Discuss the 3 Viewpoints That Determine a Manager's View of Financial Management
The manager serving in the healthcare will have three different viewpoints that include finance, process, and clinical. Baker and Dworkin (2017) illustrated that the position they hold generally influences the method of management. The financial view involves the manager working with finance on a day to day basis. Part of their responsibility is to make reports. Also, they are required to perform strategic planning for the organizations they work for. Secondly, the process view involves the managers working with the system of the organization. Part of what they could be responsible for is data accumulation. Baker and Dworkin (2017) further noted that they also deal with the information system hierarchy found in the organization. The last approach is known as the clinical viewpoint where managers are tasked with the delivery of service. They have direct contact with the patient and also carry the responsibility of the clinical outcomes that emanate from the organization.
Discuss The Four Elements Of Financial Management.
There are four different types of financial management including planning, controlling, organizing and directing, and lastly decision making. In planning, the financial manager recognizes the steps required to accomplish the objectives of the organization. It begins with the identification of the objectives and then formulating the necessary steps required to bring the objectives to fruition. In controlling, the manager ensures that each area of the organization is working towards fulfilling the established plans. The manager can study the current reports and carry out the comparison in a bid to identify where the organization might require attention. In organizing and directing, two processes exist. First, when organizing, the manager ensures that devises a way of using the resources towards achieving their plans. In directing, the manager works on the day-to-day basis to maintain positive results and ensure a smooth running of the organization. Finally, decision making is a process where the manager makes the best choices out of the available alternatives.
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Discuss The Two Types Of Accounting Used In Healthcare Finance.
Two types of accounting exist including the financial and managerial. The primary role of accounting is for third-party use. It, therefore, more concerned with external reporting. External reporting in the field of healthcare would include bodies such as government entities and health plan payers. Financial reporting for the external reasons must comply with the accounting principles. Also, Baker and Dworkin (2017) asserted that financial reporting majorly covers that transactions that have already been made and hence it is retrospective. The other type of accounting is known as the managerial accounting which is majorly done for internal use. It is used by the managers and involves the planning and control of various operations concerned with performance measures. It also involves reporting of profitability and pricing of services. Furthermore, a manager in this sector is also tasked with strategic planning and also carrying out managerial accounting. One of its main characteristics is that it is both prospective and retrospective.
Discuss the Four Segments That Make a Healthcare Financial System Work
The segments that drive any healthcare financial system include the original records, the information system, the accounting system, and finally the reporting system. The original records mainly function to show that there is an event that has occurred. They are fed from the raw data from the patient. Cleverley (2017) illustrated that the information system subsequently gathers the information and makes it available for various stakeholders to contact and make appropriate decisions. The accounting system records the evidence and makes it available for financial analysis and future assessments. The last part is the reporting system that ensures that all effects to do with the finances and patient information are reported systematically to the relevant authorities.
References
Baker, R. W., & Dworkin, N. R. (2017). Healthcare finance . Jones & Bartlett Learning.
Cleverley, W. O. (2017). Essentials of health care finance . Jones & Bartlett Learning.
