What role, if any, did healthcare setting play in application of the financial management principles?
To prepare for this Discussion:
- Select a recent (within 5 years) relevant article from the Walden University Library.
- Review current information from Centers for Medicare & Medicaid Services and the Healthcare Financial Management Association Knowledge Center which addresses the importance of healthcare finance information in decision-making within the healthcare setting.
- Choose one of the individuals described in the Good Samaritan Hospital’s Organizational Chart: Week 1 or Welcome to Waldenville media. Consider how the individual’s particular healthcare setting influences financial decision-making and application of financial strategies.
- Consider how healthcare managers apply principles of financial management in decision-making—assessing the financial condition of an entity or stewardship or assessing the efficiency, effectiveness, and compliance with organization directives.
- What are some of the financial challenges healthcare leaders and managers would face considering today’s factors? Consider real-life internal and external environmental factors such as defunding of programs and increased competition from other organizations.
Post a comprehensive response to the following:
- Briefly summarize a potential financial situation faced by the individual you selected in the Welcome to Waldenville or Good Samaritan Hospital: Week 1 media and explain why it is a challenge.
- Explain how the healthcare manager depicted might successfully apply the principles of financial management in his or her decision-making within the healthcare setting.
- What role, if any, did healthcare setting play in application of the financial management principles?