Financial Management Of Health Care Sector - 1256 Words

Financial management in health care sector has become vital in various ways. The choices in financing have an impact on the efficiency on the production and supply of health care services. With the growth of the healthcare industry has come the need for healthcare administrators to make increasing use of financial information and techniques in their decision making. Although organizations have individuals who focus almost exclusively on financial operations, managers in any area of operations are expected to make decisions based on financial information and generally accepted accounting principles. This paper discusses challenges, responsibilities, and financial analysis tools available in developing a comprehensive understanding of the†¦show more content†¦Overall, the interviews suggest a portrait of the ethically intelligent financial executive. Ideally, the executive will have received some training or education to provide increased sophistication regarding the area of ethics and concrete tools to assist in maintaining one’s integrity and resolve ethical dilemmas. Self-confidence and related competencies such as assertiveness, communication skills, self-control, and stress management can be critical in maintaining ones integrity especially when navigating ethical behavior. The second article provides a review of the most useful financial analysis tools available to achieve objective is benchmarking, a well-established and long accepted process of financial analysis that can assist managers and their professional advisors, including valuators, in developing a comprehensive understanding of the operating performance and financial status of their organization as a Subject Entity. Benchmarking techniques are often used to determine the degree to which the Subject Entity varies from comparable healthcare industry norms, as well as to provide vital information regarding its trends in internal operational performance and financial status. An appropriate and successful application of benchmarking