IHP450-SOUTHERN NEW HAMPSHIRE UNIVERSITY-Reflective Journal: Financial Management Measures
Question
| CODE | UNIVERSITY | WORDS COUNT | REFERENCE |
| IHP450 | SOUTHERN NEW HAMPSHIRE UNIVERSITY | 500 | APA |
1- Create a journal assignment in which you provide a concise description of the purpose of financial measurement in healthcare.
2- List the major financial measures that are monitored by financial managers in the healthcare industry and, for each measure, provide one or two examples of decisions that might be informed by that measure.
3- Identify the one or two measures you found during your research that are most important for the survival of a healthcare organization. Explain why these measures are important.
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Every healthcare facility has a difference in the way they manage finances but what they do have in common is someone who focuses on managing all of the finances, which is usually established by the owner of the corporation. For-profit and non-profit organizations differ in some respects but at the end of the day, they both need to sustain economically and to produce revenue, while delivering adequate care. A few major financial measures that are monitored by financial managers in the healthcare industry are the number of admissions, the average length of stay or each patient, the daily census and occupancy rate (Nowicki, 2018).