Financial Management Measures Discussion 3

Create a journal assignment in which you provide a concise description of the purpose of financial measurement in healthcare.

Next, list the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two examples of decisions that might be informed by that measure.

Finally, identify the one or two measures you think are most important for the survival of a healthcare organization and explain why you think they are most important.

REFER TO RUBRIC attached for additional instructions and sources to use for help answering above questions.

Provide a concise description of the purpose of financial measurement in healthcare. ● List the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two

examples of decisions that might be informed by that measure. Based on your research, identify the one or two measures that are the most important for the survival of a healthcare organization. Great Links to assist you: 5 Key Financial Ratios Healthcare Providers Should Track https://www.beckershospitalreview.com/finance/5-key-financial-ratios-healthcare-providers-should-track.html ———————- Assessing the Financial Health of Hospitals https://archive.ahrq.gov/data/safetynet/needleman.htm ———————- Best Practices in Hospital Key Financial Financial Indicators Indicators – Setting and Achieving Goals https://web.archive.org/web/20180701093129/http://www.idahohfma.org/site/files/318/54884/214638/364823/ ———————- https://www.beckershospitalreview.com/strategic-planning/16-potential-key-performance-indicators-for-hospitals.html 16 Potential Key Performance Indicators for Hospitals

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Purpose of Financial

Measurement in Healthcare

Assignment accurately describes the purpose of financial measurement in healthcare

Assignment describes the purpose of financial measurement in healthcare however more information is needed

Description is incomplete or is inaccurate in some respects

Description is absent or does not describe the purpose of financial measurement in healthcare

https://www.beckershospitalreview.com/finance/5-key-financial-ratios-healthcare-providers-should-track.html
https://archive.ahrq.gov/data/safetynet/needleman.htm
https://web.archive.org/web/20180701093129/http:/www.idahohfma.org/site/files/318/54884/214638/364823/
https://www.beckershospitalreview.com/strategic-planning/16-potential-key-performance-indicators-for-hospitals.html
Major Financial Measures

Meets “Proficient” criteria and all examples are accurate

List of major financial measures is complete, one or more examples of decisions that might be informed by each of the measures is provided, and most or all examples are accurate

List of major financial measures is incomplete, or examples of decisions that might be informed by each of the measures are missing or mostly incorrect

Financial measures or examples of related decisions are absent

Measures Most Important For

the Survival of a Healthcare

Organization

One or more measures are identified and the rationale for why they are most important is sound

One or more measures are identified, however there are some weaknesses in the rationale for why they are most important

Only one measure is identified, however there are weaknesses in the rationale for why it is most important

Measures or rationale for why they are most important are missing