What Financial Management Means to Me and Whether It Is Limited To Finance
Financial planning is the organization of monetary resources of an institution through the application of management principles. As such, it facilitates strategic planning, organization, reporting, and monitoring the monetary resources of the institution (Nowicki, 2015) . Financial management is not limited to finance alone. It interacts with other aspects of the organization, such as procurement, management, scheduling, and goals. The organizational goals determine the procedure to be undertaken at different management levels so that the monetary resources of the organization can be used optimally. For instance, in a medical facility, it determines the level of staffing, the level of technology used, and the procedure the patients undergo when they seek services. The factors translate to the quality of healthcare service offered. (Dong, 2015) .
Whether Financial Management Has an Impact on Patient Experience and What Is Patient Experience
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Patient experience encompasses a wide range of aspects that patients associate with quality service. The aspects are observable by the patient when they seek and receive services from a health facility. They include easy access to information, timeliness of the various processes and services, and the ease of accessing the various services in the healthcare facility.
Financial management affects the patient experience. Key aspects that enhance the patient experience that include staffing, use of technology, and training the staff are selected and implemented based on the financial management decisions of the organization (Sliteen, Boussabaine & Catarina, 2011) . Whereas the organization's goal might seek to enhance the patient experience, it is also vital to ensure that its allocation of monetary resources retains profitability. On the contrary, a lack of investment in patients' experience is likely to make the facility less preferable to patients. Therefore, make losses as noted by (Richter & Muhlestein, 2017).
References
Dong, G. (2015). Performing well in financial management and quality of care: evidence from hospital process measures for the treatment of cardiovascular disease. BMC Health Services Research , 15 (1). DOI: 10.1186/s12913-015-0690-x
Nowicki, M. (2015). Introduction to the financial management of healthcare organizations .
Richter, J., & Muhlestein, D. (2017). Patient experience and hospital profitability. Health Care Management Review , 42 (3), 247-257. DOI: 10.1097/hmr.0000000000000105
Sliteen, S., Boussabaine, H., & Catarina, O. (2011). Benchmarking operation and maintenance costs of French healthcare facilities. Journal Of Facilities Management , 9 (4), 266-281. DOI: 10.1108/14725961111170671
