HMGT 322 PART 4
BYSTANDER
FINANACIALPRACTICESFORHEALTHCARE1.pptxFINANACIAL PRACTICES FOR HEALTH CARE:AMBULATORY CENTER
Financial Practices for Health Care: Ambulatory Center
Name
University/ College
Identification and description of my healthcare organization.
Ambulatory center
This is a medical health care which is provided on an out patient basis.
It can include advanced medical technology and procedures even when it is provided outside the hospital.
Ambulatory health center is a medical healthcare which provides an out patient basis (Chiang et al., 2017). It ca also include the advanced medical technology and procedures even when it is provided outside the hospital.
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Types of ambulatory care settings
Mobile care settings
Smartphone , computer and internet settings
Convenient care clinic settings
Work based clinic settings
Freestanding emergency department
To begin with the mobile care settings, this is a type of ambulatory which mostly consist of convertible busses (Grossmeier et al , 2016) These buses are used to provide health care services to outpatients. Secondly is the smartphone, computer and internet settings type of ambulatory. In this type of ambulatory, patients get in touch with their health care providers through portals and medical website. From these websites, the patients can get advises from their health providers without necessarily visiting the hospital. The convenient care clinic setting are located in existing retail drug and big-box stores, these clinics treat a limited number of conditions and are staffed by mid-level providers on a first-come, first-seen basis, though there is some experimentation with scheduled appointments. Finally, is the free standing emergency department. These are types of ambulatory which are like hospitals. they can accommodate patients who can require admission (Grossmeier et al , 2016).
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Best financial practices in an organization: Ambulatory Center
Monitoring and measuring of performance
Application of cloud accounting system
Understanding and planning tax payment
Maintenance of financial stability
Management of organization Finances
To begin with monitoring and measuring of performance, it is important to keep track of how money is being spent in the organization. It is therefore important to for the accounting department of ambulatory health centers to keep record of every transaction that occurs (Frinkler et al., 2016). Secondly is the application of the cloud accounting system. This accounting system is very significant because it enables the organization to work faster. To continue, understanding and planning tax payment. Planning of tax payment is essential to an organization since it enables it to use its resources sparingly so that it does not go bankrupt to the level that it can not pay for its expenses. Additionally, maintenance of financial practices enables the organization to maintain financial stability since the organization will be able to control the amount of money that leaves the organization.
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Importance of understanding and planning tax payment
Enables the organization change the business structure
Enables the organizations plan for its loses
Enables the organization to estimate payments
It can help the organization to defer salary payments
Enables the organization plan its resources adequately
Understanding and planning tax payment help change the organization structure. This is because if an organization expects that a different business structure will benefit the organization. It is appropriate to change the business structure and it will apply to the full tax year. Secondly planning tax payment enables the organization to plan for its losses. This is because when. This is because when an organization realizes that it has made losses, it will make sure that it puts a side some money for the tax. Secondly an organization is able to make estimates on payment by deducting its tax liability from it revenue then divide the remaning amount of revenue on the payments it is supposed to make. Additionally, when an organization has realized that its revenue cannot support its tax and other expenses, he can carry thetax liability to the next month so that he pays double. Finally, planning tax payment enables organizations to plan for its resources adequately since it will be able to know the amount of resources it will remain with after paying tax.
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Importance of applying the cloud accounting system
It works both online and offline
It has easy access at aby time
It enables easy sharing of data
Financial data is centralized
cloud accounting is easy to access at any time since the financial controllers do not have to be in office to work. They can work even through using thri ohones. Secondly through the online financial data management the accountants can share the information through the internet . Finally, the cloud system has centralized financial data since every financial information of the organization are stored in a particular online file which can be accessed easily.
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Importance of monitoring and measuring of performance in an organization
It would help the ambulatory center know the strengths weaknesses opportunity and threats the organization is exposed to.
Helps in the measure of the organization success
It helps the organization know whether it has achieved its goals or not
Through measuring the performance of the organization, an ambulatory organization can learn its weaknesses and strengths by comparing how it has done on different areas of the economy (Grossmeier et al 2016). Additionally, measuring the performance of the organization helps the organization measure its success by comparing its initial performance with the current performance. To continue, it will enable the organization to know whether it has achieved its set goals or not.
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Importance of maintaining financial stability of the organization
Enables the organization to plan for the future
It enables the organizations to forecast on its future income
It enables the organization to settle its debts at the correct time
It enables the organization to grow steadily
Financial stability of the organization enable it to plan for the future of the organization since an organization with steady finances can forecast the resources that it is expecting to get. Making it able to plan for the future. Secondly, steady finances enables the organization to settle its debts because the finances needed for theses activities are available (Chiang et al 2017). Finally, there will be steady growth of the organization since there is availability of funds needed for investment.
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Importance of management organization finance
Enables the organizations to plan for it future activities
It enables the organization to pay its expenses like employee salaries on time
It ensures the continuity of an organization
It can influence investment decision of shareholder.
To begin with enabling the organization to plan for its future activities, when the finances of the organization are properly managed, the is room for future planning since the organization is able to know the resources that are available. Secondly managing the finances of the organization enables the organization to pay its expenses. This is because proper management of the firms resources would provide room for some resources to remain for the purpose of wages. Additionally, when the finanaces of the organization are properly managed, there can beinvestments that can be made . These investments may include opening other branches of the organization. Finally, proper management of the organization resources would encourage shareholders to make investment decisions such as buying the organization’s shares.
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Consequences of not following financial practices
It tarnishes the organization’s name
It can lead to embezzlement of funds since there is no accountability
Organization can collapse
Can lead to organization bacruptcy
To begin with the first consequence, not following the best financial practices can lead to tarnishing the organization’s name. this is because financial resources of the organization will be mismanaged because there is no accountability (Weimer et al 2017). Secondly, funds can be embezzled. This is because the organization will not being apposition to know where the resources have been used. Additionally, not following the required financial practices can lead to collapse and banckrupcty. This because it might reach a point where there is no money to run the health organization.
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Reference
Chiang, L. K., & Ng, L. (2017). Holter Monitoring (Ambulatory Electrocardiography) Defined Cardiac Arrhythmia Among Patients Presented with Palpitation in the Primary Care Setting. Journal of Family Medicine and Health Care, 3(1), 12.
Grossmeier, J., Fabius, R., Flynn, J. P., Noeldner, S. P., Fabius, D., Goetzel, R. Z., & Anderson, D. R. (2016). Linking workplace health promotion best practices and organizational financial performance: tracking market performance of companies with highest scores on the HERO scorecard. Journal of occupational and environmental medicine, 58(1), 16-23.
Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial management for public, health, and not-for-profit organizations. CQ Press.
Weimer, D. L., & Vining, A. R. (2017). Policy analysis: Concepts and practice. Taylor & Francis.
