111 Financial Management

monetary Management Bradley Jordan HCS/045 November 10, 2011 Mrs. Waree Dorsey-Waits Financial Management In straightaways health fearfulness exertion, ethical care finance and monetary practices are vital to the conquest of health care facilities. Without good fiscal practices, Medicare fraud tends to ruin the success of both health care facility. Managers within the health care industry have structural fractions in financial heed. The fragments of financial solicitude can be very challenging at propagation for managers within health care facilities and often places a legal burden on accuracy and ethical compliance. However, some psychoanalyst describes the global financial institutions to the great depression in 1929. Although the unite States economic state is not good and unemployment is at ennead percent, the health care industry continues to grow and place upstart demands on health care facilities across the world. Research from other(a) industries suggests that the methodical use of evidence-based management practices, such as organized personnel selection and incentive compensation serves to attract and uphold well-qualified health care staff (HPWP, pg.3, 2011).

Most health care validation implements the four elements of management, general financial ethical standards, and use the general accepted accounting principles for guidance. Elements of Financial Management Financial management plays a vital role in the success of any health care facility. Although the view of financial management can be broken down in many areas, the health care industry recognizes four elements. The first element in financial management is planning. In this particular element or strategy, the financial manager must identify the financial goals and objectives of the organization. The financial manager must strategically plan the organization financial objectives step-by-step to achieve the companys financial goal. For example, if a health care organization essentials to expand the facility... If you want to get a full essay, order it on our website: Ordercustompaper.com

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