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Health Care Managers And Financial Management

1291 words - 6 pages

According to Buchbinder, Shanks & Thompson (2010) the definition of is the process with technical and social activities and functions, occurring within organisations for the purpose of completing predetermined objectives through humans and other resources. More specifically, financial management is the subset of management that focuses on creating financial information that can be used to enhance decision making (Calabrese et al. 2013). With this definition, healthcare managers should be responsible to organisational tasks to maximize the best possible way to reach organisational goals and the proper resources with financial and human resources, considering the reason of organisation for ...view middle of the document...

Quality of care described by Institute of Medicine as the degree to which healthcare services for individuals and populations inclines the possibility of desired health outcomes with current professional knowledge. Six objectives, patient safety, patient-centeredness, effectiveness, efficiency, timeliness, and equity are involved in this quality of care. Note that this framework represents effectiveness like cost-effectiveness as one of these six components, in essence making it a subset of quality in enhancing to patient services (Wachter 2012).

Wachter in 2012 illustrated reasons of the importance of target costing in healthcare organisations. First of all, better services and management costing can have specific impact in supporting organisations to satisfy their financial responsibility to at least break-even by ensuring that services are delivered within budgeted costs. Comparing cost with other organisations and other financial analyses can also offer vital information to track deficient cost. Better comprehensive cost will also help predicting and transparency. Target costing may provide a framework for achieving this. In the learning component and innovation, the focus is on developing the ability of organisation to satisfy customer expectations. The financial perspective maintains tabs on how well the operational results are being translated into financial well-being, which is vital to the organisation’s continued viability (Chee et al. 2008).

To explain more about target costing in healthcare circumstances for the better understanding, service costs in the NHS involve a significant rate of allocated overheads. This factor could be regarded as a challenge to the usage of target costing, but it further stresses the need to be comprehended cost make-up and guarantee proper targets are set. The necessity for multi-disciplinary action is equally important to achieve targets and address occasionally the falsely-held perception that the ‘problem’ is the high overheads plus the cost of a service and not the direct cost. Target costing may offer a way of addressing such misunderstandings. Formal procedures are needed by target costing in order to assess customer’s demands, decide target prices and costs, break perceived value down to subsystems and components to come up with allowable cost per part, and apply value engineering to achieve the target cost in a repeated measure (Wachter 2012).

Chee et al. (2008) stated that a number of case studies from clinics and hospitals where learning from business and applying their techniques has resulted in significant advantages in enhanced quality of care, declined mortality and cost reduction through a multidisciplinary manner. To be specific, the current healthcare organisations’ circumstance includes many forces asking unprecedented levels of change. These forces contain strengthen pressure from government, inclined expectations of customer, and modifying demographics. As healthcare is naturally...

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