Assignment: The Organizational Chart

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Assignment: The Organizational Chart

Assignment: The Organizational Chart

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vAlue of HeAltHcAre fInAncIAl mAnAgement Healthcare financial management provides accounting information and financial techniques that allow managers to perform the management functions and the management connective processes and therefore accomplish the organizational objectives. In addition, healthcare financial management also has direct value to these functions, as explained in the following list of management functions (Dunn 2016).

◆ Planning: After the governing body completes the strategic plan and senior management completes the operating plan, financial management is often responsible for completing the operating budget and capital budget. The operating budget often provides the incentives to plan properly.

◆ Organizing: Financial management provides a chart of accounts based on the organizational chart that identifies revenue centers and cost centers. Together with the organizational chart, this chart of accounts provides the basis for responsibility accounting, which is the ability to hold department managers responsible for their revenues and expenses.

◆ Staffing: Financial management often staffs a variety of departments and processes important to the healthcare organization. Departments such as medical records and information systems are currently being placed under the supervision of financial management, in addition to departments such as accounting, admitting, and materials management, which have been traditionally under financial management. The increasing importance of nontraditional departments in the billing process appears to justify this trend.

◆ Directing: Financial management provides rewards and penalties to motivate others to accomplish the organization’s purposes.

◆ Controlling: Perhaps the responsibility closest to the overall function of financial management, the control of the budget, financial reports, financial policies and procedures, and financial audits allows financial management to monitor performance and take the appropriate corrective action when performance is unsatisfactory.

These management functions mean little without the management connective processes to integrate the functions.

Communicating and coordinating are important to financial management for both reporting and advising. Also important is coordinating the relationships between, for example, revenue and expenses, capital budgets and operating budgets, and volumes and prices and collected revenues.

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