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Financial Management in Health Care - Essay Example

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Financial Management in Health Care Name of the Student Student Number Grade Course Name of the Instructor 6th March 2012. Introduction Financial management could be defined as the element of management dealing with monetary resources of an organization, in ensuring adequate return on investments…
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Financial Management in Health Care

Download file to see previous pages... These aspects of management aim at ensuring organizations operate within profitable margins in ensuring continuity of the organization. The management ensures that organizations find sustainable sources of funding for various activities. Financial management in healthcare takes various perspectives depending on the source of funding for organizations (Gapenski, 2009). Balance sheets, for example, remain some of the best known indicators of financial performance within an organization. Balance sheets form a fundamental element of assessment of the financial position of an organization during specified period. The information contained in balance sheets remains similar within different entities but the functions performed by the balance sheets differ. Profit organization In profit making healthcare organizations, the financial structures of organizations aim at utilizing financial resources to achieve monetary gains. These entities operate like other businesses whose fundamental objective remains making profits from financial resources. The financial management of these entities aims at maintaining profitability for the organization. All financial decisions implemented in these financial entities seek to ensure that the organizations remain profitable and competitive within the industry (Nowicki, 2008). The funding for these organizations comes from returns on investments made by the proprietors of the organization. These organizations offer services according to the available finances available for specified services. The functions performed by financial statements differ between healthcare entities depending on the financiers of the establishments. The financial statements for these establishments ought to be presented to the proprietors of the organizations. All expenditures for these organizations should be accounted for in the organization’s balance sheet. Presentation of the balance sheet remains critical in the financial structure of these organizations. Within other healthcare entities, like those owned by the government, the information contained in the balance sheets becomes supplemented with relevant data pointing at the organization’s objectives. Achieving the organizational objectives remains the fundamental aim of the organizations. These organizations aim at maximizing their profitability from financial and monetary resources available within the organization. Financial management within these organizations aims at utilizing the available financial resources to achieve maximum returns on investments. The funding for the organizations comes from owners’ equity among other financing options. The entities operate with financial resources that should be refunded to the financiers. The fund could be borrowed from finance institutions and payments should be done from the ensuing profits (Finkler & Ward, 2006). Profitable operation of these institutions remains essential in ensuring completion of the repayments. Other healthcare entities, like the non-profits organizations, never have to repay the operating capital. These organizations operate to offer services to specified individuals according to the demands of the financiers. As opposed to other healthcare entities, profit making entities do not have restrictions, from the financiers, regarding the customers whom to render medical services. The decisions of the management regarding utilization of financial resourc ...Download file to see next pagesRead More
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