Financial Management for Hospitals
As an aspiring manager you are tasked with creating a report which covers the following topics:
- Explain and evaluate why the motive of profit maximisation is not appropriate within Financial Management. Critically consider which alternative objectives are more appropriate and will lead to long term financial stability and/or improvement within either a private or public healthcare business.
- Critically explain and evaluate how the time value of money can reduce the cost of long-term investment in a healthcare business.
- Critically evaluate the use of a Balanced Scorecard in your organisation (or a previous organisation you have worked in)
- Outline the Key Strategy (What is the overall goal?)
- Develop a series of metrics based on Financial Performance, Customer, Internal Processes and finally Learning and Growth
- Explain and identify how your Key Performance Indicators (KPIs) will meet the strategy goals
- Evaluate the challenges of Balanced Scorecard and the challenges to achieving the goals in point 2c