Using Financial Information to Make Decisions Discussion

Using Financial Information to Make Decisions Discussion

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Using Financial Information to Make Decisions Discussion

Discussion: Using Financial Information to Make Decisions

The primary role of financial management in healthcare is to manage money in a way that helps the organization achieve its financial and operational goals while also providing efficient, quality care to patients.

The office manager or administrator needs to understand the role that financial data plays in the reporting process in order to plan and forecast the needs of the organization. Imagine setting up your monthly bills using your bank’s

online bill paying service without knowing your current balance or if or when money will be deposited into your account. How successful would you be? Now imagine trying to manage a healthcare organization without knowledge of what makes an organization operate.

Using Financial Information to Make Decisions Discussion

In the Discussion, you examine how financial information is used in the decision-making process and in planning and forecasting a healthcare organization’s needs.

To prepare for this Discussion:

Review this week’s Learning Resources.

Specifically, review the sections, “Usefulness of Financial Information” (pp. 6–7) and “Planningand Forecasting” (p. 11) in Chapter 1 of Harrington (2021).

Consider how you make personal financial decisions. For example, what financial information do you consider before you make a large purchase?

BY DAY 4

Post a comprehensive response to the following:

Using Financial Information to Make Decisions Discussion

Describe a situation in which you or someone you know had to make a major financial decision. This does not need to be a health-related decision. What financial information was needed to make the decision? What was the outcome of the decision? What would you do differently when making future major financial decisions?

Imagine that you are a manager of a multi-care clinic. You are responsible for handling financial information daily, and many of your decisions are based on how you interpret the information. Give an example of how financial

information is used to make decisions in the clinic. Choose and answer only one of the following:

Using Financial Information to Make Decisions Discussion

What are some similarities and differences between the decision-making process in the clinic compared to in making the personal decision you described earlier?

From the organization’s point of view, what are the implications of not properly managing financial information in the clinic compared to in your personal life?

As the manager of a multi-care clinic, discuss how financial information would assist you in planning and forecasting for the clinic’s needs.

Using Financial Information to Make Decisions Discussion

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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