Importance of financial management in health care. Please discuss the following:
How would you explain the importance of financial management in healthcare?
Describe financial models utilized in the health care industry.
Reference
Financial management is the backbone of any healthcare organization, irrespective of its size or complexity. It’s the lifeblood that ensures the provision of quality care, sustains operations, and enables growth.
Several financial models are employed in the healthcare industry:
It’s important to note that the healthcare industry is undergoing a shift towards value-based care models, emphasizing quality outcomes over volume of services.