Why is financial management important to the organization? Distinguish between the purpose of healthcare management and...
Why is financial management important to the organization? Distinguish between the purpose of healthcare management and the purpose of health care financial management.
Homework Answers
Financial management is important because of long term sustainability of the business. The important components of financial management are maintaining a good debt to equity ratio, having a healthy bottom line and good revenue sources. The management should reduce expenses and improve operational efficiency to increase the income to the shareholders of the business.
The difference between the two is that healthcare management refers to the overall management of deliver quality healthcare to patients at affordable rates. Healthcare financial management refers to making profits by delivering healthcare services and building a business model in the long run.
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