s bottom line is such that setting recommendations is considered financial management. 
The task necessitates extensive medical knowledge.

 

To avoid increased expenses in the future, the insurance wants treatments to work. 
Doctors must ensure that the treatments are safe and effective. 
Otherwise, they put themselves at danger for malpractice lawsuits.

 

Keeping Expensive Medical Conditions from Occurring

 

health maintenance organization, which may have the same patients for many years, shares the same goals as public health agency: keeping people well and preventing costly illnesses. 
HMOs, for example, are looking for the most cost-efficient and effective screening tests for heart disease and cancer
Medical research is critical in this regard.

 

Indeed, Kaiser Permanente, the nation’s largest managed-care group, finances some of the country’s most significant medical research. 
Any health-care organization with an allied research group – and there are lot of them – adds its funding to the financial management chores.

 

New challenges arise as result of changes.

 

In any industry, financial management is both an art and science, but health care is particularly difficult because the market evolves so quickly. 
Insurers, for example, have had to recalculate their plans and premium structures as result of the Affordable Care Act. 
More transformations are unavoidable. 
For long time to come, providers and insurers will require very adept financial management.
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