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The finance division of a hospital, clinic, or other medical organization needs to do continuous quality improvement work, just like any other unit of the hospital. List at least four operational measures of finance and accounting that you could employ in your own organization for quality assessment of the finance functions. State a performance goal for each measure you select.
You have learned in this unit that creating the operational budget for a healthcare facility is not a once-per-year event. It is a continuous process with an annual cycle. List and describe the six key steps in the operational budget cycle, and briefly summarize the activities that take place in each step.
Review the website of the Healthcare Financial Management Association: www.hfma.org .
What is the role of this organization in modern healthcare leadership? What professional growth opportunities do they offer their members? Would you personally consider a career path involving Healthcare Financial Management Association (HFMA)? Why, or why not?
Financial Management Questions
Length: 3 pages (900 Words)
Quality Assessment of Finance Functions
Nearly all organizations face the threat of loss of physical and financial assets and hence due diligence is continually required. As noted by White and Griffith (2010), operational measures that would be employed for quality assessment of the finance functions include the following:
a) Putting in place detailed procedures to handle various financial transactions. These procedures may rely primarily on the division of roles between two or more people and involve routine reporting as a form of checks and balances. An example would include having one person being in charge of authoring transactions while the other is tasked with the responsibility of collection or disbursement of funds to personnel in charge of accounting. Performance goal would be to ensure accurate and timely recording of transactions and collection and disbursement of funds.