final submission

Boston Children’s Hospital

Multinational organizations have a number of advantages they enjoy. This could include serving clients or customers from different countries. Thus this means that all day long, people from around the world fly to their centers in search of their services. Such like organizations enjoy this privilege because the kind of services they offer are a world class most efficient kind of service thus the large number of customers who like them. However they also face a number of challenges too. The major challenge is the competition from other similar service providers who will sabotage your market penetration.

Like for this case I am looking at the financial management case study of Boston Children’s Hospital. Financial management refers to the ability to use the money derived from the business in terms of revenue and other sources in the aim of achieving the company’s objectives. Objectives are diverse and need best management practices to see that they are achievable. Boston Children’s Hospital is the world’s best known children’s hospital. It receives its patients from around the world. The hospital has an issue related to finding out how its international business information flows and that they had also to find ways in which they could be handling their patients in the best way possible such that the process takes a very short time and that it’s the most efficient (Fowler, Levin, & Sepucha, 2011). By so doing, this would increase their international market share.

Thus they do invite a consultancy firm called Warbird Consulting Partners to help them in designing a tool that would help them to obtain accurate and on time data to help the management come up with a decision. When coming up with a decision that would have a great impact on the revenues of a company needs a lot of discussion and a lot of factors to base on. These factors should however not interfere with the organizations primary objective of being the best children hospital. Thus this makes it a health care facility that is committed to providing healthcare and not an income generating organization. When operating a multinational service providing entity like the Boston children’s hospital, as a management committee you do not have to make cheap decisions, this can really halt the business operations. Thus you need to make business decisions based on proven facts that the decisions will result in a tangible outcome. That is the reason as to why the organization embraced some performance indicators like the ones that related to revenue as the rest remained pending for further refinement.

Managing the finances of an organization is a very challenging task especially when you are looking for better solutions to effectively compete. This is because it is faced by a lot of uncertainty. This is to mean that there is a lot of uncertainty of what the competitors are also doing given that they also looking for how they too can win the larger market. Another challenge about it is that brought about the globalization whereby an organization faces a lot of competition from new companies that are less than ten years old ("Top Ten Problems Faced by Business | Article | BMGI", 2016). This is because there is less understanding of the international markets and the ever changing culture as there may be less information gathering and analysis technique. Thus this is why the Boston children’s hospital has gone to its drawing board and find out on how they can improve on their information system.

Thus by collecting data of the patients from the time they are received to the time the patients leave the facility back to their country, this will help the management determine where in the treatment process takes long and how can they solve it on a friendly cost that will improve their turn around duration (Fabozzi, F. J., Peterson, P. P., & Peterson, P. P., 2003). It will also help the management schedule on what and how to do purchases of equipment of the hospital in order to improve the service delivery.

References

Fowler, F., Levin, C., & Sepucha, K. (2011). Informing and Involving Patients to Improve the

Quality of Medical Decisions. Health Affairs, 30(4), 699-706.