Question

Describe what you believe to be the most important health care finance issue facing the health care industry in the early 21st century. This issue could be a general social, political, or economic issue, or it may be an issue that specifically affects your business, organization, or industry. How would this fit into a strategic audit of your business?

Answer 1

Most important healthcare finance issue is faced by the healthcare which could be attributed to high level of focus on Profit management strategies so they are not working in benefit for the whole society and they are highly focused at working for their profit maximization and they are not incorporating the social values into the business as they are highly focused on maximization of overall profit.

This is a type of social issue which reflects that maximization of profits are in direct conflict with maximization of social interest as maximization of social interest is never the objective of a business, because they will be always answerable to their share holders who wants high rate of return and a high rate of profit of the company. They often believe in business of business concept which advocates that the prime motive of business is to make profit and a business should always be looking for working in the interest of its owners.

this social issue needs to be highly taken care off, because these hospital businesses are also responsible for saving lives of the society's people at concessional rate of returns which will not geoparadise the interest of society and they are also responsible for maximization of societal interest as they are dependent upon society for maximization of their returns and they should always be looking for well being of the society so this concept of business needs to be accounted into profits of health care in order to gain higher acceptability and really work as a business who is for the shareholders as well as for the societal benefits.