Purchase Solution

Objectives of Healthcare Financial Management

Not what you're looking for?

Ask Custom Question

Chapter One of "Essentials of Health Care Finance" describes major objectives of healthcare financial management including generate income, respond to regulations, facilitate relationship with third-party payers, influence method and amount of payment, monitor physicians, and protect tax status. Please pick and describe three of these major objectives. Are some of the objectives more important than others? Why?

Purchase this Solution
Solution Summary

Why health care organization must generate sufficient revenues is explained in a structured manner in this response. The answer includes references used.

Solution Preview

The first objective is to generate income. The health care organization must generate sufficient revenues so that after its expenses are defrayed, there is adequate net income. Financial management has to carefully monitor the flow of revenue as well as control costs so that the objectives of earning a reasonable income are achieved. The second objective is facilitating relationship with third-party payers. This means maintaining relationships with insurance companies, employers, and ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
  • "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
  • "Thank you kindly sir. "
  • "Excellent and well explained. --Thank you kindly. "
  • "Awesome notes. I appreciate you."
  • "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

View More Free Quizzes
Related BrainMass Solutions

  • There are two basic approaches to strategic planning: SWOT a

    , financial performance, wait times, and other performance measures, as identified by the healthcare organization's management.

  • Organizational Behavior: Financial and Managerial Accounting

    Review the website of the Healthcare Financial Management Association: www.hfma.org What is the role of this organization in modern healthcare leadership? What professional growth opportunities do they offer their members?

  • Financial Management

    The current payment system of the organization can be changed, which will help to achieve the overall health objectives and will also establish a financially stable system (Healthcare Financial Management Association, 2009).

  • Major Objectives of Financial Management in Healthcare Org.

    400662 6 major objectives of Financial Management in healthcare are identified, 6 major objectives of Financial Management. 1.

  • Benefits of joining a Healthcare Management Association

    Healthcare Financial Management Association: The purpose of the financial organization is to define and advance the financial management of healthcare by helping the members to improve the performance of healthcare organizations. 2.

  • Tools for Operations Assessment and Improvement

    The concept of the balanced scorecard when it was initially implemented in the healthcare industry entailed the objectives to successfully establish indicators predicated upon four perspectives including financial, clients or users; internal processes

  • Reporting Practices and Ethics Paper

    Let's also take a look at several elements within a core financial management assessment within a healthcare organization: The four elements of financial management In preserving the core principles of financial management, the overview of financial

  • Healthcare Organizational Leadership

    A chief financial officer would need a great deal of knowledge of finance and accounting methodologies, a proven track record of handling the financial affairs of the healthcare organization in excellent manner, have good interpersonal relations skills

  • Health Care Organizations

    Using Scenario Analysis to Determine Managed Care Strategy Healthcare Financial Management.

View More Related Solutions