Assignment: Healthcare Finance Arena

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Assignment: Healthcare Finance Arena

Assignment: Healthcare Finance Arena

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No matter where you are in the healthcare finance arena, there are opportunities

to move things forward, to act, to resist complacency, to refuse to allow yourself to

think that things won’t ever change. As finance professionals we all have strengths

that will serve our organizations well in these times of change.

Debora Kuchka-Craig, 2011 chair of the Healthcare

Financial Management Association

00_Nowicki (2339) Book.indb 3 5/17/17 10:57 AM

I n t r o d u c t i o n ➤ t o ➤ t h e ➤ F i n a n c i a l ➤ M a n a g e m e n t ➤ o f ➤ H e a l t h c a r e ➤ O r g a n i z a t i o n s4

IntroductIon Successful organizations, whether for-profit, not-for-profit, or governmental, have two things in common: (1) a congruent and well-understood organizational purpose, and (2) a functional management team. The purpose of this introductory chapter is to describe financial management in healthcare organizations within the context of organizational purpose and a competent management team.

orgAnIzAtIonAl PurPose

Organizational purpose is often determined by the owner. While a community-owned, not-for-profit healthcare organization’s purpose is to provide healthcare services to the com- munity, a corporate-owned (via stockholders) for-profit healthcare organization’s purpose is to provide profit for the owner.

By necessity, most organizations have more than one organizational purpose. For instance, even though a not-for-profit healthcare organization’s purpose is to provide health- care services to the community, the organization must survive economically—meaning that it must generate sufficient revenue to offset expenses and allow for growth. A for-profit healthcare organization’s purpose is to provide profit for the owner; however, the organi- zation must meet its customers’ needs—meaning it must keep the physicians, patients, employers, and insurance companies satisfied.

Most healthcare organizations also have secondary purposes—for example, many government-owned healthcare organizations provide large-scale medical education programs.

 

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