Introduction and Topic
In this report, the Financial Management and Analysis will be dealt with and the case study on Boston Children’s Hospital; Boston, Massachusetts on developing a custom data measurement tool to help it increase the international market portion will be used. The management and analysis incorporate two key sections for the success of any health organization. They are management and analysis. In this considered case, a depth analysis was conducted of the international health market and comprehensive recommendations were compiled and presented to the management team for the purpose of convincing them on the appropriateness of considering expanding their services to the international market.
From the case study, there are various financial issues that were identified. The decision making without timely financial issue the chief financial officer of Boston Children’s Hospital was actually aware before involving Warbird that the hospital decision makers were to request for a concise and timely data to the proposed issue. Secondly, meaningful financial intelligence was another financial issue that was identified in the study. The fact that the competitors of the were highly expanding their services into the world market, a meaningful and intelligent financial audit of the international market was necessary to identify the market gap that the hospital was to have if it will be intensifying its services to the international market. Finally, the hospital was experiencing a manual process that costly, high-risk and prone to error financial issue. As a result of this, the hospital opted to hire a consultancy to carry out the market investigation on their international business information flow on behave of the hospital.
The perspective financial challenges of the hospital in the case study will actually improve much better upon the execution of the international market proposal. The diversification of the services will help in gaining more customers for their services. Bearing in mind that the hospital is well known for its quality services, this will give it a competitive advantage over the competitors. At first, the hospital will have to strain in the implementation of the project, but the payback period will be much less due to a wider market. The data provided from the Warbird will be a key parameter for accessing crucial strategic market areas. Also since the financial markets were all created and operated by an individual, the same will apply to the hospitals. The fact that there are competitors in the market; it shouldn’t deny the hospital the opportunity to expand its services delivery to the international market since there is a predicted huge market gap internationally.
Financial management in a healthcare organization helps in managing money and risk effectively. Considering the importance of healthcare organization to society, financial management is necessary to be executed. The financial management for healthcare involves five main categories. Evaluation and planning allow the organization to have a future plan hence helping it in remaining focused. Long-term investment decisions, for instance in my considered case of study, the expansion of the hospital to the international market will be a long term decision from the management team. Under financing, financial management plays a key role in raising funds for expenditure and analyzing the benefits and losses of a given project. And finally, financial management helps in contract management which usually involves negotiating, sign and monitoring of all the contacts with ambulance and insurance companies.
References
Bohmer, R. M. (2016). The solid work of fitness care alteration. Novel England Journal of medication, 375(8), 709-711.
Cleverley, W. O., & Cleverley, J. O. (2017). Fundamentals of strength care finance. Jones & Bartlett Learning.
Finkler, S. A., Smith, D. L., & Calabrese, T. D. (2018). Financial supervision for communal, health, and not-for-profit organization.
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The tactical running of health care associations. John Wiley & Sons.
Shanks, N. H. (Ed.). (2016). preface to health care supervision. Jones & Bartlett Publishers.
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