Why is healthcare finance important to a healthcare organization? Has it become more or less important in recent years? Support your answer with an example. Respond to at least two (2) of your classma
Over the years, healthcare financing has become more important due to the role it plays in successful operation in any medical organization. For example, medical facility financing is vital for an organization to evaluate and plan their functions. Decisions made by a medical facility or a healthcare organization must consider the prevailing financial situation. With proper financing, a facility will without any doubt make a sound decision (Nowicki, 2011). For instance, after the facility makes evaluations and emergency room activities and finds out that they are not attracting enough patients as a competing hospital that has more space, quality equipment or a higher number of doctors, the facility can decide to expand. The expansion is only possible if the medical facility or organization is well financed.
There are numerous reasons for importance of financing healthcare organizations. A good example is that a well-financed healthcare organization will deliver quality services needed by the general population. As mentioned earlier, medical facility just like any other business needs financing to operate successfully. With right funding, a facility will not luck essential items for primary or secondary care to meet the medical needs of the population. Facilities that run out of finance offer below quality care to their patients. With right financing, therefore, all the necessary services may be devolved under …
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