What I learned in this class about health care finance and the role of a health care financial manager was an eye-opener for me. It gave me insight into just how important the financial side of healthcare is, not only from a business standpoint but also from an ethical one as well.
You may have started this class with a completely different understanding of what health care finance means or what the function of a health care financial manager is or could be. How has what you learned in this class influenced your future plans?
Prior to taking this class, I had no idea how complex and multifaceted healthcare finances were. My previous understanding was that it was all about crunching numbers and making sure everything balanced out correctly at the end of the day but now I see so much more than that. In addition to monitoring accounts receivable, analyzing budget plans, and coordinating payment schedules with patients, providers and insurers, I have learned that managing healthcare financing requires a deep understanding of health insurance laws and regulations which can be complicated to interpret and implement. As such, we must approach the task with knowledge about both legal matters as well as sound principles for effective financial management in order to ensure patients receive quality care while still protecting the organization’s bottom line.
Furthermore, my education on health care finance has shown me how vital it is for organizations like hospitals or primary medical centers to employ professionals who are able to make decisions based on facts rather than emotions when it comes time to make hard or unpopular choices regarding resource allocation or cost control measures. Understanding these types of issues helps us create better strategies for providing services efficiently while minimizing costs without compromising quality of care delivered. Additionally, having expertise in accounting principles related to profitability analysis enables informed decision-making when considering investments such as new equipment purchases or facility upgrades needed for improved patient safety standards across multiple departments within a hospital setting.
Overall what I have gained from learning about health care finance will help shape my future career path considerably by giving me detailed insight into both operational processes used by medical facilities along with how best practices in accounting principles can be utilized effectively throughout each stage of operations -allowing them to maximize profit margins with minimal waste spending yet still provide quality treatments & services for their patients/clients alike . With this comprehensive knowledge under my belt now ,it will serve beneficial if decide pursue a career specifically in Health Care Financial Management where i can use experience & skills combined ,to work hand-in-hand alongside other senior staff members others medical team personnel determine appropriate funding sources , approve budgets develop effective strategies enable clinics/hospitals operate successfully financially sustainable manner .