A real-world example would be if a company tries to achieve a specific goal, such as increasing sales by 10% in the next quarter.
Discuss how a different element applies to your classmates’ scenario. For example, if Student A covers planning for staffing, you must discuss one of the other three elements as it applies to the staffing scenario discussed by your peer.
my post: Planning: A real-world example would be if a company tries to achieve a specific goal, such as increasing sales by 10% in the next quarter. The financial manager would identify the steps that must be taken to accomplish this goal. This might involve creating a budget, developing a marketing plan, and setting sales targets.
2. Controlling: A real-world example of controlling would be if a company tracks its sales numbers regularly to ensure they meet its targets. The financial manager would review the sales reports and compare them to the targets. The manager will take corrective action if the company is not meeting its targets.
3. Organizing and directing: A real-world example of organizing and running would be if a company is setting up a new production line. The financial manager would be responsible for deciding how to use the company’s resources to carry out the plans most effectively. This might involve hiring new staff, training existing staff, and ordering new equipment.
4. Decision-making: A real-world example would be if a company is considering whether to invest in a new product. The financial manager would analyze the available information and decide based on the expected return on investment.
Classmates: Hello Class,
Solid financial management is the foundation of a well-run healthcare organization. The four elements of financial management that are part of this foundation are planning, controlling, organizing and directing, and decision making.
Describe a real-world example of each element by applying it to the operations or planning of a business where you have worked.
Planning: Recognizing the steps needed to achieve strategic organizational objectives or individual goals. Baker, Baker, and Dworkin stated, “the purpose is to identify objectives and then to identify the steps required for accomplishing these objectives” (2017). I currently work on the case management team for a managed care organization. Every year staff is required to set goals to complete the following year. The goals set are to be aligned with the overall strategic objectives of the organization, the employees assigned team, and the individual. This past year strategic goals of the company centered around employee education and member outreach. Increasing member outreach for a managed care organization is vital to receiving state and federal compensation. Expanding the knowledge and education of employees will lead to better staff engagement and ultimately lead to better serving community members.
Controlling: Controlling is ensuring the established plan of the organization is followed. As discussed by Baker et al., “one way to do this is to study current reports and compare them with reports from earlier periods” (2017). Working in the cancer unit of a children’s hospital as a nursing assistant required that vital signs (temperature, pulse, respirations, blood pressure) be measured every four hours. On average, the patient stays in a cancer unit from one week to as long as one year. These can wear on patients and families significantly the more extended the stay. Waking patients up every four hours caused complaints and multiple requests to put off vitals or to skip the measurements altogether. As part of the unit employee council, I participated in discussions about changing the time vitals required. Physicians rely on patient vital signs as part of providing quality care. Providing quality care is an essential part of any cancer care program. Instead of waking pediatric patients up at 12 am or 7 am for vitals, the process was changed to where families could put their call light on when the patient was awake. When awake, staff would go into the patient’s room and measure vital signs. The needed task was still completed, and the plan was ultimately followed by changing the process.
Organizing and directing: This element involves deciding on what resources are needed to achieve the organization’s goals or plans efficiently. As Baker et al. discussed, this element determines “how to use the resources of the organization to most effectively carry out the plans that have been established” (2017). Working in the recovery room of a hospital comes with lots of stocking duties. Each recovery room must have specific supplies needed for patient care. Part of my duties in the stocking was keeping track of what supplies were used and what was not used. Monthly reports were used to document usage. If only five kidney basins were used regularly but the room was stocked with ten basins, a recommendation was made to lower the amount customarily stocked.
Decision making: Decision making involves gathering all the pertinent information needed to make an informed decision. As discussed by Baker et al., “all types of decision making rely on information” (2017). One of the tasks in my current job is to onboard all the new employees for the care management team. Once an offer of employment is accepted, I gather information, plan for a start date and organize all the new employee information needed. I decide when to meet with the new employee during their first week as they learn about the organization and their position.
Choose one of the elements and give an example of how you would apply it as the manager for a healthcare facility (i.e., primary care physician’s practice, a specialty practice, long-term care, clinic, hospital, etc.).
Effective decision making as a healthcare facility manager requires managers to use a combination of all the elements of financial management. As a manager, I would apply decision making at a hospital when looking at staffing issues. Appropriate staffing levels at any healthcare facility can significantly affect positive patient outcomes. A manager must look at past, current, and future patient admissions. Upcoming staff vacations and scheduled time off should also be taken into consideration. Typically, winter is thought of as the respiratory season for a children’s hospital. Currently, a viral infection of the respiratory tract caused by the respiratory syncytial virus (RSV) is running through the pediatric population of our country at an alarming rate. Hospitals across the country are reaching capacity. As the manager looking at staffing levels, crucial decisions need to be made for patients to continue receiving quality patient care and to keep the staff from burning out.
The four elements of financial management allow healthcare organizations to create stability while still providing quality patient care at an affordable cost.
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