Finance and the Healthcare Manager

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?

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