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The Importance Of Finance And Accounting In Healthcare

559 Words3 Pages

Finance and accounting are both which helps in determining financial viability. Managing funds can be described as finance, which involves lending money and saving. On the other hand accounting mainly focuses on keeping records. Mainly organization is depended on cash flow and balance sheet. Financial statements are the key that has to use in determine financial viability in a healthcare organization. They will comprise of liquidity, cash flow and net income There are many things that have to be keeping in mind in running a hospital. Cash is the king. It is very important for a health care facility to monitor cash. The things I will be doing to insure financial viability of my hospital are. 1. Choosing the right vendor- Vendor should be reliable and should be able deliver goods on time. For example if I introduce new Electronic Health Record to my staff to make the workflow faster. The vendor should have option to lease so in case if the staff is not comfortable I as a CEO should have option to return it. This will help to save me money by not investing thousands of dollars in it. 2. …show more content…

Medicare- As our older population gets 65 they get eligible for Medicare. They usually tend to seek doctors more may be encouraging them to consider to use age in place as an option. By using this option older population can stay at home and get treated at home. For example if a homeless person ends up in hospital how he or she will pay for their stay if the insurance does not covers it. 3. Projects- Larger projects will take more time and large amount of money. Lots of risks are involved in larger projects. Also considering the level of demand and profit margins. It will long time to get so taking smaller projects which will be fast to finish and will still give good marginal

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When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”

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Advantages Of Cash Flow In Healthcare

1152 Words | 5 Pages

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