FINANCIAL MANAGEMENT

Managing Financial Resources in Health & Safety

Managing Financial Resources in Health & Safety

Introduction

Management of financial resources has seen a greater significance and focus within several sectors of the economy in last two decades. Organization's financial management attributes are no more the prerogative or exclusive responsibility of higher echelons of the management, but have become now day-to-day currency of all executives. This has outcome due to flattening of management structures allow individuals to take responsibility for wider aspects of their jobs, including finance. In particular, the public sector, including health and safety, has seen several changes resulting in the delegation of financial resource management to operations managers as well as professionals (Broadbent & Cullen, 2012, p.1).

This report focuses on financial resource management in health and safety. The report aims at understanding this perspective with respect to a particular investment project in National Health Service. The purpose of national health services is to treat patients and the public whom it is funded. Healthcare professionals seek to do this by using abilities and competencies to provide the best possible advice, care, and services. However, this can only be done when the financial resources available to NHS are used well. As failure to do so leads to lower quality and less care, healthcare professionals need to be effectively engaged in the management of financial resources (Black & McKeon, 2009, p.4). Considering this, the project is aimed at providing a solution to NHS for improving its current health care facilities for better care across the country while making optimal use of financial resources.

The Concept of Financial Resource Management in Health & Safety

Enhancing the quality of care and offering more responsive healthcare services to patients can only be attain when there is strong involvement of local health care professionals in the management of services. This involves a clear understanding, the ability, and the tools to manage resources efficiently and utilize them well to the benefits of patients. This empowers them to initiate change and enhance services. However, this is not just about focusing on cost and cost alone. It is about how the organization can use financial resources optimally for improving the quality of care, healthcare effectiveness, and combining operational. Thus, optimal use of financial resources in health care organizations goes hand in hand with good quality services (Black & McKeon, 2009, p.5).

Health care organizations' objective is to provide efficient services to their patients and the public whom it is financed. This is done by healthcare professionals by using their skills and competencies to provide optimal services. Financial resource management is one of the most significant elements in providing such optimal services. They play a vital role in formulizing and shaping the required tools and practices for effective treatment and care. Those organizations that successfully and effectively do so gets positive results in the form of high quality services and care (Black & McKeon, 2009, p.5). Thus, healthcare organizations are required to focus and mange their financial resources in an effective manner that ...