Question

Discuss the role and importance of financial management in today’s modern health care organization. providing additional information and properly citing your references in APA format on population health. what is being done to improve social determinants of health?

Answer 1

ROLE OF FINANCIAL MANAGEMENT IN HEALTHCARE

Primary role of financial management in health services organizations is to manage money and risk in a way that helps to achieve the financial goals of the organization. A good management has to plan for, aquire, and use resources to maximize the efficiency of the organization. This is implemented through specific activities such as planning and budgeting. When a healthcare organization has strong and organized financial management programs, they are able to provide efficient Healthcare to all their patients.

Financial management functions include evaluation and planning, long-term investment decisions, working capital management, contract management and financial risk management.

DETERMINANTS OF HEALTH

According to WHO, Health is a state of complete physical, mental and social wellbeing and not merely an absence of disease or infirmity.

Health is multifactorial. The factors which influence health lie both within the individual and externally in the society in which he or she lives. It is truism to say that what man is and to what diseases he may fall victim depends on a combination of two sets of factors, his genetic factors and the environmental factors to which he is exposed. These factors interact and these interactions may be health promoting or deleterious.

SOCIAL DETERMINANTS OF HEALTH

Social determinants of health are the conditions in the environment where people are born, live, learn, work, play, worship and age that affect a wide range of health, functioning, and quality of life outcomes and risk. Housing, social services, geographical location, and education are some of the most common social determinants of health. These factors have a significant impact on the current health care landscape.

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