Introduction to the Financial Management of Healthcare Organizations

Introduction to the Financial Management of Healthcare Organizations

Instructions/Descriptions

Introduction to the Financial Management of Healthcare Organizations

Euthanasia Discussion

Make a comment responding the following statement.
Generally, I agree with these notions, but euthanasia is a controversial topic, and differing outlooks on such situations determine how people in a society treat such cases. The Christian perspective considers the act sinful, however, it is more secular factors that cause an individual to opt for assisted suicide: in situations when people are faced with incurable illnesses with no possible positive outcome, a patient may decide to end their life prematurely to escape physical torment or to relieve their relatives of a long-term monetary burden (Goligher et al., 2017).

Suicide as a way to avoid suffering violates this perspective, but I must admit I have conflicting thoughts about the latter example, where the motives are more altruistic in nature. Nevertheless, I agree with the concepts illustrated in the readings and believe that even from a purely secular viewpoint, cases where a terminally ill patient remains alive despite the painful experience may yield positive scientific results, with researchers finding solutions to afflictions once thought to be incurable.

Healthcare Finance Paper

PART1

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The purpose of healthcare financial management is to provide both accounting and finance information to assist managers in accomplishing a healthcare organization’s goals and objectives. A variety of managers assist in this role, often led by the organization’s CEO (Chief Executive Officer) and CFO (Chief Financial Officer).

It is important for healthcare managers at all levels to have a working knowledge of the six major objectives of healthcare financial management. Each of these objectives complement each other to build a successful organization – from generating income to protecting tax status. Our Case allows for the study and exploration of each of the six objectives.

Case Assignment

After completing the required readings:

Articulate the six major objectives of healthcare financial management. What does each individual objective encompass? Be as specific as you can in your descriptions.

Which of the six do you have experience with, and which do you feel you should devote extra study time to within this course? How could this learning best be accomplished?

PART2

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This Module’s SLP is intended to allow you to apply what you have learned in the background readings regarding performing an analysis of a healthcare organization’s basic financial statement of operations. After completing each part of the background readings, search online for a healthcare organization’s statement of operations (at least two years of data; the organization can be inpatient or outpatient, either real or fictitious). Examine each of the columns and the totals in the statement of operations, using each of the topics introduced in Chapter 3 of the required background reading by Dr. Nowicki (2018), then answer the following:

How is your chosen organization doing in terms of its overall financial health?

What is your assessment of the organization’s revenues, expenses, operating income, nonoperating income, etc.? How have each of these lines changed from one year to the next?

What might the changes signify, and what might be the logical cause of the changes? What would your recommendations be for the following year’s revenue cycle?

How do changes in the economic market often affect the healthcare financial environment? Do you believe the healthcare revenue cycle models the rises and falls of the larger economy?

Reference:

Nowicki, M. (2018). Introduction to the Financial Management of Healthcare Organizations (Vol. Seventh edition). Chicago, Illinois: Health Administration Press. Part 1; pages 3-88. Available in the Trident Online Library.

View: Healthcare Finance 101 with Steve Febus, Pullman Regional Hospital Chief Financial Officer: Understanding the Costs of Full-Service Healthcare. (2017). https://youtu.be/N-SumPdb2PI

Introduction to the Financial Management of Healthcare Organizations

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