Reference no: EM132191136

On two separate paragraph give your personal opinion to Ryan Stuck and Tanyka Timmons

There isn't an industry that doesn't rely heavily on efficient financial management but within the healthcare industry it is vitally important because of the already high cost of medical care in this country. Unless costs can be kept reasonable, patients and insurance companies are left to pay higher amounts.

"The primary role of financial management in healthcare organizations is to manage money and risk in a way that helps to achieve the financial goals of the organization" (Nowicki, 2015). Currently as Director of Assisted Living I am thinking about finance in the fact that all of the tenants whose care I oversee are paying privately for their care at the facility and every year we raise our prices.

Are we going to become too expensive to be affordable for the community? On the other side I am considering financial costs to run the facility for example, utilities, up keep and paying staff. There are times throughout the year that audits are utilized to make sure that money is being billed and collected as it should be so that funds are available to meet the needs of the facility.

Reference

Nowicki, M. (2015). Introduction to the Financial Management of Healthcare Organizations (Vol. Sixth edition). Chicago, Illinois: Health Administration Press.

Tanyka Timmons

The role of finance in healthcare is in my opinion is the center of operational flow. Financing is how healthcare organizations operate and function.

Financing ensures healthcare staff is compensated, it maintains supply and demand and also accounts for budget/spending. Finance in healthcare dictates how large or small a healthcare entity can be; whether it be a private single physician office or one of the largest hospitals in the nation the determining factor is the finances needed to operate big or small.

In the future I aspire to become VP for the Medical Services division of my current organization. I would utilize financial information in an effort to improve budget and spending trends by decreasing current goals in order to utilize finances toward more community projects and enhancements.

As a patient the majority of my finance in healthcare knowledge is primarily through doctor visits, insurance carrier choices at enrollment time every year and making payments for services rendered that my insurance did not cover; outside of those encounters I've been blessed to not have to experience major health issues that required major financial major planning

Gapenski, L.C. (2012). Healthcare Finance: An introduction to Accounting and Financial Management; 5th Ed. Chicago, IL: Health Administration Press