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    Financialmanagement 1

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    Sujatha J Jayabal
    Financial management is the process of arranging funds for an organization to function effectively and includes activities like budgeting. It is important for healthcare organizations as they require significant funds for infrastructure, equipment, services, and more. Nurses need to play a role in financial management by having a basic understanding of budgets and finding ways to reduce costs while still providing quality patient care. A budget is a detailed financial plan that focuses on an organization's objectives and requirements and helps coordinate departments and evaluate performance.

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    Financialmanagement 1

    Uploaded by

    Sujatha J Jayabal
    1K views3 pages
    Financial management is the process of arranging funds for an organization to function effectively and includes activities like budgeting. It is important for healthcare organizations as they require significant funds for infrastructure, equipment, services, and more. Nurses need to play a role in financial management by having a basic understanding of budgets and finding ways to reduce costs while still providing quality patient care. A budget is a detailed financial plan that focuses on an organization's objectives and requirements and helps coordinate departments and evaluate performance.

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    financial management

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    financialmanagement-1

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    Financial management is the process of arranging funds for an organization to function effectively and includes activities like budgeting. It is important for healthcare organizations as they require significant funds for infrastructure, equipment, services, and more. Nurses need to play a role in financial management by having a basic understanding of budgets and finding ways to reduce costs while still providing quality patient care. A budget is a detailed financial plan that focuses on an organization's objectives and requirements and helps coordinate departments and evaluate performance.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    1K views3 pages

    Financialmanagement 1

    Uploaded by

    Sujatha J Jayabal
    Financial management is the process of arranging funds for an organization to function effectively and includes activities like budgeting. It is important for healthcare organizations as they require significant funds for infrastructure, equipment, services, and more. Nurses need to play a role in financial management by having a basic understanding of budgets and finding ways to reduce costs while still providing quality patient care. A budget is a detailed financial plan that focuses on an organization's objectives and requirements and helps coordinate departments and evaluate performance.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    Financial management

    DEFINITION

    It is a set of administrative activities concerned


    with arrangement of cash and credit for the
    organization for enabling it to function as effectively
    as possible

    IMPORTANCE

    Health care organizations need money and an


    efficient financial management system for carrying
    out client centered activities for which tremendous
    expenditure is involved in:
     Building and maintaining the infra-structure
     Procuring drugs, supplies and equipment
     Under taking medical laboratory services,
    radiographic services, diagnostic investigative
    services with use of sophisticated equipment, &
    invasive procedures, blood banking services,
    dietary services, pharmacy services, laundry
    services, centralized sterile supply services and
    so on.
    ROLE OF NURSE IN FINANCIAL
    MANAGEMENT

    1. Health care organization not considered as


    income generating institution earlier, are
    gradually showing a trend developing into a
    profit making industry.
    2. Nurses need to play their role in financial
    management in these institutions adequately.
    3. This apart, the hospital administrators have
    become conscious about nurses’ role in
    improving the cost-effectiveness of patient care.
    4. A substantial portion in the hospital budget goes
    towards nursing costs.
    5. Nurses also need to have a basic knowledge
    about budget and budgetary process so that, they
    can participate in reducing costs in the hospitals
    and also justify their budgetary allocations in the
    interest of patient care services and improved
    work environment.
    BUDGET

    DEFINITION:

    It is a structured plan for managing income and


    expenses.

    It is a detailed plan of operations for some specified


    future period followed by system of record which will
    serve as a check upon the plan.

    PRINCIPLES:

    1. It should provide sound financial management by


    focusing on requirement of the organization
    2. It should focus on objectives & policy of
    organization
    3. It requires that programme activities planned in
    advance.
    4. It should include co-coordinating efforts of various
    departments establishing a frame of reference for
    managerial decisions and providing a criterion for
    evaluation managerial performance.
    5. It should prepared under the direction and
    supervision of the administrator or financial officer
    6. It should necessitate a review of the performance of
    the previous year.

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