Financial Considerations: Activity 5: Finance Homework Help

In health-care, financial considerations play an integral role in ascertaining cost containment while enhancing the quality of services. The financial considerations revolve on the management of costs while generating sufficient revenues that can be directed to enhance continued organizational productivity. The development of change projects induces variations in the financial functionalities of health care organizations. The advancement of service delivery must be ascertained through the developments of change projects to provide the feasibility justification for initiating the change. This is fundamental to attain the overall performance in the quality of service delivery in health care organizations.

Financial Considerations

In the implementation of the change project in health care facilities, financial considerations, including cost balancing and quality, budgeting, as well as, responsible accounting and forecasting is critical to the success of the process (Marquis & Huston, 2017). The application of cost balancing and quality focuses on ascertaining the developments in the change project maintain low or manageable costs while promising high service delivery. The assurance of quality is the primary objective of initiating any change project in health care settings. Budgeting helps keep the change project within the stipulated resources and timeframe (Safarani, Rayaghi, Raeissi & Maleki, 2018). This is critical to match the budget allocations to the quality of service delivery. Furthermore, responsible accounting promotes values of accountability, transparency, and efficiency in financial reporting processes. This is fundamental to enhance the competitiveness of health care service delivery. The consideration of financial forecasting is essential to maintain the costs within the range of the expenditure and revenue ratio (Akinleye, McNutt, Lazariu & McLaughlin, 2019). That is, the expenditures should not surpass the revenue to maintain the performance and continued competitiveness of service delivery of the health care organizations.

Limitations

The key limitations to the financial considerations in the developments of a change project in health care settings comprise of factors such as capital-constrain, market forces, and meeting regulatory and compliance requirements. The implementation of change requires substantial resources to be implemented successfully (Stadhouders, Kruse, Tanke, Koolman & Jeurissen, 2019). In an already cost-constrained environment, the implementation of the development of the change process requires massive resources to sustain the change process. This posits profound risks that threaten the quality of health care services. The capacity to deal with market forces posits a limitation to the change process. Market forces such as high competitiveness by large health care organizations, new market entrants, and the threat of substitution undermine revenue generations (Martinez, King & Cauchi, 2016). This limits the financial capacity of the health care organization, limiting the quality of service delivery. Furthermore, the implementation of changes in the health care sector attracts massive regulatory and compliance requirements. This is bound to undermine the quality and standards of service delivery. Subsequently, pose a profound constraint on the developments of the change project.

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Benefits

The capacity to successfully implement effective fiscal planning is integral to the management of the developments of the change project in health care settings. The capacity to attain cost containment impacts in the realization of cost balancing and quality of services delivered. That is, the quality of health care services is maintained at the highest standards possible despite the changes adopted in the organization (Dong, 2015). The budgeting process enables the operations of the health care organization to remain competitive and effective in maintaining the highest quality of care. Healthcare reimbursement and medicare insurance management impacts on the realization of the change project’s objectives (Marquis & Huston, 2017). Thus, the realization of managed care prompts high performance and operations of the health care organization.

References

Akinleye, D. D., McNutt, L. A., Lazariu, V., & McLaughlin, C. C. (2019). Correlation between hospital finances and quality and safety of patient care. Plos one14(8), e0219124.

Dong, G. N. (2015). Performing well in financial management and quality of care: evidence from hospital process measures for treatment of cardiovascular disease. BMC Health Services Research15(1), 45.

Marquis, B.L. & Huston, C.J. (2017). Leadership roles and management functions in nursing: Theory and application (9th ed.). Philadelphia, PA: Lippincott, Williams & Wilkins.

Martinez, J. C., King, M. P., & Cauchi, R. (2016). Improving the Health Care System.

Safarani, S., Ravaghi, H., Raeissi, P., & Maleki, M. (2018). Financial challenges of teaching hospitals and providing solutions. Journal of Education and Health Promotion7.

Stadhouders, N., Kruse, F., Tanke, M., Koolman, X., & Jeurissen, P. (2019). Effective health-care cost-containment policies: a systematic review. Health Policy123(1), 71-79.

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Financial Considerations: Activity 5: Finance Homework Help . (2021, December 17). Essay Writing . Retrieved August 19, 2022, from https://www.essay-writing.com/samples/financial-considerations-activity-5/
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Financial Considerations: Activity 5: Finance Homework Help [Internet]. Essay Writing . 2021 Dec 17 [cited 2022 Aug 19]. Available from: https://www.essay-writing.com/samples/financial-considerations-activity-5/
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