Question

How can senior managers in health care focus on the external concerns of the organization to protect the financial concerns?

What specific strategies should senior management use to protect and obtain resources for the action plans?

Answer 1

Financial Management in health care requires exceptional skill. It involves handling routine financial operations, such as payroll, and maintaining a cash cushion for unexpected costs. Financial management provides other members of the leadership team with information to make strategic plans to prepare for the future.

For example, health care proiders such as physician practices and hospitals , may decide to offer expanded tests or treatments by buying new medical equipment. Helping them to make the decision and finding the best way to pay for it are both part of financial management.

- It helps in managing taem cost.

- Proper Financial management in hospitals helps to prevent in expensive medical condition.

- Some specific strategies should be taken by the senior management to protect and obtain resources for the action plans are:

- First to build a communication or rollout plan.

- Have a future focussed vision statement.

- Identify the priorities.

- Increase the strength and opportunities and reduce the weakness and threats.

- Ensure effective execution of action plans.

- For efficency: to save time, energy and resources in the long run.

- To understand what is and istn't possible for the organization to do.

- To lend the credibility of the organization.

- Gather and analyze information .

- Evaluate and control.