You are the CFO for a 400-bed hospital in your community. You have been asked to...

You are the CFO for a 400-bed hospital in your community. You have been asked to present information to the local business organization on financial information and its importance to the stability of any business. You have been presented a list of questions from the group to answer in your presentation:

What is the importance of financial information to the hospital?
Who are the various users of the hospital financial information and how is the information used in healthcare decision making?
Discuss the differences between financial and managerial accounting and how each applies to healthcare facilities?

PLEASE USE DETAILS AND EXAMPLES THAT HAVE NOT BEEN USED YET AND ARE OF HELP! Thanks!

Expert Solution

Managing finances of a hospital is quite a risky job as availability of funds in the institutions are must at any point of time. Hospital is the place where most of the unexpected emergency condition comes up daily which need to be managed efficiently, and this could not be done with below scale financial condition. Like, on any normal day or in case of an emergency, hospital must have good quality medicine in stock, standard and modern machine and technology to examine the problem, enough number of helpers and nurses, hygiene , qualified doctors etc. To make sure that above mentioned demands are met timely, it is must for hospital institution to have knowledge about its financial constraint or information.

The users of financial information of hospital are doctors, nurses, government, accounts department , suppliers and general public.

This financial information is used for healthcare decision making by making availability of all things (need not to be of best quality but efficient) in advance be it medicine or doctors and also for providing a cushion for unexpected unforseen cost that may occur in future.

The difference between financial and managerial accounting is managerial account is concerned with focusing internally, financial and non financial information, future oriented and multidisciplinary aspects of hospital while as financial accounting is concerned with focusing externally, objective financial information, historical orientation and self contained aspect of hospital institutions.

Rahul Sunny answered 1 year ago

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You are the CFO for a 400-bed hospital in your community. You have been asked to...

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