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Health Care Finance Chapter One

Three views of managers
1. financial: reporting function, strategic planning
2. process: data accumulation, information system hierarchy
3. clinical: responsible for service delivery, responsible for clinical outcomes of the organization
Four elements of financial management
1. planning:identifying objectives and then identifying the steps required for accomplishing these objectives
2. controlling: making sure each area of the organization is following the plans that have been established (comparing feedback with past reports)
3. organizing and directing: decides how to use the resources to most effectively carry out the plans that have been established, provide daily supervision
4. decision making: making choices among available alternatives, relies on information, primary tasks are analysis and evaluation, purpose is to make informed choices
Two basic types of organizations
profit oriented (proprietary organizations) and nonprofit oriented (voluntary- seek tax-exempt status and government)
delegating authority for decision making
Organization chart
indicates how responsibility is assigned to managers and the formal lines of communication and reporting
two types of accounting
1. financial: for outside or third party use which emphasizes external reporting (to government entities, Medicare, Medicaid, taxpayers), generally retrospective
2. managerial: for inside or internal use, reporting of profitability of services, pricing of services, used in strategic planning, also deals with the future in projecting outcomes and preparing budgets so is prospective as well as retrospective

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