Question

Discuss the importance of understanding the time value of money from a healthcare organization's point of view. Why would a healthcare administrator need to conern themselves with this concept? What decisions might be made, based on the time value of money?

Imagine you are the director of a large medical facility. You are asked to explain the different between productive time and nonproductive time to your Board of Directors. How will you explain that concept?

Answer 1

The time value of money is the concept that available for money for the present time and for their future due to their earning potential capacity. As health care Administrator, their concern about the time value of money is important for running their organization. Time period opportunity to increase its investment their current money within the organization has to earn more money. for health care administration this is the important concept for their financial decisions that impact the quality of life and the ability to improve the organization's value of money. Healthcare flowcharts of patient care algorithms, medical coding and billing process, cause of analysis for improvement is the process that to be analyzed, worked with a team and to be replaced that help understand the flow of information for completing the medical records. This to be posted where all the staff can be seen daily.
As a director, productivity is a major concern in day to day workload it increases major issues and risks. Productivity is the science of good meet and concern their issues that lead to better decisions for the problem. Time management and skills are the basic elements as a director to improve productivity.
Unproductivity conflicts occur when there are real issues happens. as a director nonproductive time issues considered as a large issue that went unaddressed. As a director should balance productive time and nonproductive time should be task-oriented that should offer an opportunity for staff for growth and learning.