Hospital Financial Management

by | Jul 20, 2021 | Essay

Create a 1 page essay paper that discusses Hospital Financial Management.

By developing fixed and variable expenses PPD strategies they find it efficient in paying long-term expenses without running out of all the operational cash. During their 1st Qrt, they expected a fixed cost structure of 20% which in actual budget shifted to 19% making a point value of 1. The same way by budgeting for variable cost structure of 80% and gaining an actual of 81% giving them a point value of 1, it means that the operation of the hospital is very strategically planned. The other reason for the better financial performance of the hospital is because of the better turn out of patients both in and outpatient, the benefits are given to them and the services performed.

Despite good profit generation from the hospital, it is still advisable that they develop the good strategy based on the indicators shown by the office of the statewide health planning development (OSHPD). The indicators require the hospital financial management to develop corrective measures such as volunteer time so that the salaries benefit can be reduced by at least 10%, the need also to give professional training to lower the professional fee they provide for. The hospital management should be determined in developing ways of reducing their supplies from 15% to some reasonable percentage. The main issue the hospital management should focus on to help their performance is the salaries, variable patients benefit, and the supplies they receive. They should develop strategies that enable them to reduce the cost of professionals pays.

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