The Healthcare Administrator’s Role in Fiscal Planning and Management

Introduction

  • The heterogeneity and structural diversity of financial system’s elements;
  • The versatility of sources of financing for health care -> multivariate financial management;
  • Economic interests of health care organizations and their financial activities.
    • The effectiveness of the macroeconomic policy

Finance in Health Care Organizations and Financial Activities

  • Estimating costs and profitability, planning, and budgeting;
  • Managing financial operations;
  • Financing decisions;
  • Capital investment decisions;
  • Financial reporting;
  • Financial and operational analysis.

Strategic Planning

  • Development of a general strategy;
  • Strategic controlling;
  • Human resource management;
  • Risk management; ▪ Quality management; ▪ Legal support.
  • Timely adaptation to the changing factors and effective distribution and use of the resources.

Budgeting

  • Clearer statement goals and objectives;
  • “Digitization” of the company’s strategic goals;
  • Understanding the number of resources required to achieve the set goals;
  • Estimation of the investments;
  • Monitoring and response to arising deviations.

Regulatory Compliance

  • Legal and regulatory requirements, standards, policies, and rules
    • Compliance policy (Trifilio, 2018);
  • Structured following the strategic goals and objectives;
  • The structure of the compliance function and the procedure for managing its implementation

Insurance and Reimbursement

  • Insurance <-> financing model;
  • Types of insurance are essential to consider when planning financial activities.
  • Tasks of planning vary.

Human Resources, Human Capital, and Staffing

  • Effectiveness of the health system <-> the quality of workforce (World Health Organization, 2016);
  • Optimal ways to motivate labor resources, equitable distribution, and productivity;
  • Cost efficiency <-> Strategic HR <-> Patient satisfaction (Oppel et al., 2017);
  • Economic forces -> organization of financial activity in staffing.

References

Claxton, G., Cox, C., Gonzales, S., Kamal, R., & Levitt, L. (2019). Measuring the quality of healthcare in the U.S. Health System Tracker. Web.

Du, J. Y., Rascoe, A. S., & Marcus, R. E. (2018). The growing executive-physician wage gap in major US nonprofit hospitals and burden of nonclinical workers on the US healthcare system. Clinical Orthopaedics & Related Research, 476(10), 191– 1919. Web.

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Gapenski, L. C. (2016). Healthcare finance: An introduction to accounting & financial management. Health Administration Press.

Hut, N. (2021). Survey data highlights shortcomings in private insurance coverage compared with Medicare. Healthcare Financial Management Association. Web.

Kaiser Family Foundation. (2014). Health insurance explained – The YouToons have it covered. YouTube. Web.

Oppel, E., Winter, V., & Schreyögg, J. (2017). Evaluating the link between human resource management decisions and patient satisfaction with quality of care. Health Care Management Review, 42(1), 53– 64. Web.

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Reiter, K. L., & Song, P. H. (2018). Gapenski’s fundamentals of healthcare finance. Health Administration Press.

Trifilio, S. (2018). The true cost of healthcare regulatory compliance. HealthcareSource. Web.

World Health Organization. (2016). Global strategy on human resources for health: Workforce 2030. Web.

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