Basic Healthcare Financial Principles

  

Assignment Details

Memorial Hermann is a hospital system that has been facing some serious financial issues regarding its operations and meeting its vendors’ financial obligations. Mr. Jones, the chief executive officer (CEO), called a meeting of some of the administrative managers for them to share their viewpoints on how to move forward.

Write a 3-page response and include the following:

• Describe the 3 viewpoints of the health care managers on how to move forward.
• Explain why these viewpoints are important in health care financial management.

Answer the following:

1. Discuss how the elements of financial management relate to the function of the health care manager.
2. Examine why it is important for health care managers to understand financial principles.
3. What information do income, liabilities, assets, profits tell the health care manager?
4. How does the function of a health care financial manager or chief financial officer (CFO) relate to the understanding of these concepts?
5. What are the current challenges affecting health care financing at Memorial Hermann?
6. How should these challenges be mitigated?

Resources

Read the following resources to help you:

• www.ncbi.nlm.nih.gov/pmc/articles/PMC6332650/
• https://www.aha.org/fact-sheets/2020-04-24-fact-sheet-financial-challenges-facing-hospitals-and-health-systems-result
• https://www.healthaffairs.org/doi/10.1377/hlthaff.2020.01560

Cite at least 5 references in APA forma