FINANCIAL MANAGEMENT

Financial Management

Financial Management

Introduction

Financial management entails planning for the future of a person or a business enterprise to ensure a positive cash flow. It includes the administration and maintenance of financial assets. Besides, financial management covers the process of identifying and managing risks. The primary concern of financial management is the assessment rather than the techniques of financial quantification. A financial manager looks at the available data to judge the performance of enterprises. Managerial finance is an interdisciplinary approach that borrows from both managerial accounting and corporate finance. Some experts refer to financial management as the science of money management. The primary usage of this term is in the world of financing business activities. However, financial management is important at all levels of human existence because every entity needs to look after its finances.

Health Care Administrators

Health care administrators run behemoth, coordinating and organizing the financing and delivery of care and assisting in the management of health facilities. Executive-level administrators are highly educated individuals responsible for overall policy directions. They assess the need for services, equipment and personnel and also make recommendations regarding the expansion or curtailment of services, and the establishment of new or auxiliary facilities.

Assistants to administrators at large facilities typically provide support in the execution of top-level decisions. Depending on their expertise and experience, some assistants oversee the activities of clinical departments such as nursing or surgery, or they may direct the operations of non-health areas such as personnel, finance and public relations. At nursing homes, home health agencies, and other smaller facilities, the duties and responsibilities of administrators are vast and varied.

Health care administrators can apply their training in health and management as underwriters for health insurance companies and HMOs and in sales, marketing and distribution of health equipment and supplies. Some become directors of public health, social ...