Financial Considerations: Activity 5

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.

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.

Essay-Writing
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Essay-writing.com

Quality Research Papers

If you’re looking for an Essay writing service to help turn all of your hard work into a product that readers can appreciate, then look no further than our essay writing website. With a team of writers who go the extra mile, and customer support representative’s around-the-clock eager to assist you, we are ready to ace any exam or provide any posterity with what they need.

Top Assignment Writers

Our essay writers are experienced professionals who have the knowledge to write an essay about any subject matter in an interesting way while maintaining academic integrity. Our professional essay writers work day and night to ensure that you receive quality essays on time without any delay or interruption. With many years of experience behind us, our essay writing website is now led by professionals with extensive knowledge in various fields of study.

Zero Plagiarism

For any write my essay for me request, you will never need to worry about plagiarism or getting caught up in the stress of completing assignments when you use our professional services! Get started today by ordering your first paper from us and we'll give you 10% off!

24/7 Customer Support

We are available 24/7, 365 days a year to help you out with your academic needs! if you have any "do my paper" questions or technical concerns, simply chat with one of our essay writing customer service representatives via the Chat Window on the bottom right corner of this screen

Prompt Delivery and 100% Money Back Guarantee

These academic experts are distinct from most other essay writing websites because they have doctoral degrees and decades of professional experience in academia. And because they know how overwhelming college life can be, we waive all minimum deadlines so you can focus on studying without worrying about your assignment always hanging over your head.

Free Revisions

Our Academic writers are confident and highly capable to take on any challenge ranging from a simple high school essay, question and answer assignment help, PowerPoint Presentation, research paper, dissertation, among others . However, we do not allow customers who abuse the free revisions privilege.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

When the world rushes and deadlines increase, it's hard to put your best foot forward. Essay-writing.com is here to help you with top quality essays on all topics, from history papers and engineering design descriptions to sociology case studies. For any write my essay for me request, you can count on a professional team of essay writers who are well experienced and researched in their field as they develop an original paper for you with 24/7 customer support.

Essays

Homework Help Service

Essay-writing.com is an excellent solution for all your problems regarding writing an outstanding admission essay. You don't need to worry about anything anymore because we will provide you with high-quality papers written by expert writers who know how to write professionally!

Admissions

Paper Formats and Types

From time management skills to APA format citations; from MLA formatting rules for research papers; from college application essays where the stakes are high--all these aspects of academic life become clearer as we write it all down on paper! Essay-Writing.com is a professional essay writing service that provides students with well-researched, high quality essays on any topic and at any level of study.

Reviews

Editing & Proofreading

Some of our clients prefer to write their essays themselves and have a third-party like Essay-writing.com proofread it for errors after they are done writing. We have a skilled team of editors who examine your paper closely, looking out for any mistakes that may lessen the appeal or effectiveness of the essay as well as make amends in order to better improve its overall quality before you submit it anywhere else! For all your editing needs, turn to Essay-writing.com

Reviews

Revision Support

You work hard at your academics, and you should be rewarded, with a revision or modification for free on any order from a discursive essay , assignment to dissertation papers.