HSM 543 Week 3 - Thread 2 - Major Objectives of Financial Management | 100% Guaranteed Pass.

Week 3 – Thread 2 - Major Objectives of Financial Management (graded) In the readings, Nowicki presents a list of six major objectives of financial management. Considering those points, if you were part of a newly formed hospital management team, which two would you consider the most critical to your organization's continued viability and success? Discuss the reasons for your selections. This section lists options that can be used to view responses. Collapse All Print View Show Options Responses Responses are listed below in the following order: response, author and the date and time the response is posted. Sort by Read/Unread Sort by Response Sorted Ascending, click to sort descending Sort by Author Sort by Date/Time* (an instructor response) Collapse Mark as Unread Looking forward! Professor Nathanson Email this Author 7/16/2016 9:14:31 AM Class, I look forward to your ideas and contributions this week, regards, Craig. Collapse Mark as Unread RE: Looking forward! Steven Shanab Email this Author 7/18/2016 1:29:12 PM The six major objectives of financial management are generate income, respond to regulations, facilitate relationships with third-party payers, influence method and amount of payment, monitor physicians, and protect tax status (Nowicki 6-7). One of the objectives that would be very important to me would be monitoring physicians. It is crucial that not only are the physicians providing the proper care, but also documenting the care that they are giving to the patients. If a patient doesn't need a certain test or the physician cannot justify it, then the insurance company will not pay. In essence, this ties into another objective of generating income. It's essential that my organization maintains a proper listing of revenue and expenses, and learn how to decrease expenses without decreasing revenue. Nowicki, Michael, EdD, FACHE, FHFMA. Introduction to the Financial Management of Healthcare Organizations, Fifth Edition, 5th Edition. Health Administration Press, 06/2011. VitalBook file.