Financial management is both an art and a science. You, as a manger, need to per
ID: 2614428 • Letter: F
Question
Financial management is both an art and a science. You, as a manger, need to perceive the structure and reasoning that underlies management actions. It is essential to recognize the overall system in which your organization operates.
An order exist within the system and it is generally up to you to find out the order, the four segments that make health care financial system work are:
· The original records
· The information system
· The account system
· The reporting system
Discuss these four segments; in your responses, provide an example of each.
Explanation / Answer
As a manager in a health care industry, one needs to know that there are four segments that make a health care financial system work are
Example is say buying medicines - ABC hospital has a contract with specific supplier to supply defined list of medicines to be brought in bulk. So every purchase has to be supported with bills which are original records. Since medicines are one of the main purchases every month or week, hospital orders medicines so there will numerous medicine bills. The Information system stores the information related to all the bills and on the basis of which accounting entry is posted in the system. At the end of every month, reporting system helps us to generate reports like how much expense hospital incurred for the medicines and is there a way we can reduce or control it.
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