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What is the role of finance in healthcare
Economics of healthcare
Economics of healthcare
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Health Service Management Career Zeinab Bazzi Baker College Health Service Administration Career Health service manager is a post that relates to the management of the financial matters of the health care in a particular area or a particular program. Financial management is a phenomenon that is important to be dealt with care and it includes almost every field of this planet earth as the world revolves around Money. Their importance is growing everyday especially in the light of economic depression in 2008 and its adversary over the health care sector. I want to serve the health sector as Health Service Manager and the reason behind choosing this career is the importance it possesses for the health care sector and is often remain behind the curtains while adding to the services in the same amount of deal as any doctor, paramedical staff or others working in the field of health care. Another reason for this field …show more content…
This will be challenging as medical facilities now days are expensive and requires a great deal of money to improve the quality of the offered services. In order to create a value for money product to the customers, the features of different services will be accumulated in a way that their financial mix fulfills the needs of a patient as well as make him/her satisfied. Financial expertise will be required in all its capacities in the position as I have to negotiate with the superiors as well as with the external people in order to bargain a package that helps the department in its efforts to provide better services to the patients. It is important that the department should have a strong financial negotiator that can ensure better negotiations with the outside world in order to achieve the best possible opportunity (AICPA,
Baker, J. J. & Baker, R. W. (2014). Health care finance Basic tools for nonfinancial managers (4th ed.). Burlington, MA: Jones & Bartlett Learning
Buchbinder, S. B., & Shanks, N. A. (2007). Managing Costs and Revenues. In (Ed.), Introduction to Healthcare Management ( ed., p. pp. -). : . []. doi: Retrieved from
... J. J. & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.). Burlington, MA: Jones & Bartlett Learning
The role of a Healthcare Administrator is very important whether it be an administrator in a clinical setting, hospital setting, or long term care setting. All of these settings require the same main skills in the position of the person fulfilling the role as Healthcare Administrator; those skills are communication and relationship management, leadership, professionalism, knowledge of the healthcare environment, and business skills. If any one of these skills is missing, this person could be doing a disservice to the organization they are a member of.
In the modern world of the health-care industry, it is vital that an organization’s financial statement analyses be kept up to date and reported accurately within the company. A financial analysis is an evaluative method of determining the past, current and projected performance of a company (Investopedia.com, 2016). Collectively, patients seek superior quality of health care services and integrity from professionals who work in the hospitals and serve the communities worldwide. Although the health care industry is rapidly changing as time progresses, providers still have an obligation to satisfy the patients and deliver excellent care to those in need.
The pinnacle of a highly functioning healthcare organization is the Magnet Model which shares the servant leadership tenants of empowerment, fostering interdisciplinary relationships, leadership development, individual development, access to resources, and staff participation in decision making6. Looming budget cuts and recent reports of poor healthcare delivery have resulted in s an urgent need to enhance care despite forthcoming reductions in resources. With these enhanced challenges it is imperative that leaders employ strategies and embrace philosophy that will maximize resources. The Institute of Medicine has released a statement emphasizing health care services leaders need to be involved with others as full partners in a context of mutual respect and collaboration7. Furthermore, an analysis of challenges in health care concluded that there are no models to meet the need for human resource management and work environment in health care, however focus should be on flexibility, lifelong learning, interdisciplinary teamwork and shared decision making8 reflecting the tenants of servant
The balance between quality patient care and medical necessity is a top priority and the main concern of many of the healthcare organizations today. Due to the rising cost of healthcare, there has been a change in the focus of reimbursement strategies that are affecting the delivery of patient care. This shift from a fee-for-service towards a value-based system creates a challenge that has shifted many providers’ focus more directly on their revenue. As a result, organizations are forced to take a hard look at the cost of services they are providing patients and then determining if the services and level of care are appropriate for the prescribed patient care.
Health care professionals must have provide the best quality of care while dealing with patients. Quality of healthcare is “the degree to which health services for individuals and populations increase the likelihood of desired health outcomes and are consistent with current professional knowledge. Managed care is a system of care delivery involving complex organizational arrangements between institutions and clinicians, explicit financial incentives, defined access to service, controls on the use of services, 3 coordination and integration of services. (McConnell, C, 2010) Cost balance is health professionals trying to balance the cost while improving the quality of care. Although these health professionals are for improving the quality and cost balance in healthcare, it is taking a strain on them with the rising cost of healthcare,
What do they do? A healthcare management is those who management today healthcare organization and hospitals. Healthcare
Healthcare administration is a field that is often overlooked, but is essentially the beating heart of any healthcare organization. With more and more hospital, and clinics, and other healthcare organizations popping up everywhere there is a need for people like me to manage the day-to-day operations. I am choosing to apply to this program because I want to study how the U.S. healthcare system operates. I want to learn the essential skills of operating a healthcare facility such as managing a budget, reducing healthcare costs, analyzing the efficiency of an organization and proposing ways to improve it. This program is going to give me the necessary education and skills so I can carry out my goal of being a healthcare administrator.
Healthcare administration provides leadership and managemnt to health care systems, hospitals, and private or public health systems. There are requirements for most professions in the health industry but with the proper education and certification, most entry-level careers are attainable. Healthcare administrators are leaders so one must be able to handle the responsibility of the job. There are characteristics that can be associated with being a health care administrator. I have learned over the course of the past few weeks that this the career path that I would like to follow and have set a few goals to help promote my career growth. My research has helped me learn many aspects of this profession and what it takes
This paper is an over view of my profession and future Degree in my Bachelors of Science in Health Care Administration. I would like to use my degree to work in Employment services management, and I would like to work in the hospital as well. To learn about my future career in Health Care Administration I researched different aspects of my degree. Most of the information I found was very informative. I learned about how my personality fits with my career as well I also went to the Kaplan University Career Services. I researched How much is my future profession growing, how much money is the median for the state I live in and the hospital I plan to work in. I got a good over view of what my life should be looking like in five years. Most of my research I found was on this web site http://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
This research paper discusses some of the health care administrators’ daily activities that that may turn hazardous to the resources. This has been done in view of a hospital as an example of healthcare facility. The main reason for this is that a hospital is a complex, bustling patient centre and an interdisciplinary workplace for various personnel; yet the responsibility of keeping it running lies with the hospital administrator.
Health care would be a great career option for almost anyone because one can help a multitude of different people. Health care includes many well paying jobs and the field is growing rapidly, so job security is promising. Not choosing health careers would be a missed opportunity because there are many promising benefits in the field.
What exactly is a Health Administrator? “Health administration/management or healthcare administration is the field relating to leadership, management, and administration of public health systems, health care systems, hospitals, and hospital networks. Health systems management or health care systems management describes the leadership and general management of hospitals, hospital networks, and/or health care systems” (Wikipedia).