Financial Management Measures Discussion 3
Financial Management Measures Discussion 3
Create a journal assignment in which you provide a concise description of the purpose of financial measurement in healthcare.
Next, list the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two examples of decisions that might be informed by that measure.
Finally, identify the one or two measures you think are most important for the survival of a healthcare organization and explain why you think they are most important.
REFER TO RUBRIC attached for additional instructions and sources to use for help answering above questions.
Provide a concise description of the purpose of financial measurement in healthcare. ● List the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two
examples of decisions that might be informed by that measure. Based on your research, identify the one or two measures that are the most important for the survival of a healthcare organization. Great Links to assist you: 5 Key Financial Ratios Healthcare Providers Should Track https://www.beckershospitalreview.com/finance/5-key-financial-ratios-healthcare-providers-should-track.html ———————- Assessing the Financial Health of Hospitals https://archive.ahrq.gov/data/safetynet/needleman.htm ———————- Best Practices in Hospital Key Financial Financial Indicators Indicators – Setting and Achieving Goals https://web.archive.org/web/20180701093129/http://www.idahohfma.org/site/files/318/54884/214638/364823/ ———————- https://www.beckershospitalreview.com/strategic-planning/16-potential-key-performance-indicators-for-hospitals.html 16 Potential Key Performance Indicators for Hospitals
Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Purpose of Financial
Measurement in Healthcare
Assignment accurately describes the purpose of financial measurement in healthcare
Assignment describes the purpose of financial measurement in healthcare however more information is needed
Description is incomplete or is inaccurate in some respects
Description is absent or does not describe the purpose of financial measurement in healthcare
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https://www.beckershospitalreview.com/finance/5-key-financial-ratios-healthcare-providers-should-track.html
https://archive.ahrq.gov/data/safetynet/needleman.htm
https://web.archive.org/web/20180701093129/http:/www.idahohfma.org/site/files/318/54884/214638/364823/
https://www.beckershospitalreview.com/strategic-planning/16-potential-key-performance-indicators-for-hospitals.html
Major Financial Measures
Meets “Proficient” criteria and all examples are accurate
List of major financial measures is complete, one or more examples of decisions that might be informed by each of the measures is provided, and most or all examples are accurate
List of major financial measures is incomplete, or examples of decisions that might be informed by each of the measures are missing or mostly incorrect
Financial measures or examples of related decisions are absent
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Measures Most Important For
the Survival of a Healthcare
Organization
One or more measures are identified and the rationale for why they are most important is sound
One or more measures are identified, however there are some weaknesses in the rationale for why they are most important
Only one measure is identified, however there are weaknesses in the rationale for why it is most important
Measures or rationale for why they are most important are missing
