Define healthcare finance and provide three examples of how

Define healthcare finance and provide three examples of how it affects managers at all levels within the organization.

Solution

Health care is the diagnosis, treatment, and prevention of disease, injury, or any other physical and mental impairments in mankind. Health care is delivered by practitioners in allied health, midwifery,dentistry, medicine, optometry, pharmacy,nursing, psychology and other health professions. It pertains to the work done in giving primary care, secondary care, and tertiary care, and in public health

Health care finance is a branch of finance which helps patients and health care beneficiaries fund for medical expenses in both short and long terms.

There are usually five basic ways of funding health care systems:

For any industry, financial management comprises handling of routine financial operations, like negotiating contracts, making cash available for expenditures like payroll, and having a cash cushion for unexpected costs. At the executive level, financial management implies providing the other members of the leadership team with information to device strategic plans to prepare for the future. For instance, health care providers, like big physician practices might decide to offer expanded tests by buying new medical equipment. Helping to make the decision and finding the optimal way to fund for it are parts of financial management