Herr, H T
Concurrent with the recent development of the hospital financial manager's position has been the emergence of investor-owned multifacility hospital management companies. Many of these companies had their beginnings in the late 1960s. One such company is Hospital Affiliates International, formed in 1967 and now providing management to approximately 150 hospitals. About 50 of these facilities are owned by Hospital Affiliates, and 100 are managed for other, primarily community, nonprofit and governmental organizations. Development of investor-owned management companies has progressed to the extent that as of September 30, 1979 they provided management to approximately 330 hospitals in the United States and in foreign countries.
Boles, K E; Glenn, J K
As PPS and other fixed-price initiatives replace cost-based reimbursement in the hospital industry, the burden of assuming the risk for business success or failure shifts from the payor to the hospital. As a consequence, theories of risk to the business firm which have found application in other industries now deserve attention by hospital management. Incorporating such risk concepts into hospital strategies and actions requires a view of financial management that goes beyond the generally accepted accounting principles of managing and assigning costs for maximum revenue and profitability. This article examines the financial theory of risk in business firms, illustrates the various components of risk as they apply to a hospital business, and discusses how the hospital management strategies of cost-reduction, marketing, diversification, and multiorganizational affiliation can alter the risk characteristics of a hospital business.
Full Text Available This paper evaluated the financial performance of ABC hospital within the period of 2012 to 2013. To overcome the problems faced by the hospital related to how to measure and presented its financial performance in which financial ratio analysis was undertaken. These financial ratios were employed to measure the liquidity, assets utilization, long-term solvency and profitability of the hospital. This analysis was conducted in order to prove whether the hospital has been managed efficiently or not in accordance to Indonesian Hospital Quality Accreditation as stated in its clause on Administration Standard No. 5 Parameter No. 3 that the hospital financial management shall be conducted in appropriate way in order to guarantee its operation efficiently. The result showed that overall financial performance of ABC hospital increased considerably in those two years of the analysis. A significant change was occurred on its solvency ratio which was decreased from -2% to -8%, indicating its loose dependency due to its founder’s strong financial support. Therefore, based on this favorable result, the hospital was regarded to have efficient hospital management and thus, together with other standard fulfillment, it was accredited by Indonesian Health Ministry.
Goldberg, R J
Psychiatry programs are facing significant business and financial challenges. This paper provides an overview of these management challenges in five areas: departmental, hospital, payment system, general finance, and policy. Psychiatric leaders will require skills in a variety of business management areas to ensure their program success. Many programs will need to develop new compensation models with more of an emphasis on revenue collection and overhead management. Programs which cannot master these areas are likely to go out of business. For academic programs, incentive systems must address not only clinical productivity, but academic and teaching output as well. General hospital programs will need to develop increased sophistication in differential cost accounting in order to be able to advocate for their patients and program in the current management climate. Clinical leaders will need the skills (ranging from actuarial to negotiations) to be at the table with contract development, since those decisions are inseparable from clinical care issues. Strategic planning needs to consider the value of improving integration with primary care, along with the ability to understand the advantages and disadvantages of risk-sharing models. Psychiatry leaders need to define and develop useful reports shared with clinical division leadership to track progress and identify problems and opportunities. Leaders should be responsible for a strategy for developing appropriate information system architecture and infrastructure. Finally, it is hoped that some leaders will emerge who can further our needs to address inequities in mental health fee schedules and parity issues which affect our program viability.
Healthcare financing and insurance is changing everywhere. We want to understand the impact that financial pressures can have for the uninsured in advanced economies. To do so we focus on analyzing the effect of the introduction in the US of managed care and the big rise in financial pressures that it implied. Traditionally, in the US safety net hospitals have financed their provision of unfunded care through a complex system of cross-subsidies. Our hypothesis is that financial pressures undermine the ability of a hospital to cross-subsidize and challenges their survival. We focus on the impact of price pressures and cost-controlling mechanisms imposed by managed care. We find that financial pressures imposed by managed care disproportionately affect the closure of safety net hospitals. Moreover, amongst those hospitals that remain open, in areas where managed care penetration increases the most, they react by closing the health services most commonly used by the uninsured.
Full Text Available During the last ten years, the hospitals from the Republic of Moldova have received at least MDL 20 billion from the funds of CHI. Even if the amount of money allocated to hospitals is increasing the level of transparency of public money usage will decrease. Moldovan hospitals, either republican or district, have got used to managing money without reporting what they are doing, even if they are speaking about public money. According to the analysis of Sănătate INFO, no republican hospital did publish full financial reports, by which we can observe how public money managed and its aim. If private hospitals should report on the resources, they receive through the contact with NHIC, then all public institutions should present detailed information about the sources of revenues, which they manage.
Rice-Townsend, Samuel; Hall, Matthew; Barnes, Jeff N; Baxter, Jessica K; Rangel, Shawn J
The purpose of this study was to characterize epidemiologic trends and cost implications of hospital readmission after treatment of pediatric appendicitis. We conducted a 5-year retrospective cohort analysis of 30-day readmission rates for 52,054 patients admitted with appendicitis at 38 children's hospitals participating in the Pediatric Health Information System database. Patients were categorized as "uncomplicated" (postoperative length of stay [LOS] ≤ 2 days) or "complicated" (LOS ≥ 3 days and ≥ 4 consecutive days of antibiotics) and analyzed for demographic data, treatment received during the index admission, readmission rates, and excess LOS and hospital-related costs attributable to readmission encounters. The aggregate 30-day readmission rate was 8.7%, and this varied significantly by disease severity and management approach (uncomplicated appendectomy, 5.6%; complicated appendectomy, 12.8%; drainage, 22.6%; antibiotics only, 24.6%; P management approach (uncomplicated appendectomy, $1946 [31% relative increase]; complicated appendectomy, $6524 [53% increase]; drainage, $6827 [48% increase]; antibiotics only, $5835 [58% increase]; P < .0001). In freestanding children's hospitals, readmission after treatment of pediatric appendicitis is a relatively common and costly occurrence. Collaborative efforts are needed to characterize patient, treatment, and hospital-related risk factors as a basis for developing preventative strategies. Copyright © 2012 Elsevier Inc. All rights reserved.
Singh, Simone Rauscher; Wheeler, John
Effective revenue cycle management--from appointment scheduling and patient registration at the front end of the revenue cycle to billing and cash collections at the back end--plays a crucial role in hospitals' efforts to improve their financial performance. Using data for 1,397 bond-issuing, not-for-profit US hospitals for 2000 to 2007, this study analyzed the relationship between hospitals' performance at managing the revenue cycle and their profitability and ability to build equity capital. Hospital-level fixed effects regression analysis was used to model four different measures of profitability and equity capital as functions of two key financial indicators of revenue cycle management--amount of patient revenue and speed of revenue collection. The results indicated that higher amounts of patient revenue in relation to a hospital's assets were associated with statistically significant increases in operating and total profit margins, free cash flow, and equity capital (p < 0.01 for all four models); that is, hospitals that generated more patient revenue per dollar of assets invested reported improved financial performance. Likewise, a statistically significant link existed between lower revenue collection periods and all four indicators of hospital financial performance (p < 0.01 for three models; p < 0.05 for one model). Hospitals that collected faster on their patient revenue reported higher profit margins and larger equity values. For revenue cycle managers, these findings represent good news: Streamlining a hospital's management of the patient revenue cycle can advance the organization's financial viability by improving profitability and enabling equity growth.
Dong, Gang Nathan
Fiscal constraints faced by U.S. hospitals as a result of the recent economic downturn are leading to business practices that reduce costs and improve financial and operational efficiency in hospitals. There naturally arises the question of how this finance-driven management culture could affect the quality of care. This paper attempts to determine whether the process measures of treatment quality are correlated with hospital financial performance. Panel study of hospital care quality and financial condition between 2005 and 2010 for cardiovascular disease treatment at acute care hospitals in the United States. Process measures for condition-specific treatment of heart attack and heart failure and hospital-level financial condition ratios were collected from the CMS databases of Hospital Compare and Cost Reports. There is a statistically significant relationship between hospital financial performance and quality of care. Hospital profitability, financial leverage, asset liquidity, operating efficiency, and costs appear to be important factors of health care quality. In general, public hospitals provide lower quality care than their nonprofit counterparts, and urban hospitals report better quality score than those located in rural areas. Specifically, the first-difference regression results indicate that the quality of treatment for cardiovascular patients rises in the year following an increase in hospital profitability, financial leverage, and labor costs. The results suggest that, when a hospital made more profit, had the capacity to finance investment using debt, paid higher wages presumably to attract more skilled nurses, its quality of care would generally improve. While the pursuit of profit induces hospitals to enhance both quantity and quality of services they offer, the lack of financial strength may result in a lower standard of health care services, implying the importance of monitoring the quality of care among those hospitals with poor financial health.
Cleverley, W O; Harvey, R K
Comparisons are continuously being made between the financial performance, products and services, of the healthcare industry and those of non-healthcare industries. Several useful measures of financial performance--profitability, liquidity, financial risk, asset management and replacement, and debt capacity, are used by the authors to compare the financial performance of the hospital industry with that of the industrial, transportation and utility sectors. Hospitals exhibit weaknesses in several areas. Goals are suggested for each measure to bring hospitals closer to competitive levels.
Moore, R W
The power and influence of financial officers in large, independent hospitals was examined through their involvement in decisions. Chief financial officers (CFOs) find their role as members of the management team relatively ambiguous and probably underutilized.
Chandra, Hem; Rinkoo, Arvind Vashishta; Verma, Jitendra Kumar; Verma, Shuchita; Kapoor, Rakesh; Sharma, R K
Financial crunch in the present recession results in the non-availability of the right materials at the right time in large hospitals. However due to insufficient impetus towards systems development, situation remains dismal even when funds are galore. Cost incurred on materials account for approximately one-third of the total recurring expenditures in hospitals. Systems development for effective and efficient materials management is thus tantamount to cost-containment and sustainability. This scientific paper describes an innovative model, Hospital Revolving Fund (HRF), developed at a tertiary care research institute in Asia. The main idea behind inception of HRF was to ensure availability of all supplies in the hospital so that the quality of healthcare delivery was not affected. The model was conceptualized in the background of non-availability of consumables in the hospital leading to patient as well as staff dissatisfaction. Hospital supplies have been divided into two parts, approximately 3250 unit items and 1750 miscellaneous items. This division is based on cost, relative-utility and case-specific utilization. 0.1 Million USD, separated from non-planned budget, was initially used as seed money in 1998. HRF procures supplies from reputed firms on concessional rates (8-25%) and make them available to patients at much lesser rates vis-à-vis market rates, levying minimal maintenance charges. In 2009-10, total annual purchases of 14 Million USD were made. The balance sheet reflected 1.4 Million USD as fixed deposit investment. The minimal maintenance charges levied on the patients along with the interest income were sufficient to pay for all recurring expenses related to HRF. Even after these expenses, HRF boosted of 0.2 Million USD as cash-in-hand in financial year 2009-10. In-depth analysis of 'balance sheet' and 'Income and Expenditure' statement of the fund for last five financial years affirms that HRF is a self-sustainable and viable supply chain
从医院财务管理和会计实务出发，分析了执行新医院财务、会计制度的疑点和难点，以期为完善医院财会制度建设提供一些参考。%The article analyzes the implementation of the new hospital financial and accounting principle in the hospi-tal financial management and accounting practice, in order to provide some reference for perfecting hospital accounting system construction.
Catalin-Florinel Stanescu; Laurentiu Mircea Simion
Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.
Cleverley, W O
Financial insolvency is the primary cause of hospital failure. Managers may analyze a hospital's financial statements to anticipate and prevent fiscal problems. Ten measures of fiscal status may be used to evaluate the following: operating profitability nonoperating income equity growth liquidity debt capacity age of facilities revenue generation replacement funds receivables survivability Based on data from the Financial Analysis Service, Catholic hospitals are doing better than other U.S. hospitals in some areas of financial preparedness. In most areas, however, all hospitals suffer by comparison with manufacturers. The 10 principles of solvent and successful operations can help hospitals improve financial resiliency.
This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)
.... The purpose of this paper is to first develop an equipment evaluation process at The Johns Hopkins Hospital which considers both clinical and financial factors when allocating capital dollars to acquire equipment...
Kim, Tae Hyun
Financial distress can have a detrimental influence on the performance of hospitals. Hospital management needs to monitor potential financial distress effectively and know how it will respond depending on the severity of the circumstances. This study examined the multiple factors that may explain the financial distress of nonprofit hospitals during 1998 to 2001 and discussed their importance. To obtain more robust results, financial distress was assessed in 2 ways: first, financial strength index was used to incorporate 4 financial dimensions including profitability, liquidity, leverage, and physical facilities; second, cash flow (CF) was used to address the issues of accrual-based accounting in hospitals. This study finds that decrease in occupancy rate and increase in Medicaid payer mix, health maintenance organization penetration, market competition, physician supply, and percentage of the elderly are associated with increased likelihood of financial distress of urban hospitals. Increases in both Medicare and Medicaid payer mix, however, are related to higher likelihood of financial distress of rural hospitals.
Kaissi, Amer A; Begun, James W
Many common management practices in healthcare organizations, including the practice of strategic planning, have not been subject to widespread assessment through empirical research. If management practice is to be evidence-based, evaluations of such common practices need to be undertaken. The purpose of this research is to provide evidence on the extent of strategic planning practices and the association between hospital strategic planning processes and financial performance. In 2006, we surveyed a sample of 138 chief executive officers (CEOs) of hospitals in the state of Texas about strategic planning in their organizations and collected financial information on the hospitals for 2003. Among the sample hospitals, 87 percent reported having a strategic plan, and most reported that they followed a variety of common practices recommended for strategic planning-having a comprehensive plan, involving physicians, involving the board, and implementing the plan. About one-half of the hospitals assigned responsibility for the plan to the CEO. We tested the association between these planning characteristics in 2006 and two measures of financial performance for 2003. Three dimensions of the strategic planning process--having a strategic plan, assigning the CEO responsibility for the plan, and involving the board--are positively associated with earlier financial performance. Further longitudinal studies are needed to evaluate the cause-and-effect relationship between planning and performance.
Burkhardt, Jeffrey H; Wheeler, John R C
Measuring financial performance in acute care hospitals is a challenge for those who work daily with financial information. Because of the many ways to measure financial performance, financial managers and researchers must decide which measures are most appropriate. The difficulty is compounded for the non-finance person. The purpose of this article is to clarify key financial concepts and describe the most common measures of financial performance so that researchers and managers alike may understand what is being measured by various financial ratios.
Zeller, T L; Stanko, B B; Cleverley, W O
Using audit financial data in a study of 2,189 not-for-profit hospitals for the period 1989-1992, six financial characteristics of performance were defined. These characteristics are profitability factor, fixed-asset efficiency, capital structure, fixed-asset age, working capital efficiency, and liquidity. The statistical output also shows the specific sets of financial ratios that can be used to measure the six characteristics of hospital performance. The results of this study can be beneficial to healthcare financial managers, hospital boards, policy groups, and other relevant entities because it affords them a clear understanding of an institution's financial performance.
Judit Creixans Tenas
Full Text Available Purpose: The present study reflects the economic and financial analysis of private hospitals with non-charitable character in Catalonia 2008-2013. The private health sector is considered to be a service activity that develops an important social role. The study positions these analysed centers in the Catalan and Spanish health sector and presents the main economic and financial indicators to diagnose the situation of these companies during the period indicated by analysing short and long-term results and analysis of changes in equity and cash flows of the wineries. Design/methodology/approach: The data used comes from the statements of the Catalan hospital centers in the period 2008-2013 and in particular, it contains a sample of 94 Catalan private hospitals, that mostly are considered large-level accounting (according to the General Accounting Plan. The economic and financial analysis has carried out using descriptive statistics and analysis results and conclusions have been reached. Findings: The study noted that enables private hospitals in this period have a healthy economic and financial status, although it should improve the management of assets. Most sales are concentrated with a small number of hospitals and, regarding the evolution of the results, produces two distinct stages, the first period of decrease (2008-2010 and the second period of growth and recovery from 2011.. Research limitations/implications: It would be desirable to perform the same study by the Spanish private hospitals in order to compare the economic and financial analysis of the Catalan private sector with the Spanish private sector. Practical implications: It allows us to assess the projection of this sector in recent years in Catalonia in order to take the appropriate economic decisions in this regard. Social implications: The results show the changes that have occurred over the years in the economic crisis of the period analysed. Originality / value: For
Research in Hospitality Management is a peer-reviewed journal publishing papers that ... financial management, marketing, strategic management, economics, ... Articles covering social theory and the history and politics of the hospitality ...
... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management..., HOSPITALS AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 70.21 Standards for financial management systems. (a) Recipients must relate financial data to...
Rural hospitals serve as major sources of health care and employment for their communities, but recently they have been under increased financial stress. What are the causes of this stress, and how have hospitals and their communities responded?
Having worked in the Employees and Commercial Payments Branch of the Financial Management Division for the past 3 summers, I have seen the many changes that have occurred within the NASA organization. As I return each summer, I find that new programs and systems have been adapted to better serve the needs of the Center and of the Agency. The NASA Agency has transformed itself the past couple years with the implementation of the Integrated Financial Management Program (IFMP). IFMP is designed to allow the Agency to improve its management of its Financial, Physical, and Human Resources through the use of multiple enterprise module applications. With my mentor, Joseph Kan, being the branch chief of the Employees and Commercial Payments Branch, I have been exposed to several modules, such as Travel Manager, WebTads, and Core Financial/SAP, which were implemented in the last couple of years under the IFMP. The implementation of these agency-wide systems has sometimes proven to be troublesome. Prior to IFMP, each NASA Center utilizes their own systems for Payroll, Travel, Accounts Payable, etc. But with the implementation of the Integrated Financial Management Program, all the "legacy" systems had to be eliminated. As a result, a great deal of enhancement and preparation work is necessary to ease the transformation from the old systems to the new. All this work occurs simultaneously; for example, e-Payroll will "go live" in several months, but a system like Travel Manager will need to have information upgraded within the system to meet the requirements set by Headquarters. My assignments this summer have given me the opportunity to become involved with such work. So far, I have been given the opportunity to participate in projects resulting from a congressional request, several bankcard reconciliations, updating routing lists for Travel Manager, updating the majordomo list for Travel Manager approvers and point of contacts, and a NASA Headquarters project involving
Although textbooks present corporate finance using a topical approach, good financial management requires an organic approach that integrates the various assignments financial managers confront every day. Breaking the tasks into meaningful subcategories, the current article offers one approach.
Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firms financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide en bloc.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting
Conneely, James F.
Strong financial management is a strategy for strategic planning success in student affairs. It is crucial that student affairs professionals understand the necessity of linking their strategic planning with their financial management processes. An effective strategic planner needs strong financial management skills to implement the plan over…
Lacaria, Chris J.
The scope of this paper is to discuss the financial management of a construction contractor. This paper attempts to approach this subject in a logical and systematic way. It communicates the importance of financial analysis and planning along with cash planning and profit planning. This report is not intended to be an all inclusive discussion of financial management in construction. Contractor's Financial Management is an extremely important subject. It has been told ...
Honoré, Peggy A; Costich, Julia F
The absence of appropriate financial management competencies has impeded progress in advancing the field of public health finance. It also inhibits the ability to professionalize this sector of the workforce. Financial managers should play a critical role by providing information relevant to decision making. The lack of fundamental financial management knowledge and skills is a barrier to fulfilling this role. A national expert committee was convened to examine this issue. The committee reviewed standards related to financial and business management practices within public health and closely related areas. Alignments were made with national standards such as those established for government chief financial officers. On the basis of this analysis, a comprehensive set of public health financial management competencies was identified and examined further by a review panel. At a minimum, the competencies can be used to define job descriptions, assess job performance, identify critical gaps in financial analysis, create career paths, and design educational programs.
... are confined to comparable organizations and financial management positions in the services. These positions most often include comptrollers, deputy comptrollers, and budget officers located at operational...
Dexter, Franklin; Ledolter, Johannes
Surgeons using the same amount of operating room (OR) time differ in their achieved hospital contribution margins (revenue minus variable costs) by >1000%. Thus, to improve the financial return from perioperative facilities, OR strategic decisions should selectively focus additional OR capacity and capital purchasing on a few surgeons or subspecialties. These decisions use estimates of each surgeon's and/or subspecialty's contribution margin per OR hour. The estimates are subject to uncertainty (e.g., from outliers). We account for the uncertainties by using mean-variance portfolio analysis (i.e., quadratic programming). This method characterizes the problem of selectively expanding OR capacity based on the expected financial return and risk of different portfolios of surgeons. The assessment reveals whether the choices, of which surgeons have their OR capacity expanded, are sensitive to the uncertainties in the surgeons' contribution margins per OR hour. Thus, mean-variance analysis reduces the chance of making strategic decisions based on spurious information. We also assess the financial benefit of using mean-variance portfolio analysis when the planned expansion of OR capacity is well diversified over at least several surgeons or subspecialties. Our results show that, in such circumstances, there may be little benefit from further changing the portfolio to reduce its financial risk. Surgeon and subspecialty specific hospital financial data are uncertain, a fact that should be taken into account when making decisions about expanding operating room capacity. We show that mean-variance portfolio analysis can incorporate this uncertainty, thereby guiding operating room management decision-making and reducing the chance of a strategic decision being made based on spurious information.
Lynn, M L; Wertheim, P
An analysis of various financial ratios sampled from open and closed hospitals shows that certain leverage, liquidity, capital efficiency, and resource availability ratios can predict hospital closure up to two years in advance of the closure with an accuracy of nearly 75 percent.
One of the basic goals of financial management is to provide financial property and capital for running of the firm, as well as for its development, that means provide optimal firm´s liquidity.To improve liquidity is possible provide through various ways. In present time there is increasing importance of financial planning., where planning of liquidity presents one of its integral part. Therefore I deal in presented paper with possible liquidity improvement through calculation of financial pl...
This paper provides information for decision making of the managers and the staff of national university hospitals. In order to conduct a financial analysis of national university hospitals, this study uses reports on the final accounts of 10 university hospitals from 2008 to 2011. The results of comparing 2008 and 2011 showed that there was a general decrease in total assets, an increase in liabilities, and a decrease in total medical revenues, with a continuous deficit in many hospitals. Moreover, as national university hospitals have low debt dependence, their management conditions generally seem satisfactory. However, some individual hospitals suffer severe financial difficulties and thus depend on short-term debts, which generally aggravate the profit and loss structure. Various indicators show that the financial state and business performance of national university hospitals have been deteriorating. These research findings will be used as important basic data for managers who make direct decisions in this uncertain business environment or by researchers who analyze the medical industry to enable informed decision-making and optimized execution. Furthermore, this study is expected to contribute to raising government awareness of the need to foster and support the national university hospital industry.
Wang, J Y; Ko, Y C; Wang, J W; Jan, L C; Chang, F M; Lin, K C
Even more restrictive regulations and reimbursement limits seem to be a very heavy burden and stress for most provincial hospitals, especially after the National Health Insurance System has been introduced. The purpose of this project to find a better, universal direction for these hospitals through three steps: 1) Using different financial and accounting ratio indexes to evaluate the general business performance of each hospital. 2) Taking a comprehensive questionnaire with senior managers of each hospital to know their concepts and attitudes concerning external environment and internal operation. 3) Comparing data's correlation and differentiation to ascertain better trends for future operation for all hospitals. The database for this project comes from two resources: 1) Government finance and budget reports of 22 provincial hospitals for the 1994 accounting calendar year. 2) The results of questionnaires returned by 274 senior managers of hospitals, and analysis of these by chi-square test. Through statistical comparison, a number of conclusions can be made: 1) Most hospitals have better operation efficiency if any professional hospital administrator is working for them. 2) The hospital with more comprehensive personnel system shows better business performance. 3) The hospital with routine and formal financial analysis reports always has better business performance. 4) The hospital with poor operational efficiency tends to get rid of restriction or limitation from government's system. 5) The hospital with good operational efficiency has more confidence and desire to improve and change. 6) The hospital with poor operational efficiency is more dependent on outside support from government. 7) The hospital with better business performance has more concern about the impact of malpractice around the hospital. In short, a hospital with poor business efficiency always has more pessimistic attitude and tends to rely on outside resource support. On the other hand, a
Full Text Available The essence and nature of financial risks are investigated. Their classification is conducted. The features of financial risk management and the main methods of management are considered. The ways of risk compensation are identified. It is proved that the objective external risk basis is such market imperfections as externalities of enterprises and incomplete information about the operation of the business environment and internal objective basis risk – the objective function to maximise profits in a competitive environment. It is revealed that to compensate market imperfections business entities should develop a strategy that combines fill in missing information and neutralise or minimise externalities that tactically implemented in financial risk management programs.
Research in Hospitality Management (RHM) is a peer-reviewed journal ... to the quintessential managerial areas of Finance, Human Resources, Operations, ... competency and career development of hospitality management students · EMAIL ...
The Federal Financial Management Improvement Act of 1996 requires DoD financial management systems to comply substantially with Federal financial management system requirements, Federal accounting standards, and the U.S...
Editorial Staff, Jce
This report announces the retirement of Mary Orna from the position of Publication Manager of JCE and gives information on the Board of Publication decision to change the management of the Journal 's business and financial affairs to a new system consisting of a treasurer and a business manager, and announces the appointments to those positions.
Crowe, Daniel; Garman, Andrew N; Li, Chien-Ching; Helton, Jeff; Anderson, Matthew M; Butler, Peter
Affordable Care Act legislation is requiring leaders in US health systems to adapt to new and very different approaches to improving operating performance. Research from other industries suggests leadership development can be a helpful component of organizational change strategies; however, there is currently very little healthcare-specific research available to guide design and deployment. The goal of this exploratory study is to examine potential relationships between specific leadership development practices and health system financial outcomes. Results from the National Center for Healthcare Leadership survey of leadership development practices were correlated with hospital and health system financial performance data from the 2013 Medicare Cost Reports. A general linear regression model, controlling for payer mix, case-mix index, and bed size, was used to assess possible relationships between leadership practices and three financial performance metrics: operating margin, days cash on hand, and debt to capitalization. Statistically significant associations were found between hospital-level operating margins and 5 of the 11 leadership practices as well as the composite score. Relationships at the health system level, however, were not statistically significant. Results provide preliminary evidence of an association between hospital financial performance and investments made in developing their leaders.
N. V. Myroshnyk
Full Text Available The concept «finance» is defined. It is investigated that in conditions of the market economy for effective management of financial resources the provision of enterprise activities with optimal amount of the financial resources, their rational use, the profit maximization, and the provision of market cost of enterprise are necessary. In conditions of the market economy the issues of improvement of management of production processes, efficient use of financial, labor and material resources become urgent. To solve such problems, the enterprise administrations should be aware of the knowledge of economics, production technologies, and finance.
McCue, M J; Furst, R W
This article focuses on the preacquisition financial condition of not-for-profit hospitals acquired by investor-owned hospital chains. Financial ratios are used to determine if not-for-profit hospitals acquired by investor-owned hospital systems have common financial characteristics which make them a likely target for a takeover. The results indicate that during the time period studied, investor-owned hospital systems did tend to purchase hospitals with common financial characteristics and that these characteristics provide a reasonable description of a financially distressed hospital. This finding has important consequences for our health care delivery system. PMID:3771232
Clement, J P; McCue, M J; Luke, R D; Bramble, J D; Rossiter, L F; Ozcan, Y A; Pai, C W
Acute care hospitals have increasingly been forming local strategic hospital alliances (SHAs), which consume considerable resources in forming and may affect the competitiveness of provider markets. This research shows that SHAs and market factors, which have been perceived to be threats to hospitals, are related to hospitals' financial performance. Among the findings are that SHA members have higher net revenues but that they are not more effective at cost control. Nor do the higher net revenues result in higher cash flow. However, increasing SHA penetration in a market is related to lower net revenues per case. In addition, the penetration of private health maintenance organizations in markets is associated with lower revenues and expenses.
Dong, Gang Nathan
This paper examines the hospital management practices of manipulating financial earnings within the bounds of generally accepted accounting principles (GAAP). We conduct regression analyses that relate earnings management to hospital characteristics to assess the economic determinants of hospital earnings management behavior. From the CMS Cost Reports we collected hospital financial data of all U.S. hospitals that request reimbursement from the federal government for treating Medicare patients, and regress discretionary accruals on hospital size, profitability, asset liquidity, operating efficiency, labor cost, and ownership. Hospitals with higher profit margin, current ratio, working capital, days of patient receivables outstanding and total wage are associated with more earnings management, whereas those with larger size and higher debt level, asset turnover, days cash on hand, fixed asset age are associated with lower level of earnings manipulation. Additionally, managers of non-profit hospitals are more likely to undertake some form of window-dressing by manipulating accounting accruals without changing business models or pricing strategies than their public hospital counterparts. We provide direct evidence of the use of discretionary accruals to manage financial earnings among U.S. hospitals and the finding has profound policy implications in terms of assessing the pervasiveness of accounting manipulation and the overall integrity of financial reporting in this very special public and quasi-public service sector.
Mowll, C A
This study uses a new relative risk methodology developed by the author to assess and compare certain performance indicators to determine a hospital's relative degree of financial vulnerability, based on its location, to the effects of increased managed care market penetration. The study also compares nine financial measures to determine whether hospital in states with a high degree of managed-care market penetration experience lower levels of profitability, liquidity, debt service, and overall viability than hospitals in low managed care states. A Managed Care Relative Financial Risk Assessment methodology composed of nine measures of hospital financial and utilization performance is used to develop a high managed care state Composite Index and to determine the Relative Financial Risk and the Overall Risk Ratio for hospitals in a particular state. Additionally, financial performance of hospitals in the five highest managed care states is compared to hospitals in the five lowest states. While data from Colorado and Massachusetts indicates that hospital profitability diminishes as the level of managed care market penetration increases, the overall study results indicate that hospitals in high managed care states demonstrate a better cash position and higher profitability than hospitals in low managed care states. Hospitals in high managed care states are, however, more heavily indebted in relation to equity and have a weaker debt service coverage capacity. Moreover, the overall financial health and viability of hospitals in high managed care states is superior to that of hospitals in low managed care states.
As the healthcare marketplace, characterized by declining revenues and heavy price competition, continues to evolve toward managed care, teaching hospitals are being forced to act more like traditional industrial organizations. Profit-oriented behavior, including emphases on market strategies and competitive advantage, is now a necessity if these hospitals are going to survive the transition to managed care. To help teaching hospitals evaluate strategic options that maximize financial effectiveness, this study examined the financial and operating data for 100 major U.S. teaching hospitals to determine relationships among competitive strategy, market environment, and financial return on invested capital. Results should help major hospitals formulate more effective strategies to combat environmental turbulence.
Full Text Available One of the basic goals of financial management is to provide financial property and capital for running of the firm, as well as for its development, that means provide optimal firm´s liquidity.To improve liquidity is possible provide through various ways. In present time there is increasing importance of financial planning., where planning of liquidity presents one of its integral part. Therefore I deal in presented paper with possible liquidity improvement through calculation of financial planning in chosen slovac magnesite firm, exploitating and elaborating magnesite raw material.For creating of financial plann of liquidity I chosed to use one of the practical methods - method of financial indexes. Such method presents process of planning optimal liquidity with providing of required rentability. Such plann must provide balance between income and outcome, as well as secure achievment of expected profit.I used tools of financial planning for calculation of possible liquidity improvement in mentioned firm, where present financial situation is characterised by law liquidity, but high rentability. Such position presents transitive crisis situation, therefore firm must create new financial property or decrease liabilities, in order to overcome negative state of liquidity.Performed calculation showed, that change in balance sheet due to the growth of financial property will improve liquidity, rentability will be maintained, therefore firm will be able to transit from crisis situation.Providing of liquidity will present one of possible way how to care for financial health of firm. But such process is not simple, it must be done with connection to the changes of internal and external conditions of the firm.
... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Financial management. 1260.26 Section 1260... AGREEMENTS General Provisions § 1260.26 Financial management. Financial Management August 2003 (a) Advance payments through a Letter of Credit will be made by the Financial Management Office of the NASA Center...
Five strategies can help hospital financial leaders balance their organizations' financial and risk positions: Understand the hospital's financial condition; Determine the desired level of risk; Consider total risk; Use a portfolio approach; Explore best-case/worst-case scenarios to measure risk.
Tronc, Keith, Ed.
Because Australian school principals are being given increasing autonomy, knowledge of basic accounting principles and skill in elementary financial management are becoming more necessary. This book attempts to supply school administrators with information needed to handle new accounting duties and to lay a foundation for future fuller involvement…
... 7 Agriculture 6 2010-01-01 2010-01-01 false Financial management. 634.40 Section 634.40..., DEPARTMENT OF AGRICULTURE LONG TERM CONTRACTING RURAL CLEAN WATER PROGRAM Financial Management § 634.40 Financial management. (a)(1) Finance and accounting will be in conformance with Office of Management...
Dowling, Nicki; Hoiles, Lauren; Corney, Tim; Clark, David
In two studies of young Australian workers, participants generally displayed positive attitudes towards financial management practices; however, a substantial proportion failed to display positive financial management practices, experienced financial problems and dissatisfaction, and reported low rates of seeking financial assistance, particularly…
Noh, Wonjung; Lim, Ji Young
The purpose of this study was to identify the financial management educational needs of nurses in order to development an educational program to strengthen their financial management competencies. Data were collected from two focus groups using the nominal group technique. The study consisted of three steps: a literature review, focus group discussion using the nominal group technique, and data synthesis. After analyzing the results, nine key components were selected: corporate management and accounting, introduction to financial management in hospitals, basic structure of accounting, basics of hospital accounting, basics of financial statements, understanding the accounts of financial statements, advanced analysis of financial statements, application of financial management, and capital financing of hospitals. The present findings can be used to develop a financial management education program to strengthen the financial management competencies of nurses. Copyright © 2015. Published by Elsevier B.V.
Brzović, Z; Richter, D; Simunić, S; Bozić, R; Hadjina, N; Piacun, D; Harcet, B
The periodic income and expenditure accounts produced at the hospital and departmental level enable successful short term management, but, in the long run do not help remove tensions between health care demand and limited resources, nor do they enable optimal medical planning within the limited financial resources. We are trying to estabilish disease category costs based on case mixing according to diagnostic categories (diagnosis related groups, DRG, or health care resource groups, HRG) and calculation of hospital standard product costs, e.g., radiology cost, preoperative nursing cost etc. The average DRG cost is composed of standard product costs plus any costs specific to a diagnostic category. As an example, current costing procedure for hip artheroplasty in the University Hospital Center Zagreb is compared to the management accounting approach based on British Health Care Resource experience. The knowledge of disease category costs based on management accounting requirements facilitates the implementation of medical programs within the given financial resources and devolves managerial responsibility closer to the clinical level where medical decisions take place.
.... As a result, DoD has prepared the Financial Management Improvement Plan (the Plan), which is a strategic framework that includes the Departments financial management concept of operations for the future...
The purpose of this thesis was to implement a hospital management software which is suitable for small private hospitals in Nigeria, especially for the ones that use a file based system for storing information rather than having it stored in a more efficient and safer environment like databases or excel programming software. The software developed within this thesis project was specifically designed for the Rainbow specialist hospital which is based in Lagos, the commercial neurological cente...
Holmes, George M; Pink, George H; Friedman, Sarah A
To compare the financial performance of rural hospitals with Medicare payment provisions to those paid under prospective payment and to estimate the financial consequences of elimination of the Critical Access Hospital (CAH) program. Financial data for 2004-2010 were collected from the Healthcare Cost Reporting Information System (HCRIS) for rural hospitals. HCRIS data were used to calculate measures of the profitability, liquidity, capital structure, and financial strength of rural hospitals. Linear mixed models accounted for the method of Medicare reimbursement, time trends, hospital, and market characteristics. Simulations were used to estimate profitability of CAHs if they reverted to prospective payment. CAHs generally had lower unadjusted financial performance than other types of rural hospitals, but after adjustment for hospital characteristics, CAHs had generally higher financial performance. Special payment provisions by Medicare to rural hospitals are important determinants of financial performance. In particular, the financial condition of CAHs would be worse if they were paid under prospective payment. © 2012 National Rural Health Association.
Research in Hospitality Management. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 5, No 1 (2015) >. Log in or Register to get access to full text downloads.
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management. 247.27 Section 247.27... AGRICULTURE CHILD NUTRITION PROGRAMS COMMODITY SUPPLEMENTAL FOOD PROGRAM § 247.27 Financial management. (a) What are the Federal requirements for State and local agencies with regard to financial management...
Taylor, R B
With trustees, investors, regulatory agencies, and others paying close attention to hospital finances, healthcare financial managers must detect problems before they grow out of control. Liquidity, capital structure, activity, and profitability ratios can provide pieces to the puzzle.
Full Text Available The purpose of the paper is to determine the nature, targets, functions, principles and methods of budget planning and development of classifications due to its types. The essence of budget planning presented by various authors, is own interpretation (the process of developing a plan of formation, distribution and redistribution of financial funds according to budget system units during the reporting period based on budgetary purposes and targets defined by socio-economic development strategy is proposed. Methodology. The following methods such as cognition, induction, deduction, analysis and synthesis have been used in the process of survey. Results of the survey proves that budget planning plays an essential role in the financial management. On condition business environment changing even the best management system can become obsolete. The immediate reaction to the new trends in the financial system as a whole, in the industry is possible with budget planning as well. It also allows to make appropriate adjustments to the plans. Adjustment of long-term, medium-term and short-term plans makes it possible, without changing goals, to change ways of their achievement and thus to raise the level of efficiency of budget funds formation and use. It is necessary to revise the whole system plans, including their mission and goals in the case of global changes in the external and internal environment. Practical implications. The proposed approach to the classification of budget planning types allows to cope with the shortcomings of modern planning in the public sector (the development of the targets according to the state budget expenditures in Ukraine remains a formality and it rarely complies with realities. Value/originality is specified in the proposed interpretation which differs from existing ones that provides clarification of budget planning purpose in financial management; classification of budget planning principles, which differs from previous
Nguyen, Oanh Kieu; Halm, Ethan A; Makam, Anil N
Hospitals that have robust financial performance may have improved publicly reported outcomes. To assess the relationship between hospital financial performance and publicly reported outcomes of care, and to assess whether improved outcome metrics affect subsequent hospital financial performance. Observational cohort study. Hospital financial data from the Office of Statewide Health Planning and Development in California in 2008 and 2012 were linked to data from the Centers for Medicare and Medicaid Services Hospital Compare website. Hospital financial performance was measured by net revenue by operations, operating margin, and total margin. Outcomes were 30-day risk-standardized mortality and readmission rates for acute myocardial infarction (AMI), congestive heart failure (CHF), and pneumonia (PNA). Among 279 hospitals, there was no consistent relationship between measures of financial performance in 2008 and publicly reported outcomes from 2008 to 2011 for AMI and PNA. However, improved hospital financial performance (by any of the 3 measures) was associated with a modest increase in CHF mortality rates (ie, 0.26% increase in CHF mortality rate for every 10% increase in operating margin [95% confidence interval: 0.07%-0.45%]). Conversely, there were no significant associations between outcomes from 2008 to 2011 and subsequent financial performance in 2012 (P > 0.05 for all). Robust financial performance is not associated with improved publicly reported outcomes for AMI, CHF, and PNA. Financial incentives in addition to public reporting, such as readmissions penalties, may help motivate hospitals with robust financial performance to further improve publicly reported outcomes. Reassuringly, improved mortality and readmission rates do not necessarily lead to loss of revenue. Journal of Hospital Medicine 2016;11:481-488. © 2016 Society of Hospital Medicine. © 2016 Society of Hospital Medicine.
Kuntz, Ludwig; Pulm, Jannis; Wittland, Michael
Dynamic and complex transformations in the hospital market increase the relevance of good corporate governance. However, hospital performance and the characteristics of supervisory boards differ depending on ownership. The question therefore arises whether hospital owners can influence performance by addressing supervisory board characteristics. The objective of this study is to explain differences in the financial performance of hospitals with regard to ownership by studying the size and composition of supervisory boards. The AMADEUS database was used to collect information on hospital financial performance in 2009 and 2010. Business and quality reports, hospital websites, and data from health insurer were used to obtain information on hospital and board characteristics. The resulting sample consisted of 175 German hospital corporations. We utilized ANOVA and regression analysis to test a mediation hypothesis that investigated whether decisions regarding board size and composition were associated with financial performance and could explain performance differences. Financial performance and board size and composition depend on ownership. An increase in board size and greater politician participation were negatively associated with all five tested measures of financial performance. Furthermore, an increase in physician participation was positively associated with one dimension of financial performance, whereas one negative relationship was identified for nurse and economist participation. For clerics, no associations were found. Decisions concerning board size and composition are important as they relate to hospital financial performance. We contribute to existing research by showing that, in addition to board size and physician participation, the participation of other professionals can also influence financial performance.
... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial management. 3560.630 Section 3560.630... AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS On-Farm Labor Housing § 3560.630 Financial management. Financial information must be submitted in an Agency-approved format and will show operation of the housing...
Reynolds, Drew; Davenport, Daniel L; Korosec, Ryan L; Roth, J Scott
Complicated ventral hernias are often referred to tertiary care centers. Hospital costs associated with these repairs include direct costs (mesh materials, supplies, and nonsurgeon labor costs) and indirect costs (facility fees, equipment depreciation, and unallocated labor). Operative supplies represent a significant component of direct costs, especially in an era of proprietary synthetic meshes and biologic grafts. We aim to evaluate the cost-effectiveness of complex abdominal wall hernia repair at a tertiary care referral facility. Cost data on all consecutive open ventral hernia repairs (CPT codes 49560, 49561, 49565, and 49566) performed between 1 July 2008 and 31 May 2011 were analyzed. Cases were analyzed based upon hospital status (inpatient vs. outpatient) and whether the hernia repair was a primary or secondary procedure. We examined median net revenue, direct costs, contribution margin, indirect costs, and net profit/loss. Among primary hernia repairs, cost data were further analyzed based upon mesh utilization (no mesh, synthetic, or biologic). Four-hundred and fifteen patients underwent ventral hernia repair (353 inpatients and 62 outpatients); 173 inpatients underwent ventral hernia repair as the primary procedure; 180 inpatients underwent hernia repair as a secondary procedure. Median net revenue ($17,310 vs. 10,360, p costs for cases performed without mesh were $5,432; median direct costs for those using synthetic and biologic mesh were $7,590 and 16,970, respectively (p financial loss was $8,370. Outpatient ventral hernia repairs, with and without synthetic mesh, resulted in median net losses of $1,560 and 230, respectively. Ventral hernia repair is associated with overall financial losses. Inpatient synthetic mesh repairs are essentially budget neutral. Outpatient and inpatient repairs without mesh result in net financial losses. Inpatient biologic mesh repairs result in a negative contribution margin and striking net financial losses. Cost
Holmes, George M; Kaufman, Brystana G; Pink, George H
Annual rates of rural hospital closure have been increasing since 2010, and hospitals that close have poor financial performance relative to those that remain open. This study develops and validates a latent index of financial distress to forecast the probability of financial distress and closure within 2 years for rural hospitals. Hospital and community characteristics are used to predict the risk of financial distress 2 years in the future. Financial and community data were drawn for 2,466 rural hospitals from 2000 through 2013. We tested and validated a model predicting a latent index of financial distress (FDI), measured by unprofitability, equity decline, insolvency, and closure. Using the predicted FDI score, hospitals are assigned to high, medium-high, medium-low, and low risk of financial distress for use by practitioners. The FDI forecasts 8.01% of rural hospitals to be at high risk of financial distress in 2015, 16.3% as mid-high, 46.8% as mid-low, and 28.9% as low risk. The rate of closure for hospitals in the high-risk category is 4 times the rate in the mid-high category and 28 times that in the mid-low category. The ability of the FDI to discriminate hospitals experiencing financial distress is supported by a c-statistic of .74 in a validation sample. This methodology offers improved specificity and predictive power relative to existing measures of financial distress applied to rural hospitals. This risk assessment tool may inform programs at the federal, state, and local levels that provide funding or support to rural hospitals. © 2016 National Rural Health Association.
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Annual Financial Statement of Surety Companies--Schedule F AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...
Geib, Malte; Kolbe, Lutz; Brenner, Walter
The integration of the financial services industry and many financial services companies' focus on core competencies have led to the emergence of financial services alliances. These alliances face a variety of challenges regarding an integrated approach to customer relationship management (CRM) by the partner companies.In this paper we describe the challenges derived from an analysis of five financial services companies that formed different financial services alliances. The main inhibitors o...
..., HOSPITALS AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 70.20 Purpose of financial and program management. Sections 70.21 through 70.28 prescribe standards for financial management systems, methods for making payments and rules for: Satisfying cost sharing and...
Characklis, Gregory; Meyer, Eliot; Foster, Benjamin
Physical and/or engineered solutions have long been used to manage risks associated with adverse environmental events. Examples include reservoirs as a tool for mitigating drought-related supply risk, levees for managing flood risk and dredging of inland waterways to ensure navigability during low flow periods. These measures can reduce many types of risk (e.g., loss of life), but are often employed as a means of protecting against financial losses. When the focus is on managing environmental financial risk, physical solutions can be effective, but also costly. In many cases, non-physical tools can provide a less expensive means of managing financial risk, with these often taking the form of financial instruments such as hedging contracts, contingency funds or insurance. Some of these instruments, such as flood insurance, are widely available, but historically many environmental financial risks have been managed primarily (or solely) via physical solutions without much consideration of alternatives, thereby opening opportunities for innovation in developing financial solutions. Recent research has demonstrated that financial instruments can play a significant role in managing drought-related financial risk in sectors as diverse as water utilities, energy generation and inland navigation. Nonetheless, this work has largely considered the use of these instruments within systems in which physical solutions are already in place (but failing to achieve desired performance). The next step in the evolution of managing environmental financial risk involves developing methods for designing risk management strategies that do not assume an established physical system. Here the goal is to identify the relative role that physical solutions and financial instruments should play as they are integrated into a comprehensive risk management strategy. This is not a straightforward challenge as one approach reduces the risk of financial losses and the other redistributes those losses
Ramamonjiarivelo, Zo; Weech-Maldonado, Robert; Hearld, Larry; Menachemi, Nir; Epané, Josué Patien; O'Connor, Stephen
As safety net providers, public hospitals operate in more challenging environments than private hospitals. Such environments put public hospitals at greater risk of financial distress, which may result in privatization and deterioration of the safety net. The purpose of this study was to investigate whether financial distress is associated with privatization among public hospitals. We used panel data merged from the American Hospital Association Annual Survey, Medicare Cost Reports, Area Resource File, and Local Area Unemployment Statistics. Our study population consisted of all U.S. nonfederal acute care public hospitals in 1997 tracked through 2009, resulting in 6,426 hospital-year observations. The dependent variable "privatization" was defined as conversion from public status to either private not-for-profit or private for-profit status. The main independent variable, "financial distress," was based on the Altman Z-score methodology. Control variables included market and organizational factors. Two random-effects logistic regression models with state and year fixed-effects were constructed. The independent and control variables were lagged by 1 year and 2 years for Models 1 and 2, respectively. Public hospitals in financial distress had greater odds of being privatized than public hospitals not in financial distress: (OR = 4.53, p resources and may provide financial relief to government entities from the burden of continuously funding a hospital operating at a loss, which in turn may help keep the hospital open and preserve access to care for the community. Privatizing a financially distressed public hospital may be a better strategic alternative than closure. The Altman Z-score could be used as a managerial tool to monitor hospitals' financial condition and take corrective actions.
McCue, Michael J; McCluer, R Forrest
Few, if any, researchers have analyzed the performance indicators of companies that offer bond insurance to hospitals and healthcare systems. The authors of this study analyzed the key financial and operational indicators of independent hospitals and hospitals within large multihospital systems that are insured by the 5 major bond insurance companies. The authors examined 87 insured bond issues; the results of this study show that some insurers cover healthcare facilities that have strong operational traits and others focus on financial factors.
... 29 Labor 9 2010-07-01 2010-07-01 false Financial management. 1960.7 Section 1960.7 Labor... MATTERS Administration § 1960.7 Financial management. (a) The head of each agency shall ensure that the... Official, management officials in charge of each establishment, safety and health officials at all...
... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Financial management. 61...) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.66 Financial management. (a) All recipients... management system that follows generally accepted accounting principals and provides accounting records...
S.M. Hammoudeh (Shawkat); M.J. McAleer (Michael)
textabstractRisk management is crucial for optimal portfolio management. One of the fastest growing areas in empirical finance is the expansion of financial derivatives. The purpose of this special issue on “Risk Management and Financial Derivatives” is to highlight some areas in which novel
...), and Marine Corps orders, publications and directives to determine those keys areas considered most essential to Marine Corps financial management specialists in the performance of their duties...
Antônio Artur de Souza
Full Text Available This paper presents the results of a research that aimed at developing a financial analysis of a sample of Brazilian hospitals between 2006 and 2011. The data were collected from financial statements of 23 hospitals and from the Database of United Health System. These secondary data were analyzed through the following techniques: descriptive statistics, Spearman’s correlation, Kolmogorov-Smirnov’s test, Kruskal-Wallis’ test and Chi-square’s test. It was verified that the sample presents unsatisfactory general results about financial performance, especially when related to financial ratios of profitability and return. However, the analysis of different categories of hospitals displays relevant and significant divergences, especially about the type of hospitals: publics and voluntaries ones. The voluntary hospitals present higher liquidity ratios and the best profitability and their capital structure usually focus on long term financing obtained from external agents. These evidences suggest that those organizations focus on financial leverage to achieve better results without deteriorate their liquidity. On the other hand, the public hospitals present lower liquidity as well as worse profitability and return ratios. It was verified that the large-sized hospitals usually present lower financial ratios (liquidity, profitability and return than the medium-sized hospitals.
Full Text Available The architecture of systems dedicated to risk management is probably one of the more complex tasks to tackle in the world of finance. Financial risk has been at the center of attention since the explosive growth of financial markets and even more so after the 2008 financial crisis. At multiple levels, financial companies, financial regulatory bodies, governments and cross-national regulatory bodies, all have put the subject of financial risk in particular and the way it is calculated, managed, reported and monitored under intense scrutiny. As a result the technology underpinnings which support the implementation of financial risk systems has evolved considerably and has become one of the most complex areas involving systems and technology in the context of the financial industry. We present the main paradigms, require-ments and design considerations when undertaking the implementation of risk system and give examples of user requirements, sample product coverage and performance parameters.
The audit objective was to determine whether the OASD(C31) methods for preparing FY 1996 CIM, general purpose financial statements will result in auditable and complete general purpose financial statements...
The purpose of this study is to explore the area of accounting in traditional market. There are two areas of accounting: management and financial accounting. Some of traditional market traders have prepared financial notes, whereas some of them do not. Their financial notes usually consist of receivables, payables, customer orders, inventories, sales and cost price, and salary expenses. The purpose of these financial notes is usually for decision making. It is very rare for the traditional ma...
Jason G. Cummins; Ingmar Nyman
Case studies show that corporate managers seek financial independence to avoid interference by outside financiers. We incorporate this financial xenophobia as a fixed cost in a simple dynamic model of financing and investment. To avoid refinancing in the future, the firm alters its behavior depending on the extent of its financial xenophobia and the realization of a revenue shock. With a sufficiently adverse shock, the firm holds no liquidity. Otherwise, the firm precautionarily saves and hol...
Nowadays, financial management plays a vital role in the process of enterprise operation. To improve the level and ability offinancial management of enterprises is of great significance to the realization of the modernization of enterprises and the sustainable development ofscience. In this paper, the financial management status would be first proposed, and suggestions would be made to improve the financial managementin enterprises.
This paper mainly describes the value for using full-cost accounting system in hospital financial management, the following principle of full-cost accounting in the implementation process and the main problems and contradictions of full-cost accounting in the implementation of hospital. The paper makes everyone has a deep understanding for using full-cost accounting system in hospital financial management by investigating these problems.%本文主要是通过对医院财务管理中采用全成本合算系统的价值意义、全成本核算在实施过程中所遵循的原理以及医院在实施全成本核算中所面临的主要的问题和存在的主要矛盾来展开描述，通过对这些问题的探讨使得大家对医院财务管理中采用全成本核算系统有一个更加深入的认识。
Freitag, T R; Freitag, W
Things are changing. That statement is obviously true of things political, economic and scientific. Not surprisingly, therefore, the statement applies to the activities, responsibilities, qualifications and, ultimately, status of the hospital chief financial officer (CFO).
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management. 250.15 Section 250.15 Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF... Financial management. (a) Distribution charges. (1) Recipient agencies may be required to pay part or all of...
.... An agency shall use generally accepted accounting principles and practices, consistently applied... 30 Mineral Resources 3 2010-07-01 2010-07-01 false Financial management. 725.22 Section 725.22... PROGRAM REGULATIONS REIMBURSEMENTS TO STATES § 725.22 Financial management. (a) The agency shall account...
... generally accepted accounting principles and practices, consistently applied. Accounting for grant funds... 30 Mineral Resources 3 2010-07-01 2010-07-01 false Financial management. 735.25 Section 735.25... ADMINISTRATION AND ENFORCEMENT § 735.25 Financial management. (a) The agency shall account for grant funds in...
Taylor, Mark P.
In the current and foreseeable harsh UK higher education environment, aspiring to best-practice financial management will be key to ensuring the prosperity--and indeed the survival--of any university. In this article I argue that good university financial management should provide stability to the institution, allow for investment as well as…
Vladimir P. Bogko
Full Text Available The priorities for improving the management of the enterprises financial stability in the current context are considered in the article. The scientifically based proposals for developing methodological foundations and tools of such management are developed. The implementation of these proposals allows to reduce financial risks of an enterprise in the terms of unsustainable development of Russian economy.
Saleh, Shadi; Kaissi, Amer; Semaan, Adele; Natafgi, Nabil Maher
Strategic planning has been presented as a valuable management tool. However, evidence of its deployment in healthcare and its effect on organizational performance is limited in low-income and middle-income countries (LMICs). The study aimed to explore the use of strategic planning processes in Lebanese hospitals and to investigate its association with financial performance. The study comprised 79 hospitals and assessed occupancy rate (OR) and revenue-per-bed (RPB) as performance measures. The strategic planning process included six domains: having a plan, plan development, plan implementation, responsibility of planning activities, governing board involvement, and physicians' involvement. Approximately 90% of hospitals have strategic plans that are moderately developed (mean score of 4.9 on a 1-7 scale) and implemented (score of 4.8). In 46% of the hospitals, the CEO has the responsibility for the plan. The level of governing board involvement in the process is moderate to high (score of 5.1), whereas physician involvement is lower (score of 4.1). The OR and RPB amounted to respectively 70% and 59 304 among hospitals with a strategic plan as compared with 62% and 33 564 for those lacking such a plan. No statistical association between having a strategic plan and either of the two measures was detected. However, the findings revealed that among hospitals that had a strategic plan, higher implementation levels were associated with lower OR (p plans allow organizations to better cope with environmental turbulence. Copyright © 2012 John Wiley & Sons, Ltd.
2011 International Conference on Business, Economics, and Financial Sciences, Management (BEFM 2011)
A series of papers on business, economics, and financial sciences, management selected from International Conference on Business, Economics, and Financial Sciences, Management are included in this volume. Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. The proceedings of BEFM2011 focuses on the various aspects of advances in Business, Economics, and Financial Sciences, Management and provides a chance for academic and industry professionals to discuss recent progress in the area of Business, Economics, and Financial Scienc...
Molinari, C; Morlock, L; Alexander, J; Lyles, C A
This study examined whether hospital governing boards that invest in board education and training are more informed and effective decision-making bodies. Measures of hospital financial viability (i.e., selected financial ratios and outcomes) are used as indicators of hospital board effectiveness. Board participation in educational programs was significantly associated with improved profitability, liquidity, and occupancy levels, suggesting that investment in the education of directors is likely to enhance hospital viability and thus increase board effectiveness.
IOV DANIELA RODICA
Full Text Available Information concerning financial performance is one of the objectives of the annual financial statements of credit institutions. The main source containing this information is profit and loss statement. A correct and complete information can not be limited to this annual report. Understanding the concept of financial performance requires a holistic approach of the entity. An overview of information on financial performance will be achieved by coordinating information about the profit of the entity, rates of return, cash flows, financing cost and risk. For the economic and financial analysis we often use to separate financial equilibrium indicators of outcome indicators and management indicators. The study upon the financial performance may be based on the income statement, balance sheet and explanatory notes. It may use tools such as: income, interest rates, rates of return, rates of structure, liquidity and solvency rates, rotation rates, cash flows, debt coverage rates and more. Management of banking assets, liabilities and bank risk management must be assembled into a whole. In an uncertain environment, continuously changing, under conditions of the economic and financial crisis, the binomial profitability - risk is increasingly difficult to manage. Under these conditions, the boundary between courage and unconsciousness is also more fragile. On the other hand, the prudence, mandatory rules could be understood as some constraint measures on bank management, that may adversely affect the financial performance of the credit institution.
Harris, Donna L; Lloyd, James W; Marrinan, Mike
The Skills, Knowledge, Aptitude, and Attitude (SKA) Subcommittee of the National Commission on Veterinary Economic Issues (NCVEI) has identified the need for veterinary teaching hospitals (VTH) to be at the forefront of progressive business management to serve as a model for both students and practitioners to emulate. To provide a foundation for developing a model, this study reviewed pertinent literature applicable to the management of a VTH. Much of the literature relevant to VTH management relates to work completed for the human side of medicine (academic health centers, or AHCs) or to the private sector. This review explores management practices in strategic planning, financial management, human resource management, marketing, pricing, operations, and legal issues. It is concluded that strategic management is important to provide the foundation for success in the VTH. In addition, periodic financial reports are recommended, as are the development and use of benchmarks for financial management. Establishing positive, motivating human resource practices is also suggested, along with development of a marketing plan based on a clear understanding of VTH core competencies and the market's specific needs.
Martha Isabel Riaño-Casallas
Full Text Available Introduction: There are several approaches and schools that support strategic management processes. University hospitals require the implementation of a strategic approach to their management, since they are a particular type of organization with the triple mission of providing health care, education and research. Objective: To propose a strategic profile for a university hospital. Materials and methods: The theoretical framework of strategic management was analyzed and some particular components of hospital management were studied; based on these criteria, the strategic management process in three high complexity hospitals of Bogotá, D.C. was examined and a profile of both the objectives and the functional strategies for the hospital was proposed. Results: The main strategic thinking schools are presented; the processes and components of strategic management are described, and a strategic management profile for a university hospital is proposed. Conclusion: The strategic orientation of management for an institution with the characteristics of a university hospital facilitates achieving organizational objectives.
The present financial management systems reflects only partially the economic reality and they are no longer able to act as an instrument for the management. It is absurd that an economy populated by business models based on 21st century technology to use financial management systems based mainly on the same principles formalised by Luca Paciolli in 1494. Therefore, one of the causes of the current economic crisis could be the lack of coordination between the evolution of the business models ...
Brotherton, Bob, Ed.; And Others
Seven articles on hospitality management training discuss the following: computerized management games for restaurant manager training, work placement, real-life exercises, management information systems in hospitality degree programs, modular programming, service quality concepts in the curriculum, and General National Vocational Qualifications…
Ozgulbas, Nermin; Kisa, Adnan
The Turkish health system is mainly financed by public sources such as taxes and premiums collected from workers. According to 2003 data, total health expenditures were 4.5% of the country's Gross Domestic Product. Currently, 56% of the system is financed by the Ministry of Health, and services are also provided by the Ministry. The main sources of finance among the Ministry of Health hospitals are general budget contributions made by the Ministry and revolving funds. The purpose of this study is to evaluate the financial conditions of those Ministry of Health hospitals that have revolving funds. The financial trends of 2514 hospitals were followed from 1996 to 2000, and financial statement analyses were conducted. The results of the study show that the Ministry of Health hospitals are not professionally administered for their financial situation and also that their financial resources are not used effectively. The hospitals had difficulty in collecting debts and had problems in cash returns. At the end of the study, policy suggestions are made for health care managers toward improving financial conditions in these public hospitals.
Ms. Tamara Ye. Kononenko
Full Text Available The paper clarifies the concepts of «risk», «financial risk» in banking business, and considers the main problems of financial risk management in trade banks while financing borrowers. The authors single out the most relevant problems, and conduct the analysis of overdue payment in case of OJSC “Sberbank of Russia”. The authors also offer a number of measures to minimize financial risks in trade bank activities in modern conditions.
Choate, G M; Walker, W R; Unger, M
Recently available figures for 1982 and 1983 show that Catholic hospitals as a whole attained positive ratios of net income to fund balances and that these gains exceeded inflation in both years. The financial picture varies, however, when data for specific categories of Catholic hospitals are examined. For example, smaller hospitals relied more on borrowed funds to finance assets and generate profits, and for many of them these profits still did not exceed the 1983 inflation rate. Hospitals particularly vulnerable to diagnosis-related group payment--that is, teaching hospitals, hospitals with negative operating income, and hospitals adding beds--possessed less liquidity than Catholic hospitals aggregately. Hospitals in each of these categories experienced less-than-average basic profitability as well.
Boersma-de Jong, Margreet F.
A research programme into ethical, socially responsible thought as a precondition for our financial actions.
Speech of Dr. Margreet Boersma of Hanze University of Applied Sciences at her installation as a professor of Sustainable Financial Management.
There is little room for what's
Michigan Library, Lansing.
Developed to provide library directors, staff, and board members with information for performing accounting and financial management functions, this guide answers frequently asked questions, describes common practices and processes, provides examples and suggested formats for selected financial reports, and identifies issues that may require…
... application of internal controls within the Centre's corporate financial systems. ... It is a key resource for managing IDRC's financial information systems both for the ... Assess the vendor development strategies and determine the impacts on the long .... applications to provide complete and relevant accounting information.
Bazzoli, Gloria J; Fareed, Naleef; Waters, Teresa M
The recent recession had a profound effect on all sectors of the US economy, including health care. We examined how private hospitals fared through the recession and considered how changes in their financial health may affect their ability to respond to future industry challenges. We categorized 2,971 private short-term general medical or surgical hospitals (both nonprofit and for-profit) according to their pre-recession financial health and safety-net status, and we examined their operational status changes and operating and total financial margins during 2006-11. We found that hospitals that were financially weak before the recession remained so during and after the recession. The total margins of nonprofit hospitals (both safety-net and other institutions) declined in 2008 but returned to their pre-recession levels by 2011. The recession did not create additional fiscal pressure on hospitals that were previously financially weak or in safety-net roles. However, both groups continue to have notable financial deficiencies that could limit their abilities to meet the growing demands on the industry.
Implications of Risk Management Practices on Financial Performance of Sugar ... The respondents were functional heads of the companies under the survey. ... of downside losses in order to minimize the negative impact of risk on returns.
Counties suffer from weak financial management and accountability, human capacity ... The project team will prepare a report of its findings and recommendations, ... them consolidate their role as credible development actors in their countries, ...
Financial risk management of pharmacy benefits in integrated health systems is explained. A managed care organization should assume financial risk for pharmacy benefits only if it can manage the risk. Horizontally integrated organizations often do not have much control over the management of drug utilization and costs. Vertically integrated organizations have the greatest ability to manage pharmacy financial risk; virtual integration may also be compatible. Contracts can be established in which the provider is incentivized or placed at partial or full risk. The main concerns that health plans have with respect to pharmacy capitation are formulary management and the question of who should receive rebates from manufacturers. The components needed to managed pharmacy financial risk depend on the type of contract negotiated. Health-system pharmacists are uniquely positioned to take advantage of opportunities opening up through pharmacy risk contracting. Functions most organizations must provide when assuming pharmacy financial risk can be divided into internal and external categories. Internally performed functions include formulary management, clinical pharmacy services and utilization management, and utilization reports for physicians. Functions that can be outsourced include claims processing and administration, provider- and customer support services, and rebates. Organizations that integrate the pharmacy benefit across the health care continuum will be more effective in controlling costs and improving outcomes than organizations that handle this benefit as separate from others. Patient care should not focus on payment mechanisms and unit costs but on developing superior processes and systems that improve health care.
A standard tutorial-based approach covering Microsoft Dynamics GP 2013 and its six financial modules. The book is intended to allow users to improve their system use and workflow by introducing new modules to assist in financial management.This book is for you if you're a Dynamics GP partner, or Dynamics GP user, primarily focused on delivering application optimizations. This book assumes that you have a working knowledge of Microsoft Dynamics GP and have an understanding of the requirements of financial management.
Full Text Available The purpose of this article is to offer useful information about the about the two branches of accounting, management accounting and financial accounting. The role of management accounting is to make the life easier for managers and to facilitate decisions that have to take on the production process or the smooth running of the business. The managers are in a continues need of various information, from the evolution of economics processes of the companies they are leading, up to the external environment. They required data information by different techniques, statistics, graphs, mathematical calculations, to substantiate the decision to take by data value, and not just rely on technical or quantitative. Financial accounting do not offer detailed information about the evolution or informational needs of managers, this is designed external users, like: state institutions, the competition, banks, suppliers, customers who do not require daily information about the entity. Instead, the manager request the detailed information, at irregular intervals, about the production process, the labor productivity, activity reports, internal entity, which often is not available to external users of accounting information. The financial accounting is based on several conventions, laws, standards, helping financial data are comparable over time or between similar entities. The financial accounting offers information about the performance and financial position of the entity and making it intelligible at the same time by all the users. In the case of management accounting, the information do not have an standard presentation, the reports offers information about money, the moment when those have to be paid and the moment when they come back, as receipts. The management accounting it provides futures information and what will happen, in contrast to financial accounting, who provides information about the past and what just happened. Management information uses tools
Leone, Andrew J; Van Horn, R Lawrence
We hypothesize that, unlike for-profit firms, nonprofit hospitals have incentives to manage earnings to a range just above zero. We consider two ways managers can achieve this. They can adjust discretionary spending [Hoerger, T.J., 1991. 'Profit' variability in for-profit and not-for-profit hospitals. Journal of Health Economics 10, 259-289.] and/or they can adjust accounting accruals using the flexibility inherent in Generally Accepted Accounting Principles (GAAP). To test our hypothesis we use regressions as well as tests of the distribution of earnings by Burgstahler and Dichev [Burgstahler, D., Dichev, I., 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24, 99-126.] on a sample of 1,204 hospitals and 8,179 hospital-year observations. Our tests support the use of discretionary spending and accounting accrual management. Like Hoerger (1991), we find evidence that nonprofit hospitals adjust discretionary spending to manage earnings. However, we also find significant use of discretionary accruals (e.g., adjustments to the third-party-allowance, and allowance for doubtful accounts) to meet earnings objectives. These findings have two important implications. First, the previous evidence by Hoerger that nonprofit hospitals show less variation in income may at least partly be explained by an accounting phenomenon. Second, our findings provide guidance to users of these financial statements in predicting the direction of likely bias in reported earnings.
Full Text Available The main objective of the study is to examine the role that financial management plays in ensuring regional development. This is because the crisis, economic globalisation, the increasing external growth of companies and the institutionalisation of the autonomy of local communities have fuelled the interest in identifying alternatives to local and thereby regional development. The targeted operational objectives were: to define the preliminary coordinates of regional development; to identify the role of private and public financial management in supporting regional development; and to present the financing framework of the Siret-Prut-Nistru Euroregion. The main financial levers with a direct impact on regional economic development there are: tax incentives; using EU financing programmes; leverage based on ownership of buildings and land; business incubators, etc. The study suggests that financial management (both public and private plays an important role in the development of the Euroregion, with wide-ranging present (in the post-crisis as well as future implications.
The purpose of the paper is to determine the nature, targets, functions, principles and methods of budget planning and development of classifications due to its types. The essence of budget planning presented by various authors, is own interpretation (the process of developing a plan of formation, distribution and redistribution of financial funds according to budget system units during the reporting period based on budgetary purposes and targets defined by socio-economic development strategy...
Zengul, Ferhat D; Weech-Maldonado, Robert; Ozaydin, Bunyamin; Patrician, Patricia A; OʼConnor, Stephen J
U.S. hospitals have been investing in high-technology medical services as a strategy to improve financial performance. Despite the interest in high-tech medical services, there is not much information available about the impact of high-tech services on financial performance. The aim of this study was to examine the impact of high-tech medical services on financial performance of U.S. hospitals by using the resource-based view of the firm as a conceptual framework. Fixed-effects regressions with 2 years lagged independent variables using a longitudinal panel sample of 3,268 hospitals (2005-2010). It was hypothesized that hospitals with rare or large numbers (breadth) of high-tech medical services will experience better financial performance. Fixed effects regression results supported the link between a larger breadth of high-tech services and total margin, but only among not-for-profit hospitals. Both breadth and rareness of high-tech services were associated with high total margin among not-for-profit hospitals. Neither breadth nor rareness of high-tech services was associated with operating margin. Although breadth and rareness of high-tech services resulted in lower expenses per inpatient day among not-for-profit hospitals, these lower costs were offset by lower revenues per inpatient day. Enhancing the breadth of high-tech services may be a legitimate organizational strategy to improve financial performance, especially among not-for-profit hospitals. Hospitals may experience increased productivity and efficiency, and therefore lower inpatient operating costs, as a result of newer technologies. However, the negative impact on operating revenue should caution hospital administrators about revenue reducing features of these technologies, which may be related to the payer mix that these technologies may attract. Therefore, managers should consider both the cost and revenue implications of these technologies.
information for further analysis within the medical fraternity, often predominantly for ... account for the various aspects from a financial perspective. The divide between ... decision-making, which enhances health care delivery. To succeed, the ...
Strategic management is concerned with strategic choices and strategic implementation; it provides the means by which organizations meet their objectives. In the case of hospitals it helps executives and all employees to understand the real purpose and long term goals of the hospital. Also, it helps the hospital find its place in the health care service provision chain, and enables the hospital to coordinate its activities with other organizations in the health care system. Strategic management is a tool, rather than a solution, that helps executives to identify root causes of major problems in the hospital.
Bahr, Patrick; Berthold, Jost; Elsman, Martin
. The seminal work by Peyton-Jones and Eber on financial contracts shows how an algebraic approach to contract specification can be used for valuation of contracts (when combined with a model of the underlying observables) and for managing how contracts evolve under so-called fixings and decision......-taking, with the contracts eventually evaporating into the empty contract, for which no party have further obligations. The ideas have emerged into Eber's company LexiFi, which has become a leading software provider for a range of financial institutions, with all contract management operations centralised around a domain......Banks and financial institutions nowadays often use domain-specific languages (DSLs) for describing complex financial contracts, in particular, for specifying how asset transfers for a specific contract depend on underlying observables, such as interest rates, currency rates, and stock prices...
Robinson, J C
Medical groups need financial resources yet most retain no earnings and have no reserves. Physician practice management (PPM) companies have recognized the need for investment and the scarcity of indigenous capital in the physician sector and are rushing to fill the void. Resources are being contributed by venture capitalists, bond underwriters, private investors, pharmaceutical manufacturers, health plans, hospital systems, and public equity markets. The potential contribution of PPM firms is to nurture the intellectual capital of leading physician organizations and diffuse it throughout the health care system. The risk is that short-term financial imperatives will impede necessary long-term investments.
Che, Zhenghong; Che, Zhengmei
Case teaching is an efficient teaching method of management. It plays an important role to enhance the students' ability to practice the theory. However, case teaching of financial management has not achieved the expected results. The paper aims to study the importance, characteristics and corresponding methods of case teaching method of financial…
... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Management and financial policies. 563.161... ASSOCIATIONS-OPERATIONS Financial Management Policies § 563.161 Management and financial policies. (a)(1) For... corporation must be well managed and operate safely and soundly. Each also must pursue financial policies that...
... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 74.21... Requirements Financial and Program Management § 74.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 34... ORGANIZATIONS Post-award Requirements Financial and Program Management § 34.11 Standards for financial management systems. (a) Recipients shall be allowed and encouraged to use existing financial management...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 145... Financial and Program Management § 145.21 Standards for financial management systems. (a) The Department... whenever practical. (b) Recipients' financial management systems shall provide for the following. (1...
... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 95.21 Section 95... Requirements Financial and Program Management § 95.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3019.21... Requirements Financial and Program Management § 3019.21 Standards for financial management systems. (a) Federal... cost information whenever practical. (b) Recipients' financial management systems shall provide for the...
... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 74.21... Management § 74.21 Standards for financial management systems. (a) Recipients shall relate financial data to... cost information is usually not appropriate. (b) Recipients' financial management systems shall provide...
... 2 Grants and Agreements 1 2010-01-01 2010-01-01 false Standards for financial management systems... Financial and Program Management § 215.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
Aurel Serb; Constantin Baron; Nicoleta Magdalena Iacob; Costinela-Luminita Defta
Security issues in financial accounting are complex, and the risks are often difficult to stipulate, even for experts. The issues presented in this article try to be formed in a contribution to the consolidation of problems in the field of risk, and former vulnerabilities in cyber security in financial accounting. The use of an information security management system became a requirement for organizations because on the states began adopting mandatory data protection legislation and informatio...
This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.
Caballes, Alvin B; Söllner, Walter; Nañagas, Juan
The study was undertaken to determine, from the patient's perspective, the comparative effectiveness of locally established financial protection mechanisms particularly for indigent and severely-ill hospitalized patients. Data was obtained from a survey conducted in 2010 in Philippine provinces which were part of the Health Systems Development Project and involved 449 patients from selected private and public hospitals. Direct medical expenses incurred during the confinement period, whether already paid for prior to or only billed upon discharge, were initially considered. Expenses were found to be generally larger for the more severely ill and lower for the poor. Hospital-provided discounts and social health insurance (PhilHealth) reimbursements were the financial protection mechanisms evaluated in this study. In average terms, only up to 46% of inpatient expenses were potentially covered by the combined financial support. Depending on the hospital type, 28-42% of submitted PhilHealth claims were invalidated. Multiple linear regression analysis was utilized to determine the relationship of the same set of patients' demographic characteristics, socioeconomic status, severity of illness, and hospital assignments with selected expense categories and financial protection measures. Pre-discharge expenditures were significantly higher in public hospitals. The very ill also faced significantly larger expenses, including those for final hospital charges. Hospital-derived discounts provided significantly more support for indigent as well as very sick patients. The amounts for verified PhilHealth claims were significantly greater for the moderately-ill and, incongruously, the financially better-off patients. Sponsored Program members, supposed indigents enjoying fully-subsidized PhilHealth enrollment, qualified for higher mean reimbursements. However, there was a weak correlation between such patients and those identified as poor by the hospital social service staff. Thus
Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison
of financial losses experienced by such entities as water utilities, hydropower producers and inland shipping firms as a result of water scarcity, all of which suggest a growing role for financial instruments in managing environmental risk.
To maintain control over healthcare delivery and financial decisions, as well as increase access to capital markets, some group practices are forming their own physician practice management companies. These companies should be organized to balance the expectations of physicians with the values of capital markets. This organization should include retained earnings, financial reporting in accordance with generally accepted accounting principles (GAAP), predictable earnings and cash flow, physician ownership and leadership, and incentives for high-quality management. Three large, primary care and multispecialty clinics that merged to form a new physician practice management company increased their access to capital markets and improved their overall financial position, which will help them achieve long-term survival.
Gyorgy Adina Cristina
Full Text Available Budgetary classifications are a vital condition for a sound budgetary management. To be a good and useful classification, some rules should be respected. The international experience could offer us guiding lines which contribute to this purpose. In our paper we tried to present some basic elements of a budgetary classification, stressing on their utility in practice: financial management, reporting, on various criteria, and electronic processing. In last part is presented a functional example of such a classification which proved its utility in Romanian public financial sector.
Nuclear power plant projects have weathered volatile economic conditions and uncertain regulatory climates with varying degrees of success. Some electric utilities can point to excellent construction and operating records, while others have suffered continuous difficulties. Are the success stories the result of good luck or effective management. This article identifies the potential sources of financial risk in a nuclear project and describes several methods available to management for controlling financial liability. A commitment to the highest level of technical and managerial skills is cited as a necessary component of all successful nuclear undertakings. 4 references, 3 figures, 2 tables
... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 80.20... Financial Administration § 80.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 249.11 Section 249.11... § 249.11 Financial management system. (a) Disclosure of expenditures. The State agency must maintain a financial management system that provides accurate, current and complete disclosure of the financial status...
... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... Financial Administration § 437.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 435.21 Standards for financial management systems. (a) Introduction. SSA requires recipients to relate financial...
... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Financial management systems. 632.32 Section... Financial management systems. (a) Each Native American grantee, subgrantee and contractor shall maintain a financial management system which will provide accurate, current and complete disclosure of the financial...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 248.11 Section 248.11... § 248.11 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete disclosure of the financial status...
... Standard financial management clauses. (a) The following DEAR and FAR clauses are standard financial... Accounting Standards. (b) The following DEAR clauses are standard financial management clauses. The... systems: (1) 970.5232-7, Financial management system. (2) 970.5232-8, Integrated accounting. (c) Any...
... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.121... financial management systems. (a) Recipients shall relate financial data to performance data and develop....121(f) and 600.181, recipients' financial management systems shall provide for the following: (1...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 226... AWARDS TO U.S. NON-GOVERNMENTAL ORGANIZATIONS Post-award Requirements Financial and Program Management § 226.21 Standards for financial management systems. (a) Recipients shall relate financial data to...
... SMALL BUSINESS ADMINISTRATION Audit and Financial Management Advisory (AFMAC) AGENCY: U.S. Small... Financial Management Advisory (AFMAC). The meeting will be open to the public. DATES: The meeting will be... Agency's financial management, including the financial reporting process, systems of internal controls...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1183... Financial Administration § 1183.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems... Requirements § 1260.121 Standards for financial management systems. (a) Recipients shall relate financial data...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...
... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial... the financial management system of any applicant for financial assistance as part of a preaward review...
... 21 Food and Drugs 9 2010-04-01 2010-04-01 false Standards for financial management systems. 1403... Financial Administration § 1403.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 29 Labor 4 2010-07-01 2010-07-01 false Standards for financial management systems. 1470.20 Section... Post-Award Requirements Financial Administration § 1470.20 Standards for financial management systems... the restrictions and prohibitions of applicable statutes. (b) The financial management systems of...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 135... Financial Administration § 135.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Standards for financial management systems. 518... ORGANIZATIONS Post-Award Requirements Financial and Program Management § 518.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate financial data to...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1174... Financial Administration § 1174.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
Full Text Available In this paper we analyse the research results on corporate risk management practices, notably in light of the derivatives use in the large Serbian non-financial companies. The principal aim of this paper is to examine whether Serbian companies employ derivatives to manage risk and to what degree, and to explore the main rationale behind the companies' not employing these instruments, as well as to suggest possible enhancements of risk management practices. Furthermore, we have investigated the key reasons why financial derivatives are very useful for Serbian companies for hedging financial risks. Additionally, this paper provides a comparative overview of the use of derivatives between Serbian companies and the companies in Croatia and Slovenia in order to ascertain whether Serbian companies employ derivatives in order to manage risk to the same degree as their Croatian and Slovenian counterparts. This paper will include findings and provide evidence that FX rate and referent interest rates (such as 1w- 2w repo rate, Beonia and Belibor are markedly volatile, which opens vast possibilities for the use of financial derivatives, given that these financial parameters determine the price of a credit arrangement for companies and the quality of import and export cash flows.
Rogério Joao Lunkes
Full Text Available Healthcare authorities are encouraging managers in hospitals to acquire clinical experience and knowledge in order to better carry out and coordinate healthcare service delivery. The main objective of this paper is to analyse how the clinical experience of hospital managers is related to public health institutions’ performance. It is proposed that the effect of the clinical experience on operative and financial organizational performance is indirect through the mediating variables of perceived utility of management information and horizontal management control system. This paper analyses how these variables impact hospital performance through the data from a survey sent to 364 hospital managers in Brazil. The results show that managers’ clinical experience is related to higher perceived utility of historical, financial, short-term, and internal information, but not with horizontal control adoption in hospitals. Furthermore, our results show that, in hospitals, perceived utility of forecasted, non-financial, long-term, and external managerial information positively affects hospitals’ financial performance, while adoption of horizontal control management positively affects operational performance. Through showing evidence that clinical background could explain the differences not only in hospital service management but also in information capabilities and management control processes, this study offer meaningful implications for healthcare authorities and hospital managers involved in the development and implementation of strategies in the health sector.
Healthcare authorities are encouraging managers in hospitals to acquire clinical experience and knowledge in order to better carry out and coordinate healthcare service delivery. The main objective of this paper is to analyse how the clinical experience of hospital managers is related to public health institutions’ performance. It is proposed that the effect of the clinical experience on operative and financial organizational performance is indirect through the mediating variables of perceived utility of management information and horizontal management control system. This paper analyses how these variables impact hospital performance through the data from a survey sent to 364 hospital managers in Brazil. The results show that managers’ clinical experience is related to higher perceived utility of historical, financial, short-term, and internal information, but not with horizontal control adoption in hospitals. Furthermore, our results show that, in hospitals, perceived utility of forecasted, non-financial, long-term, and external managerial information positively affects hospitals’ financial performance, while adoption of horizontal control management positively affects operational performance. Through showing evidence that clinical background could explain the differences not only in hospital service management but also in information capabilities and management control processes, this study offer meaningful implications for healthcare authorities and hospital managers involved in the development and implementation of strategies in the health sector. PMID:29673192
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Final Rule--Management of Federal Agency Disbursements. AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...
Chen, Li-Wu; Stoner, Julie; Makhanu, Catherine; Minikus, Kathy; Mueller, Keith J
Very few studies have thoroughly examined the discrepancies between the financial information in the Medicare Cost Report (MCR) and that in the audited hospital financial statement (FS). Furthermore, this type of study has never been conducted for rural hospitals. In this policy brief, we present the findings from our study, which used statistical methods to examine the agreement between the MCR and the FS of a series of financial measures in rural hospitals. The results are expected to inform policy makers of the limitation inherent in using MCR data as the single source of data to examine the financial performance of rural hospitals.
Principal Contact. Dr Sjoerd A Gehrels Editor-in-Chief Stenden Hotel Management School, Academy of International Hospitality Research, Leeuwarden, The Netherlands Email: email@example.com ...
Full Text Available The importance of waste management in hospitals is indisputable in preserving the environment and protecting public health, but management models are rarely discussed. This study presents the legal and conceptual frameworks of good waste management practices applicable to hospitals and associated indicators. As a case study, the overall performance of Hospital Centre of São João, in Porto, was analysed based on published reports. Data on the production of waste in their different typologies were collected from 2010 to 2016, enabling a correlation of the waste production with the kg/bed/day indicator. The aim of this study was to gather data and discuss trends in a real scenario of evolution over a six-year period in order to contribute to a future research proposal on indicators that can be used as reference for benchmarking the construction of methodological guides for hospital waste management.
Both the standard economic model and bargaining theory make predictions about financial management and the division of household labor between household partners. Using a large Internet survey, we have tested several predictions about task divisions reported by Dutch household partners. The division
Foster-Jorgensen, Karen; Harrington, Angela
This handbook is designed to assist childcare executive officers (CEOs) in managing the finances of their programs. The guide is divided into five sections. Section 1, "Financial Entrepreneurship," advocates the adoption of an entrepreneurial spirit in directors and recommends: (1) becoming the Chief Executive Officer of the program; (2) actively…
The development of management control financial reporting systems for airport operation is discussed. The operation of the system to provide the reports required for determining the specific revenue producing facilities of airports is described. The organization of the cost reporting centers to show the types of information provided by the system is analyzed.
Rusnak, James E.
Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The hospital must insure the CMMS project provides a means to implement an integrated on-line hospital information data base for use by departments in operating under a DRG-based Prospective Payment System. This paper presents guidelines for use in selecting a Case Mix Mangement System to meet the hospital's financial and operations planning, budgeting, marketing, and other management needs, while considering the data base implications of the implementation.
Full Text Available This paper informs about the financial management in the construction company. The work describes problems of the management, its tasks, goals, dependencies on the size of the construction company and progress in the construction production and also introduce topic of the risks in the construction business. Also controlling and reporting in the construction company together with basic tools are described in example of Metrostav a.s. in this work.
Ian Campbell's paper, originally delivered at a conference on the development of 'The reflective practitioner' while he was Unit General Manager of Sunderland Royal Infirmary, describes the liaison between general and nurse managers in the hospital. Management must give a hospital organisation direction and must set the parameters of corporate and individual performance, but it must also be responsive to the feedback received from practising clinicians. The key concept is quality of service, and in this managers and practitioners can work together towards a common goal.
...) of 1996, issued September 9, 1997. JFMIP intends for the requirements to promote understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management...
The first part of this ANDRA report (French National Agency for radioactive waste management) comments the global financial balance and the evolution of the personnel. It briefly presents the CIGEO project, the FA-VL project (low activity and long life). It presents the various industrial activities such as surface storage centres, nuclear activities outside the electronuclear sector (waste collection, polluted sites, national inventory of radioactive wastes). It evokes public subsidies, investments, and the international activity. It discusses the securing of the future nuclear burden financing. It briefly indicates the main objectives for 2012. The second part contains the different tables of the financial statements. These accounts are discussed and commented in appendix
Full Text Available Fire is one of the most dangerous phenomena in the world which yields main damages, healthy and economical, and is thus a major threat to hospitals. Since, most of the residents in hospitals are the individuals who cannot rescue themselves in such situations, fire in hospitals is more hazardous than any other public place; hence, it can endanger several sophisticated medical equipment. Therefore, security against fire plays a very vital role in hospitals and has to be taken into account by authorities. Among the personnel, hospital manager and the security guard supervisor are much more responsible. One of their responsibilities includes planning fire security scheme in hospitals to reduce the death rate caused by fire so that there is less threat to the building of hospital admits content. Due to the significance of this issue in hospitals, it seems necessary for the personnel to be aware of security measures against fire. Therefore, a study was carried out in Isfahan University of Medical Sciences teaching hospitals on all managers, their awareness about this issue was measured through a questionnaire. The results indicated that of a total of 60, the obtained average was (37.63+7.36 in the medium level. Also, most of the managers believed that proper and updated training by skillful trainers regarding hospital security measures and its application can be truly effective on their productivity. Thus, it is concluded that practical training the mentioned target group (hospital personnel especially clerks and the managers about the security plans can be effective in the control of fire and security measures, resulting in reduction of accidents and human and economic loss in the future.
Hopkins, D S; Heath, D; Levin, P J
A computer-based financial planning model was formulated to measure the impact of a major capital improvement project on the fiscal health of Stanford University Hospital. The model had to be responsive to many variables and easy to use, so as to allow for the testing of numerous alternatives. Special efforts were made to identify the key variables that needed to be presented in the model and to include all known links between capital investment, debt, and hospital operating expenses. Growth in the number of patient days of care was singled out as a major source of uncertainty that would have profound effects on the hospital's finances. Therefore this variable was subjected to special scrutiny in terms of efforts to gauge expected demographic trends and market forces. In addition, alternative base runs of the model were made under three distinct patient-demand assumptions. Use of the model enabled planners at the Stanford University Hospital (a) to determine that a proposed modernization plan was financially feasible under a reasonable (that is, not unduly optimistic) set of assumptions and (b) to examine the major sources of risk. Other than patient demand, these sources were found to be gross revenues per patient, operating costs, and future limitations on government reimbursement programs. When the likely financial consequences of these risks were estimated, both separately and in combination, it was determined that even if two or more assumptions took a somewhat more negative turn than was expected, the hospital would be able to offset adverse consequences by a relatively minor reduction in operating costs. PMID:7111658
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of... Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial... collection. By this notice, the Financial Management Service solicits comments concerning the FMS 458 and FMS...
...). The plan is to be submitted not later than September 30 of each even-numbered year and is to address all aspects of financial management within DOD, including the finance systems, accounting systems...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... Program Management § 30.21 Standards for financial management systems. (a) EPA shall require recipients to...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 32... Program Management § 32.21 Standards for financial management systems. (a) DoD Components shall require... unit cost information. (b) Recipients' financial management systems shall provide for the following. (1...
... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... and Program Management § 84.21 Standards for financial management systems. (a) HUD shall require.... (b) Recipients' financial management systems shall provide for the following: (1) Accurate, current...
... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial management... for Management and Operating Contracts 970.5232-7 Financial management system. As prescribed in 970.3270(b)(1), insert the following clause: Financial Management System (DEC 2000) The Contractor shall...
... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...
functionalStatements OUSD(C) History FMR Budget Materials Budget Execution Financial Management Improving Financial Performance Reports Regulations banner Financial Management Reports IN THIS SECTION ... Improving Financial , accounting for, disbursing and reporting retirement payments for those chosen for early retirement under the
Full Text Available Any modern entity operates with the purpose to generate profit, and also to generate sufficient cash flow as to cover its operations and to never be in the position of being unable to cope with payments. Depending on the financial policy, part of the earnings of the entity can be used to sustainable purchase fixed assets. It is known that an entity needs investments in order to develop. to make investments, it needs financial sources. Nowadays, the access to resources, and especially to external resources, is becoming increasingly difficult. Therefore, any responsible entity takes measures to increase its capacity to self-finance. The capacity to self-finance reflects the financial potential for economic growth of an entity, namely the internal source of financing, and one of the important elements that influence the capacity of self-financing is depreciation. For this reason, the way depreciation is approached within an entity is a decision matter of the management.
Reiter, Kristin L; Song, Paula H
Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.
Escher, Achim; Hainc, Nicolin; Boll, Daniel
Business intelligence (BI) is a worthwhile investment, and will play a significant role in hospital management in the near future. Implementation of BI is challenging and requires resources, skills, and a strategy, but enables management to have easy access to relevant analysis of data and visualization of important key performance indicators (KPI). Modern BI applications will help to overcome shortages of common "hand-made" analysis, save time and money, and will enable even managers to do "self-service" analysis and reporting.
..., [email protected] . SUPPLEMENTARY INFORMATION: I. Abstract The NASA Contractor Financial Management... NATIONAL AERONAUTICS AND SPACE ADMINISTRATION [Notice 12-019] Information Collection; NASA Contractor Financial Management Reports AGENCY: National Aeronautics and Space Administration (NASA). ACTION...
Job Summary The Senior Financial Analyst, External Funds Management is responsible ... in accordance with the donor agreements and accounting principles. ... Assist the Manager in the development of the financial accounting structure for ...
Hospital wastes comprises approximately 80% domestic waste components, also known as non-risk waste and 20% hazardous or risk waste. The 20% of the hospital waste stream or the risk waste (also known as infectious, medical, clinical wastes) comprises components which could be potentially contaminated with infections, chemical or radioactive agents. Therefore, it should be handled and disposed of in such a manner as to minimize potential human exposure and cross-contamination. Hospital risk waste and be subdivided into seven general categories as follows: infections, anatomical/pathological, chemical, pharmaceutical, radioactive waste, sharps and pressurised containers. These waste categories are generated by many types of health care establishments, including hospitals, clinics, infirmaries.... The document presents also tables of number of hospitals and estimated bed number in different regions in Lebanon; estimated hospital risk and non-risk waste generation per tonnes per day for the years 1998 until 2010 and finally sensitivity analysis of estimated generation of hospital risk waste in Lebanon per tonnes per day for the years 1998 until 2010. The management, treatment and disposal of hospital risk waste constitute important environmental and public safety issues. It is recognised that there is alack of infrastructure for the safe and environmentally acceptable disposal of hospital waste in Lebanon
Schmidt-Wilcke, Heinrich Alyosius
The self-concept of hospitals today includes the role of service providers, and so they act accordingly. This attitude is chiefly held by hospital administrators. It means that at management level there is a shift of values toward business ethics. However, hospital management is responsible not only for the business aspects of the hospital but also for the provision of adequate medical care to patients. Therefore, hospitals as service providers must be governed by the principles of medical as well as of business ethics. These principles, although from different areas, can be made to largely coincide, but can also lead to divergent positions within a hospital. The result is what within the scope of medical ethics, too, is experienced as a conflict of principles, e.g., the principle of beneficence versus the principle of autonomy. A reconciliation of such divergent moral positions can often be effected by analyzing the actual conflict situation and thus reaching consensus. The conflict between the principles of medical ethics and business ethics takes place chiefly within the sphere of activity of those providing medical and nursing care. As a consequence, a necessary business decision taken by the management to improve the productivity of medical and nursing activities can lead to serious deficits on the staff side. In terms of business ethics, this is a lack of beneficence toward individual staff members that are perhaps overtaxed, and at the same time, in terms of medical ethics, a potential lack of beneficence toward hospital patients is implicitly accepted. In general, management has the responsibility for bringing about, in the day-to-day operation of a hospital, a plausible reconciliation of the ethical principles of two spheres of activity that are only apparently independent of each other.
Martin R. W. Hiebl
The majority of firms in market-oriented countries are family-owned. Despite their significant economic importance for these countries, research focusing on family firms is a rather young field within business research, having intensified starting only in the late 1980s. Research regarding the peculiarities of financial management in family firms is especially scarce. Hence, this paper seeks to synthesize existing research and to theoretically analyze the finance and accounting practices and ...
Adriana Bruscato Bortoluzzo
Full Text Available ABSTRACT The present study aims to study earnings management in a significant sample of 123 banks in the Brazilian market between 2001 and 2012. Given the important role that banks play in a country's economy, it is important to understand that there are discretionary factors involved in the reporting of a financial institution's profitability. Credit provisioning guidelines for Brazilian financial institutions are described in Resolution 2682/99 of the National Monetary Council (Conselho Monetário Nacional. Because of the discretion allowed in this resolution, loan loss provision is used as instrument of earnings management, which is not an illegal practice, but this behavior does affect the risk perception of agents and analysts, and they should be aware of it and understand it. We found that credit provisioning is used as an earnings management mechanism to smooth the net income of Brazilian financial institutions. Brazilian banks tend to avoid not only negative net income pre-loan loss provisions and taxes, but also negative net income pre-loan loss provisions and taxes in relation to the previous period. Contrary to the previous studies, it is not clear if banks avoid lower net income pre-loan loss provisions and taxes than a given peer group.
Lown, Jean M.; And Others
Reviews literature on family financial management of remarried couples and describes educational workshop on financial management in remarriage. Proposes five premises based on family developmental conceptual framework. Encourages family life educators to include financial management in remarriage education programs and presents outline for…
... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3016.20... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... Administration § 85.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 19.21... ORGANIZATIONS Post-Award Requirements § 19.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.311... Requirements § 600.311 Standards for financial management systems. (a) Recipients are encouraged to use existing financial management systems to the extent that the systems comply with Generally Accepted...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Standards for financial management systems. 277.6... ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.6 Standards for financial management systems. (a) General. This section prescribes standards for financial management systems in administering program funds by the State...
... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... Organizations Post-Award Requirements § 12.921 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 18.20... Administration § 18.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2543... OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 2543.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 246.13 Section 246.13... State Agency Provisions § 246.13 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... § 35.6270 Standards for financial management systems. (a) Accounting system standards—(1) General. The... of the adequacy of the financial management system as described in 40 CFR 31.20(c). (2) Allowable...
... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 97.20 Section 97... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Financial management system. 152.303... (CONTINUED) AIRPORTS AIRPORT AID PROGRAM Accounting and Reporting Requirements § 152.303 Financial management system. Each sponsor or planning agency shall establish and maintain a financial management system that...
... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...-PROFIT, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 14.21 Standards for financial management systems. (a) The Grants Officer shall require recipients to relate...
... Program Management § 49.21 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1157... Administration § 1157.20 Standards for financial management systems. (a) A State must expand and account for... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 33... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial...
... Program Management § 1210.21 Standards for financial management systems. (a) The NHPRC shall require.... (b) Recipients' financial management systems shall provide for the following. (1) Accurate, current... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Standards for financial...
... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Standards for financial... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 42 Public Health 4 2010-10-01 2010-10-01 false Financial management services. 441.484 Section 441... Optional Self-Directed Personal Assistance Services Program § 441.484 Financial management services. (a) States may choose to provide financial management services to participants, or their representatives, as...
... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2541... STATE AND LOCAL GOVERNMENTS Post-Award Requirements § 2541.200 Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems...
... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Center financial management and reporting... § 638.808 Center financial management and reporting. The Job Corps Director shall establish procedures to ensure that each center operator and each subcontractor maintain a financial management system...
Wang, B B; Wan, T T; Clement, J; Begun, J
The purpose of this study is to examine the association of managed care with hospital vertical integration strategies, as well as to observe the relationships of different types of vertical integration with hospital efficiency and financial performance. The sample consists of 363 California short-term acute care hospitals in 1994. Linear structure equation modeling is used to test six hypotheses derived from the strategic adaptation model. Several organizational and market factors are controlled statistically. Results suggest that managed care is a driving force for hospital vertical integration. In terms of performance, hospitals that are integrated with physician groups and provide outpatient services (backward integration) have better operating margins, returns on assets, and net cash flows (p < 0.01). These hospitals are not, however, likely to show greater productivity. Forward integration with a long-term-care facility, on the other hand, is positively and significantly related to hospital productivity (p < 0.001). Forward integration is negatively related to financial performance (p < 0.05), however, opposite to the direction hypothesized. Health executives should be responsive to the growth of managed care in their local market and should probably consider providing more backward integrated services rather than forward integrated services in order to improve the hospital's financial performance in today's competitive health care market.
... Financial Management § 3560.302 Accounting, bookkeeping, budgeting, and financial management systems. (a) General. Borrowers must establish the accounting, bookkeeping, budgeting and financial management... preparation, and financial management reporting systems through a revision of their management plan. (c...
Danzi, J T; Boom, M L
Academic medical centers (i.e., teaching hospitals) and academic medical practices are under pressure to control costs to compete with for-profit health care institutions. The authors explain how academic physician managers who want to control costs wisely must first understand the cost structure of the medical center or practice and compare that structure with those of for-profit institutions. Doing this requires a firm understanding of how to use a valuable tool, financial statement analysis, to assess an institution's health and performance. Such analysis consists of calculating a variety of financial ratios (e.g., operating income divided by revenues; net income divided by total assets) and then comparing them with the corresponding ratios that are considered industry norms. Three types of financial statements (defined in detail) lend themselves to this approach: the balance sheet, income statement, and statement of cash flows. The authors define standard financial ratios, point out their uses and limitations, and emphasize that a ratio's meaning derives from comparing it with the corresponding benchmark ratio in the industry as a whole. Ratios should be used not as the end point of assessing financial status, but as ways to identify possible problems that require further investigation. Analysis of trends of ratios over time within an institution is a complementary approach. The authors then discuss the use of ratios in three standard types of institutional evaluation: of performance, of liquidity and leverage, and of strategic planning. In addition, they present the financial statement of a fictitious academic medical center as an example of how to use ratios for financial statement analysis. The authors emphasize that the key to using the ratios they discuss and hundreds of others is first to decide what question needs answering and then to choose the relevant ratios to provide a basis for finding the answer.
Uhles, Neville; Weimer-Elder, Barbette; Lee, James G
Adventist HealthCare developed a workshop with a reality simulation game as an engaging means to teach nonfinancial managers about the relationships between cash flow, income statements, and balance sheets. Thirty AHC staff, about half financial and half nonfinancial, were trained as workshop facilitators, and all managers with budget oversight were asked to complete the workshop. The workshop was very positively received; participants' average scores on workshop questionnaires increased from 77.4 percent correct on a presession questionnaire to 91.3 percent correct on a postsession questionnaire.
Henry Kusuma Adikara
Full Text Available This paper’s for discuss the importance of New Public Financial Management (NPFM legitimacy. As part of the new regulation in the finance sector, NPFM promotes the application of transparency and accountability of company expenditures, risk management and value for money. However, literature study revealed that NPFM is not implemented yet in the public organization, especially in the developing countries, like Indonesia. It is predicted that it is due to socio-cultural aspect of the implementation of NPFM does not meet the society expectations. This paper explores and suggests that socio-cultural aspect should be taken into account in the implementation of NPFM or NPM.
The public financial management (PFM) performance assessment in Mali covered all central government revenues and expenditures and the institutions responsible for their management. This means that the assessment covered central government ministries and institutions, along with their de concentrated units in the regions (governors' staff); and autonomous government agencies, of which there...
.... In passing the 1990 Chief Financial Officers (CFO) Act and other financial management reform legislation, such as the Government Management Reform Act and the Federal Financial Management Improvement Act (FFMIA...
Sorin Gabriel Anton
Full Text Available Financial risk management has rapidly evolved over the past two decades and has become an indispensable function in many institutions from different area of activities. In the last two decades, as the financial markets have become more and more mature, an increasing number of firms from emerging economies have chosen to use derivatives to hedge financial risks. As a result, risk management with financial derivatives has attracted much attention recently, becoming an important topic in the financial literature. However, we know little about the use of financial derivatives by firms from emerging economies and about the effect of these instruments on firms’ risk and value. The aim of the paper is to provide new insights into the use of financial derivatives for hedging purpose by non-financial firms from emerging markets. We analyzed risk management practices on a sample of 68 non-financial firms listed at Bucharest Stock Exchange (BSE over a long time frame (2001 to 2011. We found that Romanian non-financial firms from our sample are exposed mainly to commodity price risk, currency risk, interest rate risk, and liquidity risk. More than half of the firms in our sample (55.88% publish in their annual reports the goal of risk management process. Our results show that 10.29% of non-financial firms in our sample use financial derivatives to hedge their currency, interest rate or commodity price risks. We also found that the volatility caused by the global financial crisis determined many firms to use financial derivatives over the period 2007-2011. Nevertheless, the use of financial derivatives by Romanian non-financial firms is low relative to values registered for other emerging economies. The most important factors that hindered the use of financial derivatives have been the low liquidity of exchange derivatives markets, high hedging costs, and the lack of risk management expertise. The traditional approach of managing risks individually is
The general structure of a regulatory scheme for the management of hospital radioactive wastes is presented. The responsabilities of an institution in the radioactive waste management, and storage conditions are defined. The radioactive wastes are classified in physical terms, and the criteria for evaluating the activity of solid wastes are described. The container characteristics and, the types of treatments given to the wastes are specified. (M.C.K.) [pt
Boby COSTI; Marius BOIŢĂ; Cosmina REMEŞ
This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of inve...
Ginn, Gregory O; Shen, Jay J; Moseley, Charles B
The objective of this study was to examine the relationship between financial position and adoption of electronic health records (EHRs) in 2442 acute care hospitals. The study was cross-sectional and utilized a general linear mixed model with the multinomial distribution specification for data analysis. We verified the results by also running a multinomial logistic regression model. To measure our variables, we used data from (1) the 2007 American Hospital Association (AHA) electronic health record implementation survey, (2) the 2006 Centers for Medicare and Medicaid Cost Reports, and (3) the 2006 AHA Annual Survey containing organizational and operational data. Our dependent variable was an ordinal variable with three levels used to indicate the extent of EHR adoption by hospitals. Our independent variables were five financial ratios: (1) net days revenue in accounts receivable, (2) total margin, (3) the equity multiplier, (4) total asset turnover, and (5) the ratio of total payroll to total expenses. For control variables, we used (1) bed size, (2) ownership type, (3) teaching affiliation, (4) system membership, (5) network participation, (6) fulltime equivalent nurses per adjusted average daily census, (7) average daily census per staffed bed, (8) Medicare patients percentage, (9) Medicaid patients percentage, (10) capitation-based reimbursement, and (11) nonconcentrated market. Only liquidity was significant and positively associated with EHR adoption. Asset turnover ratio was significant but, unexpectedly, was negatively associated with EHR adoption. However, many control variables, most notably bed size, showed significant positive associations with EHR adoption. Thus, it seems that hospitals adopt EHRs as a strategic move to better align themselves with their environment.
Is there something distinct about the traditional Hospitality Management curriculum? First offered in 1893 at the Ecole Hoteliere Lausanne in Switzerland and launched in the United States at The School of Hotel Administration at Cornell University in 1922, has this course of study evolved over time to focus on both of Meyer's skills - originally based on technical skills but now transforming to emotional skills?
Before submitting a manuscript, authors should peruse and consult a recent issue of the Journal for format and style. ... The submission of a manuscript by the authors implies that they automatically agree to assign exclusive copyright to the publishers of the Research in Hospitality Management, NISC (Pty) Ltd. There are no ...
Granetto, Paul J; Peek, Marvin L; Armstrong, Jack L; Wenzel, Paul C; Furey, Kathleen A; Zimmerman, Craig W
... are: the Corps of Engineers Financial Management System, the Corps of Engineers Enterprise Management Information System, and the Defense Departmental Reporting System - Audited Financial Statements...
Michel, A; Shaked, I; Daley, J
This paper evaluates the performance of both specific firms within the American for-profit hospital industry and the industry as a whole. First, traditional financial analysis is used to evaluate individual publicly traded for-profit chains. Then, industry performance from 1973 to 1982 is evaluated using a set of measures based on Modern Portfolio Theory. The traditional financial analysis indicates that the industry seems increasingly profitable as well as increasingly healthy from the perspective of utilizing its assets and reducing its collection period. However, the industry's rapid growth rate has strained its ability to use additional debt funding and has created a potentially dangerous liquidity position. Measures based on Modern Portfolio Theory indicate that the average return of the industry has improved over the past 5 years. However, its risk has also increased. Nevertheless, the increase in risk is more than offset by the increased average return. In addition, recent legislation designed 'to reward the efficient' has introduced a significant degree of uncertainty into the industry's performance for the coming years. Thus, hospitals' ability to maintain the substantial profitability and rate of growth they have experienced over the past decade will depend on how well they will adapt to the changing environment.
Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.
... with the financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 92.20...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 602.20...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Standards for financial management...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.220...
Butt, Babar Zaheer; Hunjra, Ahmed Imran; Rehman, Kashif-Ur-
This study measures the relationship between organizational performance and financial management practices like capital structure decision, dividend policy, investment appraisal techniques, working capital management and financial performance assessment in Pakistani corporate sector. Sample of the study consisted of forty companies operating in Pakistan, related to different sectors and listed at Karachi Stock Exchange. The finance executives and financial analysts of the companies respon...
... GOVERNMENT ACCOUNTABILITY OFFICE Financial Management and Assurance; Government Auditing Standards.... Dalkin, Director, Financial Management and Assurance. [FR Doc. 2010-23374 Filed 9-17-10; 8:45 am] BILLING... financial and performance auditing drawn from all levels of government, private enterprise, public...
... 7 Agriculture 1 2010-01-01 2010-01-01 false Financial management and records. 25.606 Section 25... COMMUNITIES Round II and Round IIS Grants § 25.606 Financial management and records. (a) In complying with the... retained in electronic form. (b) Grantees must retain financial records, supporting documents, statistical...
Roberts, Stephen A.
The financial environment within library and information services is reviewed and a structure for financial management is presented based on funding source and level of commercial activity. Objectives for financial management of library and information services is developed and reviewed in light of future trends and stakeholder perspectives.…
Financial management is crucial for planning bank's asset and liabilities while taking consideration for multiple objectives. The objective of this study is to develop a Goal Programming (GP) model to optimize the financial management of Public Bank Berhad in. Malaysia. Six goals from the financial statements namely total ...
Levit, Katharine R; Friedman, Bernard; Wong, Herbert S
To develop a tool for estimating hospital-specific inpatient prices for major payers. AHRQ Healthcare Cost and Utilization Project State Inpatient Databases and complete hospital financial reporting of revenues mandated in 10 states for 2006. Hospital discharge records and hospital financial information were merged to estimate revenue per stay by payer. Estimated prices were validated against other data sources. Hospital prices can be reasonably estimated for 10 geographically diverse states. All-payer price-to-charge ratios, an intermediate step in estimating prices, compare favorably to cost-to-charge ratios. Estimated prices also compare well with Medicare, MarketScan private insurance, and the Medical Expenditure Panel Survey prices for major payers, given limitations of each dataset. Public reporting of prices is a consumer resource in making decisions about health care treatment; for self-pay patients, they can provide leverage in negotiating discounts off of charges. Researchers can also use prices to increase understanding of the level and causes of price differentials among geographic areas. Prices by payer expand investigational tools available to study the interaction of inpatient hospital price setting among public and private payers--an important asset as the payer mix changes with the implementation of the Affordable Care Act. © Published 2013. This article is a U.S. Government work and is in the public domain in the USA.
Vélez-González, Heltie; Pradhan, Rohit; Weech-Maldonado, Robert
Non-financial measures have found increasing acceptance in the business world--however, their application in the health care industry remains limited. The purpose of this article is to understand the influence of non-financial measures (efficiency, productivity, and quality) on the financial performance of for-profit system hospitals. The sample consists of 499 for-profit system hospitals in the United States from 1999 to 2002. Data analyzed include the American Hospital Association's Annual Survey, Medicare Cost Reports, Joint Commission's quality scores, and the Centers for Medicare & Medicaid Services' Hospital Case Mix Index. Dependent variables consist of financial measures (operating and total margins), while independent variables include measures of efficiency, productivity, and quality. Our results suggest the influence of non-financial performance measures on financial performance; occupancy rate positively influences financial performance while greater labor intensity may have negative implications for financial performance. In addition, we show that quality positively influences financial performance thereby offering a potential business case for quality. This result has important managerial and policy implications as it may incentivize capital and human resource investments required to improve hospital quality of care.
Andrey G. Mikheev
Full Text Available The article discusses the application of process approach to financial management. The multilevel financial management methodology is described. It is based on the delegation of the financial management functions in the downstream division of the organization, process automation, transfer of financial resources between units of different levels of the hierarchical structure of the credit institution, the implementation of a financial management mechanism of the process approach, execution of business processes in the computer environment, using the strategic management of the organization by changing the coefficients, which are the parameters of decentralized control mechanism, using the construction of the «fast» financial indicators, taking into account the terms of financial resources transfer transactions and effective transformation of business processes. The article is focused on the credit institution business management through the application of process transformation to transfer funds business processes.
Manish Kumar Manar
Full Text Available Objective: To assess hospital waste management in nonteaching hospitals of Lucknow city. Materials and Methods: A cross-sectional, descriptive study was conducted on the staffs of nonteaching hospitals of Lucknow from September 2012 to March 2013. A total of eight hospitals were chosen as the study sample size. Simple random sampling technique was used for the selection of the nonteaching hospitals. A pre-structured and pre-tested interview questionnaire was used to collect necessary information regarding the hospitals and biomedical waste (BMW management of the hospitals. The general information about the selected hospitals/employees of the hospitals was collected. Results: Mean hospital waste generated in the eight nonteaching hospitals of Lucknow was 0.56 kg/bed/day. About 50.5% of the hospitals did not have BMW department and colored dustbins. In 37.5% of the hospitals, there were no BMW records and segregation at source. Incinerator was used only by hospital A for treatment of BMW. Hospital G and hospital H had no facilities for BMW treatment. Conclusion: There is a need for appropriate training of staffs, strict implementation of rules, and continuous surveillance of the hospitals of Lucknow to improve the BMW management and handling practices.
.... 1 The CFO Act calls for the modernization of financial management systems, including the systematic measurement of performance, the development of cost information, and the integration of program, budget, and financial information.
Full Text Available This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.
Pines, Jesse M; Batt, Robert J; Hilton, Joshua A; Terwiesch, Christian
Some have suggested that emergency department (ED) boarding is prevalent because it maximizes revenue as hospitals prioritize non-ED admissions, which reimburse higher than ED admissions. We explore the revenue implications to the overall hospital of reducing boarding in the ED. We quantified the revenue effect of reducing boarding-the balance of higher ED demand and the reduction of non-ED admissions-using financial modeling informed by regression analysis and discrete-event simulation with data from 1 inner-city teaching hospital during 2 years (118,000 ED visits, 22% ED admission rate, 7% left without being seen rate, 36,000 non-ED admissions). Various inpatient bed management policies for reducing non-ED admissions were tested. Non-ED admissions generated more revenue than ED admissions ($4,118 versus $2,268 per inpatient day). A 1-hour reduction in ED boarding time would result in $9,693 to $13,298 of additional daily revenue from capturing left without being seen and diverted ambulance patients. To accommodate this demand, we found that simulated management policies in which non-ED admissions are reduced without consideration to hospital capacity (ie, static policies) mostly did not result in higher revenue. Many dynamic policies requiring cancellation of various proportions of non-ED admissions when the hospital reaches specific trigger points increased revenue. The optimal strategies tested resulted in an estimated $2.7 million and $3.6 in net revenue per year, depending on whether left without being seen patients were assumed to be outpatients or mirrored ambulatory admission rates, respectively. Dynamic inpatient bed management in inner-city teaching hospitals in which non-ED admissions are occasionally reduced to ensure that EDs have reduced boarding times is a financially attractive strategy. Copyright © 2010 American College of Emergency Physicians. Published by Mosby, Inc. All rights reserved.
Rusnak, James E.
Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The h...
Deleyiannis, Frederic W-B; TeBockhorst, Seth; Castro, Darren A
The purpose of this study was to determine the financial impact of cleft care on the hospital and to evaluate trends in reimbursement over the past 6 years. Medical and accounting records of 327 consecutive infants undergoing cleft repair between 2005 and 2011 were reviewed. Charges, payments, and direct cost data were analyzed to illustrate hospital revenue and margins. Hospital payments for all inpatient services (cleft and noncleft) during the first 24 months of life were $9,483,168. Mean hospital payment varied from $5525 (Medicaid) to $10,274 (managed care) for a cleft lip repair (p < 0.0001) and from $6573 (Medicaid) to $12,933 (managed care) for a cleft palate repair (p < 0.0001). Hospital charges for a definitive lip or palate repair to both Medicaid and managed care more than doubled between 2005 and 2011 (p < 0.0001). Overall, mean hospital margins were $3904 and $3520, respectively, for a cleft lip repair and cleft palate repair. Medicaid physician payments for cleft lip and palate were, respectively, $588 and $646. From 2005 to 2006, 2007 to 2008, and 2009 to 2010, 41 percent, 43 percent, and 63 percent of patients, respectively, were enrolled in Medicaid. Cleft care generates substantial revenue for the hospital. For their mutual benefit, hospitals should join with their cleft teams to provide administrative support. Bolstered reimbursement figures, based on the overall value of cleft care to the hospital system, would better attract and retain skilled clinicians dedicated to cleft care. This may become particularly important if Medicaid enrollment continues to increase.
Full Text Available Is there something distinct about the traditional Hospitality Management curriculum? First offered in 1893 at the Ecole Hoteliere Lausanne in Switzerland and launched in the United States at The School of Hotel Administration at Cornell University in 1922, has this course of study evolved over time to focus on both of Meyer's skills - originally based on technical skills but now transforming to emotional skills?
Woo, Gon Kima, 1,; Hyunjung, Limb,; Robert, A. Brymerc, 2,
This paper investigates how managing online reviews affects hotel performance. An international hotel chain provided the hotel performance data and the online review data. A leading social media firm for the hospitality industry collected the online review data, which the hotel company purchased. The results indicate that overall ratings are the most salient predictor of hotel performance, followed by response to negative comments. The better the overall ratings and the higher the response ra...
integrated and detailed analysis and description model for hospital materials management data and tasks, which is able to tackle information from patient requirements to usage, from replenishment requests to supplying and handling activities. The model takes account of medical risk reduction, traceability and streamlined processes perspectives. Second, the paper translates this information into a business process model and mathematical formalization.The study provides a useful guide to the various relevant technology‐related, management and business issues, laying the foundations of an efficient reengineering of the supply chain to reduce healthcare costs and improve the quality of care.
The coming of knowledge economy creates unprecedented situation of economy development. The trend of education's globalization as well as communication means frequently updated severely hit the system of financial management. Along with the deep going of education industrialization, and development of logistics management socialization, system and content of university financial management are increasingly expending and getting more and more complex that result in new challenge and problems to financial management. In order to step up with university development of internationalization and the logistics development of socialization, the financial management has to reform in response to this new challenge and trend.
Davis, S; Freeman, J R
A new hospital director seeking to bring his institution to the brink of solvency found himself with ten pounds of data but no "information"--at least, not the kind of information he could use as a basis for management decisions. What he needed was a system that would not only present data, but the meaning of the data. Such a system is the integrated MIS.
Economical constraints within the health care system advocate the introduction of tighter control of costs in clinical laboratories. Detailed cost information forms the basis for cost control and financial management. Based on the cost information, proper decisions regarding priorities, procedure choices, personnel policies and investments can be made. This presentation outlines some principles of cost analysis, describes common limitations of cost analysis, and exemplifies use of software to achieve optimized cost control. One commercially available cost analysis software, LabCost, is described in some detail. In addition to provision of cost information, LabCost also serves as a general management tool for resource handling, accounting, inventory management and billing. The application of LabCost in the selection process of a new high throughput analyzer for a large clinical chemistry service is taken as an example for decisions that can be assisted by cost evaluation. It is concluded that laboratory management that wisely utilizes cost analysis to support the decision-making process will undoubtedly have a clear advantage over those laboratories that fail to employ cost considerations to guide their actions.
Teare, Richard, Ed.; And Others
A theme issue devoted to management development in hospitality and tourism includes nine articles on assessing human resource needs and priorities, management development and training, preparing managers, curriculum design, supervised work experience, manager role, and the current business environment. (JOW)
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of... Depositary, Financial Agency, and Collateral Agreement AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of...
... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Financial Management Policies--Interest... invite comments on the following information collection. Title of Proposal: Financial Management Policies... Office of Management and Budget (OMB) for review and approval, as required by the Paperwork Reduction Act...
... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Financial Management Policies--Interest... concerning the following information collection. Title of Proposal: Financial Management Policies--Interest... collection requirement described below to the Office of Management and Budget (OMB) for review, as required...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Indicator #6, financial management... URBAN DEVELOPMENT PUBLIC HOUSING MANAGEMENT ASSESSMENT PROGRAM § 901.35 Indicator #6, financial management. This indicator examines the amount of cash reserves available for operations and, for PHAs...
SSPO, the largest program office in the Navy and in existence for over 20 years, has perfected time tested financial management procedures which may...serve as a model for the student of program management. This report presents an overview of the SSPO financial management concepts and general
Nakagawa, Yoshiaki; Tomita, Naoko; Irisa, Kaoru; Yoshihara, Hiroyuki; Nakagawa, Yoshinobu
Introduction of Electronic Medical Record (EMR) into a hospital was started from 1999 in Japan. Then, most of all EMR company said that EMR improved efficacy of the management of the hospital. National Hospital Organization (NHO) has been promoting the project and introduced EMR since 2004. NHO has 143 hospitals, 51 hospitals offer acute-phase medical care services, the other 92 hospitals offer medical services mainly for chronic patients. We conducted three kinds of investigations, questionnaire survey, checking the homepage information of the hospitals and analyzing the financial statements of each NHO hospital. In this financial analysis, we applied new indicators which have been developed based on personnel costs. In 2011, there are 44 hospitals which have introduced EMR. In our result, the hospital with EMR performed more investment of equipment/capital than personnel expenses. So, there is no advantage of EMR on the financial efficacy.
... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial management standards. 3015.61 Section 3015.61 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Standards for Financial...
Millennium Challenge Corporation — The Honduras Threshold Country Program (TCP) aims to increase the efficiency and transparency of public financial management (PFM) and public private partnerships...
Aug 27, 2015 ... Principles, theoretical concepts and factors affecting ... Keywords: Team, Teamwork, Effectiveness, Financial, Management,. Companies, Strategic ..... The response rates were higher from the Accounting, Client Service and.
Full Text Available Process knowledge of the financial situation of the economic entity presupposes the use of analysis and synthesis, as indispensable tools of investigation. Financial management of the economic entity have to belong to the basic role in strategic financial decisions that would solve the problem of effective management of the process optimal growth, balanced and proportionate entity. That is why it becomes necessary and imperative objective analysis of the implications of the current financial management in economic entities familiarize managers with the basic tools with which they operate, acquiring knowledge about planning and financial control, evaluation techniques of investment projects, about how to conduct financial and economic diagnosis and management control of the entity, the key issues in its orientation towards performance.
.... The study provides evidence of the extent of personal financial problems in the military. The analysis describes how financial problems vary with the demographics of the military and with particular aspects of the military work environment (e.g...
The Financial Analyst position is essential for the administration and smooth ... Prepare monthly journal voucher to record the donor partnership revenue in ... of the business requirements for the development and enhancement of financial ...
Kane, N M; Magnus, S A
Health policy makers, legislators, providers, payers, and a broad range of other players in the health care market routinely seek information on hospital financial performance. Yet the data at their disposal are limited, especially since hospitals' audited financial statements--the "gold standard" in hospital financial reporting--are not publicly available in many states. As a result, the Medicare Cost Report (MCR), filed annually by most U.S. hospitals in order to receive payment for treating Medicare patients, has become the primary public source of hospital financial information. However, financial accounting elements in the MCR are unreliable, poorly defined, and lacking in critical detail. Comparative analyses of MCRs and matched, audited financial statements reveal long-standing problems with the MCR's data, including major differences in reported profits; variations in the reporting of both revenues and expenses; an absence of relevant details, such as charity care, bad debt, operating versus nonoperating income, and affiliate transactions; an inconsistent classification of changes in net assets; and a failure to provide cash flow statements. Because of these problems, MCR financial data give only a limited and often inaccurate picture of the financial position of hospitals. Audited financial statements provide a more complete perspective, enabling analysts to address important questions left unanswered by the MCR data. Regulatory action is needed to create a national database of financial information based upon audited statements.
IOV DANIELA RODICA
Information concerning financial performance is one of the objectives of the annual financial statements of credit institutions. The main source containing this information is profit and loss statement. A correct and complete information can not be limited to this annual report. Understanding the concept of financial performance requires a holistic approach of the entity. An overview of information on financial performance will be achieved by coordinating information about the...
Choi, Mankyu; Lee, Keon-Hyung
In this study, the determinants of hospital profitability were evaluated using a sample of 142 hospitals that had undergone hospital standardization inspections by the South Korea Hospital Association over the 4-year period from 1998 to 2001. The measures of profitability used as dependent variables in this study were pretax return on assets, after-tax return on assets, basic earning power, pretax operating margin, and after-tax operating margin. Among those determinants, it was found that ownership type, teaching status, inventory turnover, and the average charge per adjusted inpatient day positively and statistically significantly affected all 5 of these profitability measures. However, the labor expenses per adjusted inpatient day and administrative expenses per adjusted inpatient day negatively and statistically significantly affected all 5 profitability measures. The debt ratio negatively and statistically significantly affected all 5 profitability measures, with the exception of basic earning power. None of the market factors assessed were shown to significantly affect profitability. In conclusion, the results of this study suggest that the profitability of hospitals can be improved despite deteriorating external environmental conditions by facilitating the formation of sound financial structures with optimal capital supplies, optimizing the management of total assets with special emphasis placed on inventory management, and introducing efficient control of fixed costs including labor and administrative expenses.
Lynch, J R; McCue, M J
The financial and operating performance of independent not-for-profit hospitals acquired by US for-profit multi-hospital systems in 10 Southern states between the years 1978 and 1982 was explored. The impact of system ownership on acquired hospitals was investigated by comparing the average financial performance of hospitals in the two years immediately prior to acquisition to the average for 1984 and 1985 and by comparing changes in the performance of acquired hospitals with changes in matched independent facilities. Findings suggest that for-profit multi-hospital systems were able to improve many of the financial and operating problems of acquired facilities. In comparison to independent not-for-profit hospitals, acquired hospitals were found to increase access to long-term debt, make improvements to plant and equipment, improve profitability, and increase efficiency to a greater extent. Prices in acquired hospitals rose more than those in independents and liquidity decreased to a greater extent.
Arisbel Ramos Martin
Full Text Available Benchmarking is considered a key component of the organizational performance measurement system. This study examines a sample of 53 profit and nonprofit hospitals registered in the American Hospital Directory, through four financial dimensions: liquidity, efficiency, profitability and capital structure. The purpose of the study is to validate whether the financial industry benchmark differs or not from a group of 17 selected financial ratios of profit and nonprofit hospitals, to determine if their financial performance is efficient or inefficient in the Puerto Rico health care system. The findings from the research show that 53% or more of the 17 selected financial ratios, compared globally, suggest being efficient in both types of hospitals. This means that these financial ratios were greater than or equal to the industry benchmark.
Vitaly J. Ozira
Full Text Available This paper reviews general issues relate to Russian financial system and policies in the context of economies relying to a significan extent on market mechanisms to allocate resources. After a brief introduction describing the functions of the financial sector in a marke economy, the paper presents an inventory o the most common problems hindering the effective performance of the financial system as a development tool, and some policy guideline based on the analysis. The text aims a presenting a brief exposition of the basic principles that provide a conceptual framework to review the issues.Finance, like money, is not a realit which exists independently from the specific cultural, political and legal features of a given society. The reason is that finance is ai institution, which organizes relevant modes o interaction among various groups or individual economic units claims on the social resources, the functions fulfilled by the financial sector need not be the universal.The views expressed in the paper are the author's own responsibility and should not be interpreted as presenting the official position paper on financial sector management.El presente artículo examina problemas generales concernientes al sector financiero de Rusia a la luz del sistema económico apoyado en los mecanismos de mercado de la distribución de los recursos. Después de la introducción que describe las funciones de dicho sector en las condiciones de mercado, el artículo representa un cuadro típico de problemas que frenan el funcionamiento eficaz del sistema financiero como instrumento de desarrollo. Asimismo el autor ofrece recomendaciones prácticas basadas en el resultado del análisis llevado a cabo por él. El texto del artículo contiene los principios fundamentales que son, propiamente dicho, los marcos conceptuales del presente trabajo.Las finanzas, como es sabido, están estrechamente vinculadas a las peculiaridades jurídicas, políticas y culturales de
Full Text Available Introduction: Managers, as the members of decision making team in hospitals, are required to understand economic issues In order to increase their knowledge, make better decisions making, and bring about economic growth in hospitals. Thus by measuring the managers’ level of economic knowledge and understanding their weaknesses at this field, we can take an important step in line with this transcendental target. Method: This was an analytical– descriptive study conducted in 2013. In this study, the views of 30 hospital executives and financial managers about various aspects of hospital economy including payment methods, techniques of economic evaluation, hospital income, and cost and subtractions were studied using questionnaires and interviews. SPSS 18 was used to analyze the collected data. P<0.05 was considered statistically significant. Results: None of the studied managers had a good level of knowledge and most managers (80.7% had an undesirable level of knowledge, and few of them had a moderate level of knowledge. The administrators’ average knowledge of the ways to reduce the cost and increase the income of private hospitals was more than that of hospital administrators; as to the economic evaluation techniques and methods of payment, hospital administrators had more knowledge than managers of private hospitals. Conclusion: The managers’ low level of economic knowledge can be enhanced by more selective appointment of individuals for these sensitive positions and also increased by their participation in workshops and training courses.
Full Text Available The Time Value of Money is a important concept in financial management. The Time Value of Money (TVM includes the concepts of future value and discounted value. It is mandatory for a financial professional to know and operate the specific techniques of TVM. Within the present article we present the basic notions and illustrate their application in the field of investment projects. The case studies presented are valuable for an efficient financial management.
This study analysed the effect of financial policies on the performance of line managers in Ugandan Universities. The field research was carried out in private and public universities. Every university had a financial policies so their line managers were expected to perform their duties effectively. The objectives of the study ...
... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... AUDIT REQUIREMENTS AND COST PRINCIPLES FOR ASSISTANCE PROGRAMS Uniform Administrative Requirements for... Standards for financial management systems. (a) A State must expand and account for grant funds in...
Danes, Sharon M.; Garbow, Jennifer; Jokela, Becky Hagen
Study investigates distal and proximal contextual influences of the American Indian culture that affect financial decisions and behaviors. Primary household financial managers were interviewed. Study was grounded in Deacon and Firebaugh's "Family Resource Management" theory. Findings indicated that American Indians view many concepts…
... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial management of labor housing. 3560.578 Section 3560.578 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING... § 3560.578 Financial management of labor housing. The requirements established in subpart G of this part...
Full Text Available This paper briefly introduces the concept of the refined financial management, elaborates on its characteristics and puts forward some main points about it. It also comes up with some personal suggestions for reference on effective ways of refining financial management.
Kerkmann, Barbara C.
The financial management habits and perceptions of young married couples were examined, as well as their financial problems and perceptions of their problems' magnitude in an attempt to assess the relationship of these financial factors to marital satisfaction. A survey was delivered to 604 residents of family student housing at Utah State University. The spouse who predominantly handled family finances was asked to complete the survey. By using an incentive for completing the survey, a respo...
This financial management status report contains the GSA vision statement, goals and strategies, asset management, organization and personnel, accountability and control, financial management systems...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Request for Payment of Federal Benefit by Check, EFT Waiver Form AGENCY: Financial Management... to Financial Management Service, 3700 East West Highway, Records and Information Management Branch...
Victoria María Antonieta Martín Granados
Full Text Available The financial information is the document that the administration of a juridical entity issues to know his financial situation. The financial information is useful and confiable for the users of the financial information when this has been prepared under conditions of certainty. This certainty is provided by the administration when it establishes political and procedures of internal control, as well as the surveillance in the accomplishment of the internal control. This control incides in the financial information since it is inherent to the operative flow and extends itself in relevant information, veracious and comparable. This is important for users of the financial information, due to the fact that they take timely and objective decisions.
Exposure to extreme weather events can be reduced through physical actions (e.g., dams/reservoirs) or mitigated financially (e.g., insurance). Often physical actions involve investments in expensive infrastructure that reduce exposure, but whose benefits are only occasionally realized. Financial risk management does not reduce the impacts of an event, but rather redistributes them temporally, albeit at a cost. Nonetheless, these costs are typically much smaller, at least in the short run, than those incurred for physical actions. Financial strategies are also more flexible than physical ones in the face of an uncertain future. Financial contracts specifically designed to manage extreme environmental risks are becoming more common and can either replace or complement infrastructural investments as part of a risk management portfolio. In order to make optimal decisions as to the relative levels of physical and financial risk mitigation to employ, it is necessary to understand the relative merits of each strategy. This research develops a method for analyzing tradeoffs between physical and financial risk management strategies. We identify the unique cost and benefit properties of each strategy and integrate them into a single model that details the tradeoffs involved in various portfolios of physical and financial strategies. These methods are then applied to evaluate decisions to pursue emergency dredging during drought on the Mississippi River, which is used to mitigate the increased costs and/or reduced revenues barge operators face when water levels are low. Currently the U.S. Army Corps of Engineers funds most emergency dredging operations during major droughts and they are considering more intensive strategies for future droughts. Barge carriers and shippers though could manage at least some portion of their financial risks through a series of existing and experimental financial contracts. This work involves the formulation of these experimental contracts and
Palmer, Lance; Bliss, Donna L.; Goetz, Joseph W.; Moorman, Diann
The effect of a financial management intervention on college students' financial behavior was examined. The intervention strategy, a form of expenditure tracking, focused on consciousness-raising and was implemented among 170 undergraduate students. Qualitative analysis of participants' self-reflection papers revealed that awareness of spending…
World Bank; Inter-American Development Bank
This Public Financial Management Performance Report (PFMPR) analyzes the performance of Colombia's public financial management (PFM) institutions, systems and processes. It documents areas where performance is close to or follows international good practice, as well as opportunities to further enhance PFM contribution to the goals of strengthening fiscal discipline, enabling more efficient...
Collum, Taleah H; Menachemi, Nir; Sen, Bisakha
The aim of this study was to examine the impact of electronic health record (EHR) adoption on hospital financial performance. We constructed a longitudinal panel using data from the three secondary sources: (a) the 2007-2010 American Hospital Association (AHA) Annual Survey, (b) the 2007-2010 AHA Annual Survey Information Technology Supplement, and (c) the 2007-2011 Medicare Cost Reports from Centers for Medicare and Medicaid Services. Because potential financial benefits attributable to EHR adoption may take some time to accrue, we ran regressions with lags of 1 and 2 years that included hospital and year fixed effects to examine the relationship between the level of EHR adoption and three hospital financial performance measures. A change in the level of EHR adoption was not associated with changes in operating margin or return on assets within hospitals. However, total margin was significantly improved, after 2 years, in hospitals that moved from no EHR to having a comprehensive EHR in all areas of their hospital (β = 0.030, p financial performance measures examined. The improvements in total margin, as opposed to operating margin, are likely due to hospital incentive payments under the Health Information Technology for Economic and Clinical Health Act that are reflected in nonpatient revenues and therefore show up in total margin calculations. Thus, after 2 years of EHR adoption, hospital financial performance is observed to improve based only on meaningful use incentive payments. More research will be needed to determine whether EHR adoption impacts financial performance on a longer time horizon.
Dyba O. M.
Full Text Available Authors have analyzed and synthesized the main features of financial sources management for innovative development in development economies of foreign countries. The article describes the peculiarities of above mentioned type of management, using the examples of such countries as Germany, USA and Japan, which represent different kinds of economy and society. The main sources for innovative development financing are highlighted within the national economies conditions. The authors proposed the generalized models of financial sources management for innovative development. The information will be useful for Ukrainian model of financial sources management development.
Full Text Available The paper reviews major stages of establishment and development of financial management, main conceptual theories, and methods, approaches, developed by academic economists in the field of corporate finance that became the basis for the development of financial management as a science. In the paper, the authors identify the major five stages of its establishment, in the process of which the range of thoroughly studied issues was constantly expanded, the methodologies of their research were enriched. The paper describes the main scientific works of famous economists of the relevant periods that have made a significant contribution to the formation and development of financial management as a science. The authors drew the conclusions about prerequisites to the development of financial science and research priorities in the financial management of enterprises.
Michele Caroline Lima Formenti
Full Text Available This study aims to identify the profile of the Financial Management in the Small Business in Osasco city. For development of this research was first done a bibliographic survey of issues related to the topic, such as: Definition of Small Business, General Law, Tax Aspects, Accounting Model (ITG 1000, Financial Controls. The second stage consisted of field research in which a questionnaire was prepared for Small Business managers of the municipality to identify the Financial Management model used. The study revealed that over 80% of Small Business perform some type of financial control, either by means of computer systems or electronic spreadsheets and that the greatest difficulty in Financial Management of these companies are: high taxes, tough competition and lack skilled labor.
... 42 Public Health 1 2010-10-01 2010-10-01 false How does an Indian Tribe demonstrate financial stability and financial management capacity? 137.21 Section 137.21 Public Health PUBLIC HEALTH SERVICE... How does an Indian Tribe demonstrate financial stability and financial management capacity? The Indian...
Chang, Ying-Ying; Hsu, Pi-Fang; Li, Min-Hua; Chang, Ching-Ching
The purpose of this study is to investigate the cognition of knowledge management (KM) among hospital employees and the relationship between KM and the KM enabler activities (financial, customer, internal business processes, learning and growth) in a regional hospital in Taiwan. Both qualitative and quantitative research were used in this study. The instrument was conducted using in-depth interviews of three policy-makers as participants. The quantitative data were collected from a regional hospital in the Northern part of Taiwan with a 77 percent effective response rate (n=154). The findings in this paper indicate that the cognition and demand for KM in subordinates is close to the expectations of policy-makers. The policy-makers expect subordinates working in the hospital to be brave in taking on new responsibilities and complying with hospital operation norms. KM is emphasized as a powerful and positive asset. Moreover, understanding KM predicts good performance in an organization. The findings in this paper can be generalized to other regional hospitals. The findings may be applied to a wider population. This study can provide insights into the perceptions and cognitions of workers in a hospital about KM and the activities of KM enablers. The responses and perceptions observed in the interviews in this study, as well as the quantitative research results could be useful to other hospitals and individuals who engage KM as a new management trend. This study suggested KM guidelines for policy-makers who are experienced managers.
Juan Pablo Rodríguez-Miranda; César Augusto García-Ubaque; María Camila García-Vaca
Introduction: Activities in hospitals have environmental impacts which may pose risks to human and environmental health if they are not managed correctly. For this reason, it is necessary to implement an environmental management plan in hospitals that not only focuses on solid waste management but includes all aspects associated with health within institutions. Objective: To review environmental management aspects related to public hospitals in order to identify environmental management a...
Full Text Available The paper intends to emphasise the importance of budget resources forecasting for long periods of time, within thefinancial management. An as accurate as possible forecasting of the volume of financial resources will represent the basis forthe future projections of the expenditure of local communities, as they are regulated by law, knowing that one of the principlesrepresenting the basis of budget making is that of the balanced budget. To the same extent, the volume of the budget liquiditieswill depend on the rigorousness of the design of the volume of financial resources.. Beyond the abstract character of themathematic calculus made by specialists in econometrics, the financial manager is also interested to know the forecastingtechniques so that he/she can draw up the income and expenditure budget, the basis for the implementation of the economicsocialdevelopment strategies of the local communities. The financial management remains a fundamental component of thepublic management through the theoretical-methodological arsenal made available for the loan officer.
Griffith, J R
The well-managed community hospital as an organization is in dynamic equilibrium with its geographic community and with other communities providing finance, physicians, nurses, other professionals and resources necessary to meet local health care needs. The hospital is "well-managed" when it develops an equilibrium that permits all of its various constituencies to be satisfied. Growth in market share results from good management. The hospital's ability to attract and satisfy the needs of health care professionals while simultaneously meeting the needs of patients and their families at competitive prices allows it to flourish. Its financial success allows it to reward its medical staff and employees in ways that attract the best of each work group. A central problem in achieving good management is communication. Hospitals must communicate their goals convincingly to a large number of doctors and employees. "The Well-Managed Community Hospital," winner of the James A. Hamilton Hospital Administration Book Award, argues that a well-structured mission statement is the essential first step in the communications process. According to the book, final responsibility for the mission statement lies with the governing board and is one of five non-delegable functions of the board. The nature of the mission setting function as described in the book follows.
C. Alberto Dorantes
Several econometric software offer portfolio management tools for practitioners and researchers. For example, MatLab and R offer a great variety of tools for the simulation, optimization, and analysis of financial time series. Stata, together with Mata, offers powerful programming tools for the simulation, optimization, and analysis of financial data. However, related user commands are scarce. In this presentation, commands for online market data collection, data manipulation, and financial a...
Full Text Available Liquidity and working capital management belongs to one of the fundamental tasks of short-term financial management. However, in the context of net working capital, the issue of management of current assets and liabilities significantly overlaps with long-term financial management, in which the effects of various decisions have long-term consequences, with considerable inertia and possibility of high losses. The present study is therefore focused on the determination of appropriate amount of working capital, as an important part of financial decision making process in the company. The paper presents an empirical research aiming to identify the appropriate approach to accurate calculations of net working capital and determining its needs. The main contribution of the study can be found in the verification of calculation method of net working capital needs, which, according to the authors, may be beneficial both for business practice and teaching of financial management at universities.
Everhart, Damian; Neff, Donna; Al-Amin, Mona; Nogle, June; Weech-Maldonado, Robert
Hospitals facing financial uncertainty have sought to reduce nurse staffing as a way to increase profitability. However, nurse staffing has been found to be important in terms of quality of patient care and nursing-related outcomes. Nurse staffing can provide a competitive advantage to hospitals and as a result of better financial performance, particularly in more competitive markets. In this study, we build on the Resource-Based View of the Firm to determine the effect of nurse staffing on total profit margin in more competitive and less competitive hospital markets in Florida. By combining a Florida statewide nursing survey with the American Hospital Association Annual Survey and the Area Resource File, three separate multivariate linear regression models were conducted to determine the effect of nurse staffing on financial performance while accounting for market competitiveness. The analysis was limited to acute care hospitals. Nurse staffing levels had a positive association with financial performance (β = 3.3, p = .02) in competitive hospital markets, but no significant association was found in less competitive hospital markets. Hospitals in more competitive hospital markets should reconsider reducing nursing staff, as these cost-cutting measures may be inefficient and negatively affect financial performance.
Everhart, Damian; Neff, Donna; Al-Amin, Mona; Nogle, June; Weech-Maldonado, Robert
Background Hospitals facing financial uncertainty have sought to reduce nurse staffing as a way to increase profitability. However, nurse staffing has been found to be important in terms of quality of patient care and nursing related outcomes. Nurse staffing can provide a competitive advantage to hospitals and as a result better financial performance, particularly in more competitive markets Purpose In this study we build on the Resource-Based View of the Firm to determine the effect of nurse staffing on total profit margin in more competitive and less competitive hospital markets in Florida. Methodology/Approach By combining a Florida statewide nursing survey with the American Hospital Association Annual Survey and the Area Resource File, three separate multivariate linear regression models were conducted to determine the effect of nurse staffing on financial performance while accounting for market competitiveness. The analysis was limited to acute care hospitals. Findings Nurse staffing levels had a positive association with financial performance (β=3.3; p=0.02) in competitive hospital markets, but no significant association was found in less competitive hospital markets. Practice Implications Hospitals in more competitive hospital markets should reconsider reducing nursing staff, as these cost cutting measures may be inefficient and negatively affect financial performance. PMID:22543824
..., Management (Chief Financial Officer). Alfred J. Kopec, Assistant Commissioner, Business Architecture. Sheryl... DEPARTMENT OF THE TREASURY Fiscal Service Senior Executive Service; Financial Management Service Performance Review Board (PRB) AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice...
... DEPARTMENT OF THE TREASURY Senior Executive Service; Financial Management Service Performance Review Board (PRB) AGENCY: Financial Management Service, Treasury. ACTION: Notice. SUMMARY: This notice announces the appointment of members to the Financial Management Service (FMS) Performance Review Board (PRB...
... DEPARTMENT OF THE TREASURY Senior Executive Service; Financial Management Service Performance Review Board (PRB) AGENCY: Financial Management Service, Treasury. ACTION: Notice. SUMMARY: This notice announces the appointment of members to the Financial Management Service (FMS) Performance Review Board (PRB...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Electronic Funds Transfer (EFT) Market Research Study AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of... Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial... collection. By this notice, the Financial Management Service solicits comments concerning form FMS 3144...
... and Criteria for Approval of Providers of a Personal Financial Management Instructional Course by... personal financial management instructional course (``providers'') satisfy all prerequisites of the United... in an instructional course concerning personal financial management (``instructional course'' or...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of Information: Schedule of Excess Risks AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of its continuing...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of...) Program AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management Service, as part of its continuing effort to reduce paperwork...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Pools and Associations--Annual Letter AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Authorization Agreement for Preauthorized Payment (SF 5510) AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management...
Herbst, H.; Roy, J.C.
This paper describes waste management in hospitals and other waste producers. Low-level radioactive wastes are collected by ANDRA (French Agency for radioactive waste management) and informations on waste processing or regulations on radiation sources are given
Full Text Available The article deals with the organizational support of the process of management of financial and economic activities of banking institutions. In particular, the activity of one of the main divisions of the Treasury Bank, which is created and acts as an independent unit, justifies the decision to make certain financial transactions on the relevant financial markets and manages cash flows through interaction with branches, departments and offices of the banking institution. The article also focuses on the problem of the lack of accurate and up-to-date information between the structural units that take part in the management of the finances of the banking institution. In connection with this, it is necessary to create an information and management field of the bank, which is a collection of organized information input and output flows on the financial and economic activities of the bank, forming a unified management information about the financial activities of the banking institution. The article also focuses on the concept of the creation of an informational and managerial tree, according to which, in the structure of management of financial and economic activity of a banking institution, it is necessary to allocate five levels, based on which the principle of obligatory passage of necessary information at all levels with a gradual systematization and generalization. The concept considered in the article gives an idea of the logic and methodology of creating the process of forming general managerial decisions regarding the financial and economic activity of the bank in the future.
Cheng, T C
This paper discusses a study to investigate various operations management problems in a newly opened, modern regional hospital in Hong Kong. The findings of the study reveal that there exist in the hospital a number of current and potential problem areas. Recommendations for solving these problems are suggested with a view to improving the overall operational efficiency and effectiveness of the hospital.
Oliveira, João Lucas Campos de; Gabriel, Carmen Silvia; Fertonani, Hosanna Pattrig; Matsuda, Laura Misue
to analyze managers and professionals' perceptions on the changes in hospital management deriving from accreditation. descriptive study with qualitative approach. The participants were five hospital quality managers and 91 other professionals from a wide range of professional categories, hierarchical levels and activity areas at four hospitals in the South of Brazil certified at different levels in the Brazilian accreditation system. They answered the question "Tell me about the management of this hospital before and after the Accreditation". The data were recorded, fully transcribed and transported to the software ATLAS.ti, version 7.1 for access and management. Then, thematic content analysis was applied within the reference framework of Avedis Donabedian's Evaluation in Health. one large family was apprehended, called "Management Changes Resulting from the Accreditation: perspectives of managers and professionals" and five codes, related to the management changes in the operational, structural, financial and cost; top hospital management and quality management domains. the management changes in the hospital organizations resulting from the Accreditation were broad, multifaceted and in line with the improvements of the service quality. analizar las percepciones de gestores y trabajadores sobre los cambios en la gestión hospitalaria resultantes de la Acreditación. estudio descriptivo con aproximación cualitativa. Participaron cinco gestores de calidad hospitalaria y otros 91 trabajadores de las más diversas categorías profesionales, niveles jerárquicos y áreas de actuación de cuatro hospitales del sur de Brasil certificados por la Acreditación nacional de diferentes niveles, que contestaron la pregunta "Cuéntame sobre la gestión de este hospital, antes y después de la Acreditación". Los datos fueron grabados, transcritos por completo y transportados para acceso y manoseo en el software ATLAS.ti, versión 7.1. A seguir, fue aplicado el análisis de
Ghasemi, Matina; Ghadiri Nejad, Mazyar; Bagzibagli, Kemal
By considering innovation as a new project in hospitals, all the project management's standard steps should be followed in execution. This study investigated the validation of a new set of measures in terms of providing a procedure for knowledge management-oriented innovation that enriches the hospital management system. The relation between innovation and all the knowledge management areas, as the main constructs of project management, was illustrated by referring to project management standard steps and previous studies. Through consultations and meetings with a committee of professional project managers, a questionnaire was developed to measure ten knowledge management areas in hospital's innovation process. Additionally, a group of experts from hospital managers were invited to comment on the applicability of the questionnaires by considering if the items are measurable in hospitals practically. A close-ended, Likert-type scale items, consisted of ten sections, were developed based on project management body of knowledge thorough Delphi technique. It enables the managers to evaluate hospitals' situation to be aware whether the organization follows the knowledge management standards in innovation process or not. By pilot study, confirmatory factor analysis and exploratory factor analysis were conducted to ensure the validity and reliability of the measurement items. The developed items seem to have a potential to help hospital managers and subsequently delivering new products/services successfully based on the standard procedures in their organization. In all innovation processes, the knowledge management areas and their standard steps help hospital managers by a new tool as questionnaire format.
Full Text Available This study aims to evaluate the financial performances of public university hospitals in Turkey; make contribution to the related literature in accordance with the findings and develop recommendations for the decision makers. Within the scope of the study, financial statements of revolving fund of the 43 public university hospitals for the years of 2013, 2014 and 2015 were obtained from the Ministry of Finance General Directorate of Public Accounts. Financial statements were evaluated by ratio analysis method. After analysing, it has been reached that the burden of debt of the hospitals were high, they have been experiencing the problem of paying short term debts, stock turnover rates and turnover rates were low and the incomes of the hospitals can not cover their expenses. It is recomended that hospitals should use resources more efficiently and decision makers should consider education and research activities in budget allocation to university hospitals.
To understand the important dimensions of the financial and operational performance of non-profit hospitals. Secondary data for non-profit US hospitals between 1996 and 2004. I use iterative principal factor analysis of hospitals' financial and operational ratios for each year of the study. For factor interpretation, I use oblique rotation. Financial ratios were created using cost report data from HCRIS 2552-96 available from the Centers for Medicaid & Medicare Services (CMS). I identify five factors--capital structure, profitability, activity, liquidity, and an operational factor--that explain most of the variation in the performance of non-profit hospitals. I also find that capital structure is more important than profitability in determining the performance of these hospitals. The importance of capital structure highlights a significant shift in the organization of the non-profit hospitals' finances.
Ray, Gayl M.; Wilson, Nick; Mangini, Rick
This document describes the essential competencies from secondary through post-secondary associate degree programs for a career in financial services and risk management. Ohio College Tech Prep Program standards are described, and a key to profile codes is provided. Sample occupations in this career area, such as financial accountant, loan…
Vienne, Kristy; Slate, John R.
With the increasing cost of a college education on the rise, college administrators need to address the long term financial, psychological, and academic risks associated with the increased responsibility of personal debt. In this qualitative study, college students' perspectives regarding the need for a personal financial management center at a…
The economic downturn is likely to have lasting effects on institutions of higher education, prioritizing proactive institutional leadership and planning. Although by design, core research facilities are more efficient and effective than supporting individual pieces of research equipment, cores can have significant underlying financial requirements and challenges. This paper explores several possible institutional approaches to managing core facilities during challenging financial times.
The economic downturn is likely to have lasting effects on institutions of higher education, prioritizing proactive institutional leadership and planning. Although by design, core research facilities are more efficient and effective than supporting individual pieces of research equipment, cores can have significant underlying financial requirements and challenges. This paper explores several possible institutional approaches to managing core facilities during challenging financial times.
Bell, Reginald L.
This article presents an interview with Ray Gonzalez, a risk consultant at Deloitte & Touche LLP, in Houston, Texas, about the financial reporting responsibilities of top, middle, and frontline managers in large and medium-size firms. This interview spotlights the necessity for timely and accurate reporting of financial information relating to…
Health care administration in many OECD countries has undergone substantial changes in recent years as a consequence of NPM reforms, rising costs, the pace of technological innovation, heightened competition for patients and resources, quality of managed care and demographic shifts. Hospitals...... especially have been reformed due to the high proportion of resources they absorb and the apparent difficulty of prioritizing and coordinating health care within hospitals. There is abundant research literature on the topic of reforming hospital management models. Lacking from the literature, however......, is insight into how we can understand and explain how medical professionals adapt hospital management over time in relation to changing hospital management models that are global in their influence in hospital organizations. The aim of this dissertation is to understand and explain how medical professionals...
James, Paul T J
The purpose of this paper is to help consolidate and understand management perceptions and experiences of a targeted group (n=7) of Vice-Presidents of international Private Thai hospitals in Bangkok regarding medical tourism impacts. The method adopted uses a small-scale qualitative inquiry. Examines the on-going development and service management factors which contribute to the establishment and strengthening of relationships between international patients and hospital medical services provision. Develops a qualitative model that attempts to conceptualize the findings from a diverse range of management views into a framework of main (8) - Hospital Management; Hospital Processes; Hospital Technology; Quality Related; Communications; Personnel; Financial; and Patients; and consequent sub-themes (22). Outcomes from small-scale qualitative inquiries cannot by design be taken outside of its topical arena. This inevitably indicates that more research of this kind needs to be carried out to understand this field more effectively. The evidence suggests that Private Thai hospital management have established views about what constitutes the impact of medical tourism on hospital policies and practices when hospital staff interact with international patients. As the private health service sector in Thailand continues to grow, future research is needed to help hospitals provide appropriate service patterns and appropriate medical products/services that meet international patient needs and aspirations. Highlights the increasing importance of the international consumer in Thailand's health industry. This study provides insights of private health service providers in Bangkok by helping to understand more effectively health service quality environments, subsequent service provision, and the integrated development and impacts of new medical technology.
Brennen, Paul George
The research study recognized that, although the knowledge obtained from academic textbooks and traditional classes are important to post-secondary hospitality management curriculum as they provide numerous insights and perspectives of different methods to manage a particular avenue within the hospitality industry; it is not the only aspect of the…
Li, L. (2016). Are social media applications a facilitator or barrier to learning for tourism and hospitality management students? Research in Hospitality Management, 6 (2), 195–202. https://doi.org/10.1080/22243534.2016.1253289. Acknowledgement — I thank University of Surrey, University of Derby, and Bath Spa ...
Matsuda, S; Murata, H
In order to clarify the financial situation of Japanese private hospitals, the financial statements provided by the Social Welfare and Medical Service Corporation were analyzed for the period from 1982 to 1991. The results clarified the low growth rate and low profitability of the Japanese private hospitals, although their financial situation was relatively stable. However, the efficiency of cost has been stalled in recent years and profitability has been declining due to the low turnover rate of capital. According to the CVP analysis, the Profit volume ratio of the investigated hospitals has been increased to the level of 95%. This situation means that, in the current financial situation, more than half of the Japanese private hospitals will go into the red if revenue declines 5% due to some short term change in the managerial environment.
Prudence in public institutions management: the strategic financial efficiency challenge in Nigeria. ... African Research Review ... the constructive optimization of risks with a view to attracting returns in relation to variability, volatility, and vitality.
... long-standing weakness at most federal agencies. The central challenge to producing reliable, useful, and timely data throughout the year and at year-end is overhauling financial and related management information systems...
C-L. Chang (Chia-Lin); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)
markdownabstractThe paper provides a brief review of the connecting literature in management information, decision sciences, and financial economics, and discusses some research that is related to the three cognate disciplines. Academics could develop theoretical models and subsequent
Neriz, Liliana; Núñez, Alicia; Ramis, Francisco
In Chile, the use of costing systems in the public sector is limited. The Ministry of Health requires hospitals to manage themselves with the aim of decentralizing health care services and increasing their quality. However, self-management with a lack of accounting information is almost impossible. On the other hand, nutrition department costs have barely been studied before, and there are no studies specifically for activity based costing (ABC) systems. ABC focuses on the process and traces health care activities to gain a more accurate measurement of the object costs and the financial performance of an organization. This paper uses ABC in a nutrition unit of a public hospital of high complexity to determine costs associated with the different meals for inpatients. The paper also provides an activity based management (ABM) analysis for this unit. The results show positive effects on the reduction of costs for the nutrition department after implementing ABC/ABM. Therefore, there are opportunities to improve the profitability of the area and the results could also be replicated to other areas in the hospital. ABC shed light on the amount of nutritionist time devoted to completing paperwork, and as a result, system changes were introduced to reduce this burden and allow them to focus on more relevant activities. Additional efficiencies were achieved through the elimination of non-value adding activities and automation of reports. ABC reduced the cost of the nutrition department and could produce similar results in other areas of the hospital. This is a practical application of a financial management tool, ABC, which would be useful for hospital managers to reduce costs and improve the management of the unit. This paper takes ABC and examines its use in an area, which has had little exposure to the benefits of this tool.
Mogli, G D
No institution can be efficiently organized and managed unless one makes a critical analysis of organizational needs and takes appropriate action to develop the way one wishes it to be. It is, in fact, more true with hospital organization, usually the new hospital starts as a simple and small organization and with-in the space of few years, however, it evolves into a complex body governed by precise laws and regulations, especially as regards finances, facilities and organizations. In order to maintain any organization especially the hospital administration efficiently it is necessary to develop management tools that would reflect the true operation of the hospital and enable resources (personnel, equipment and buildings) to be fully utilized and adapted to the needs of the population serviced. These indicators of true hospital operation would then serve as a basis for determining hospital activity at any given time, in relation to the number and characteristics of the patients, as well as for evaluation hospital activity in terms of progress made towards good utilization of resources. A record of activities, related to the individual patient, would provide a valid basis for establishing a relationship with the morbidity observed in the hospital and would be a first step towards an evaluation of the services "rendered" by the hospital, or its impact on the demand for care in its own particular area. Thus, in its aims of establishing a hospital to adjusting supply to demand in the field of health care. The author had stressed too much emphasis on health information collection and interpretation because of valid reasons. Correct and timely administrative and clinical information which is a barometer of hospital efficiency could indicate whether the quality is balanced with expenditure or whether leading into financial crisis. So, whatever may be the motive behind establishing a hospital whether for profit making, or public-service, it is necessary the investors
Song, Paula H; Smith, Dean G; Wheeler, John R C
Not-for-profit (NFP) hospitals' accumulations of financial assets have been growing steadily over the past 10 years. Surprisingly, little is known about how much investment reserves represent and how they are handled among NFP hospitals. The purpose of this study is to evaluate investment strategies in financial assets among NFP hospitals. Specifically, this article seeks to explore how NFP hospitals allocate and manage financial assets, how much risk hospitals employ in their investment strategies, and the risk and return trade-off under contrasting market conditions. Using two years of survey data from the Common fund Benchmarks Study for Health Care Institutions for fiscal years 2002 and 2003, we analyze NFP hospitals' investment strategies by comparing asset size, investment management characteristics, board characteristics, asset allocation, levels of risk, and annual returns. Univariate regression analysis is used to evaluate the relationship between risk and return. NFP hospitals have sizeable long-term financial assets, averaging over $558 million in 2002 and $634 million in 2003. Two thirds of these funds are invested in long-term operating funds followed by defined benefit pension funds and insurance reserves; management of these funds is primarily outsourced. NFP hospitals allocate, on average, 50% of their operating fund assets to equities. During the stock market downturn in 2002, each 1% investment in equities was significantly associated with a -0.18% decrease in annual returns. In contrast, the relationship is almost exactly opposite--consistent with the relationship typically associated with risk and return--in 2003. NFP hospitals with heavy reliance on investment income to boost total profit margins may have difficulty adjusting to periods of low performance. Evaluation of the performance and financial condition of the hospital must account for the size and composition of financial assets.
Full Text Available Facing conditions of market economy and financial crisis, the head of any healthcare facility has to take adequate decisions about the cost-effective functioning of the hospital. Along with cost reduction, the main problem is how to maintain a high level of health services. The aim of our study was to analyse the quality of healthcare services after the implementation of control over expenses due to a reduction in the budgetary resources in Military Medical Academy (MMA, Sofia, Bulgaria. Data from the hospital information system and the Financial Department about the incomes and expenditures for patient treatment were used. We conducted a retrospective study on the main components of clinical indicators in 2013 to reveal the main problems in the hospital management. In 2014, control was imposed on the use of the most expensive medicines and consumables. Comparative analysis was made of the results of the medical services in MMA for 2013 and 2014. Our results showed that despite the limited budget in MMA over the last year, the policy of control over operational costs succeeded in maintaining the quality of healthcare services. While reducing the expenses for medicines, consumables and laboratory investigations by ∼26%, some quality criteria for healthcare services were observed to be improved by ∼9%. Financial crisis and budget reduction urge healthcare economists to create adequate economical instruments to assist the normal functioning of hospital facilities. Our analysis showed that when a right policy is chosen, better results may be achieved with fewer resources.
Houy, J.C.; Rimbert, J.C.; Bouvet, C.; Laugle, S.
The hospital radioactive wastes are of three types: solid, liquid and gaseous. Prior to final evacuation all these wastes are checked by a detector the threshold of which is lower than the standard. This system allows detecting activities very low under the daily recommended threshold of 37 kBq (1μ Ci), for the group II. In metabolic radiotherapy the unsealed sources of iodine 131 will form mainly the wastes arising from the rooms contaminated by the patient himself. In this service anything touching the patient's room most by systematically checked. All the rooms are provided with toilette with two compartments, one connected traditionally to the sewerage system for faeces and the other coupled to tanks for urine storing. The filled reservoirs waits around 10 month span prior to being emptied, after checking, into the sewerage system. The volume activity most be lower than 7 Bq per liter (standard). For the hot labs, injection room and in-vitro lab, the liquid waste retrieved from dedicated stainless sinks are stored in storage tanks and will waits for 2 years before evacuation. The undies coming from the metabolic radiotherapy service are possible contaminated by the patient sheets, pillow cases, etc. These undies freshly contaminated may be contaminating if the contamination is non fixated. All the undies coming from this service are checked like all the wastes by means of the fixed detector. For the solid wastes two evacuation channels are possible: the urban garbage repository for household wastes and the Brest waste repository for hospital wastes. For the liquid waste arising for urines, used washing water, etc, the evacuation will be done towards city sewerage system after storing or dilution. Concerning the liquid wastes presenting chemical risks, they will be evacuated in cans by NETRA. Concerning the gaseous wastes, trapped on active carbon filters, they will be handled like solid wastes and will be directed to the waste repository of Brest. The other
Effective risk and financial management possess a great challenge for the multinational companies operating globally. Despite the increasing development of diverse hedging strategies against foreign exchange risk, global firms cannot fully foresee and measure the degree of the impact of foreign currency fluctuations. This paper aims to evaluate the exchange risk management and financial performance of the BMW Group from the year 2005 to 2016. Moreover, this paper is devoted to provide explana...
SAP ERP modules are notoriously hard to configure and use effectively without a lot of practice and experience. But as SAP ERP Financial Accounting and Controlling: Configuration and Use Management shows, it doesn't have to be so difficult. The book takes a systematic approach that leads SAP Financial Accounting and Controlling (FICO) users step by step through configuring and using all the program's facets. This approach makes configuration complexities manageable. The book's author-SAP expert, trainer, and accountant Andrew Okun
Bahr, Patrick; Berthold, Jost; Elsman, Martin
Domain-specific languages (DSLs) for complex financial contracts are in practical use in many banks and financial institutions today. Given the level of automation and pervasiveness of software in the sector, the financial domain is immensely sensitive to software bugs. At the same time...... automatically extract a Haskell implementation of an embedded contract DSL along with the formally verified contract management functionality. This approach opens a road map towards more reliable contract management software, including the possibility of analysing contracts based on symbolic instead of numeric...
Schnittgrund, K.P. (Univ. of California, Riverside); Baker, G.
The major focus of this research was the difference in financial-management practices used by low-income urban white, black, and Mexican-American families. A random sample of 199 interviews was completed during the spring of 1980 in Phoenix, Arizona, USA. The sample consisted of 69 white, 70 black, and 60 Mexican-American families. Differences in financial behavior did occur for each race. In addition, they were optimistic regarding their own ability to handle money and resolve financial problems but generally negative toward the ability of other families to manage money, use credit, and plan purchases. 20 references, 3 tables.
Accueil · Ce que nous faisons ... The project team will use the Public Expenditure and Financial Accountability Framework to assess the administrative, ... Le CRDI renouvelle son partenariat avec ACIAR en matière de sécurité alimentaire.
Dueker, S.; Gustafson, L.
A computerized library acquisition system developed for control of informational materials acquired at NASA Ames Research Center is described. The system monitors the acquisition of both library and individual researchers' orders and supplies detailed financial, statistical, and bibliographical information. Applicability for other libraries and the future availability of the program is discussed.
Hendrik Petrus Wolmarans
Full Text Available Although the success of small, medium and micro enterprises (SMEs is extremely important for the South African economy, their failure rate is amongst the highest in the world; some researchers estimate as high as 90 percent. Research has shown that the lack of financial management skills and application of financial management practices are some of the biggest factors contributing to SME failure. However, it is not clear from the literature which of these skills and practices are more important than others. This study aims to fill this gap by determining which financial management skills are relevant for successful SMEs. A survey was done on a sample of owner-managers of successful SMEs who had been asked, firstly, whether they performed different financial management practices and, secondly, how frequently they performed these in their companies. The study concludes that practices regarding working capital as well as profitability are much more relevant than those regarding a balance sheet or strategic finance. Similarly, financial practices related to cash flow and decision making are more relevant than those related to planning or analysing. It may be true, due to the high risk and volatile environment of SMEs, as well as the challenges that are often underestimated, that financial practices which academics regard as important are not always implemented by these companies. This study contributes to the existing body of knowledge as it determines the relative relevance and frequency of use of financial management practices by successful SMEs. KEY WORDS Small and medium enterprises, Financial management practices, Successful SMEs, Entrepreneurship education
The spreading cult of Christ the Healer during the Medieval period led to sick-nursing being viewed as a Christian duty. This encouraged royal dignitaries and philantrophic individuals to donate funds towards the institution and maintenance of a hospital or hospice, the management of these institutions being often shared with religious authorities. The Maltese Islands have been serviced by a series of hospitals, the earliest dating to the fourteenth century. In line with the ch...
Wig, Eldon D.
The information processing needs of a hospital are many, with varying degrees of complexity. The prime concern in providing an integrated hospital information management system lies in the ability to process the data relating to the single entity for which every hospital functions - the patient. This paper examines the PRIMIS computer system developed to accommodate hospital needs with respect to a central patient registry, inpatients (i.e., Admission/Transfer/Discharge), and out-patients. Finally, the potential for expansion to permit the incorporation of more hospital functions within PRIMIS is examined.
... as possible, call doctors' offices, billing departments, hospital business offices, creditors, and lending institutions to explain the change in your family's situation. Most people are willing to work with ...
Tanaka, Koji; Sato, Junzo; Guo, Jinqiu; Takada, Akira; Yoshihara, Hiroyuki
Since a little before 2000, hospital cost accounting has been increasingly performed at Japanese national university hospitals. At Kumamoto University Hospital, for instance, departmental costs have been analyzed since 2000. And, since 2003, the cost balance has been obtained according to certain diseases for the preparation of Diagnosis-Related Groups and Prospective Payment System. On the basis of these experiences, we have constructed a simulation model of hospital management. This program has worked correctly at repeated trials and with satisfactory speed. Although there has been room for improvement of detailed accounts and cost accounting engine, the basic model has proved satisfactory. We have constructed a hospital management model based on the financial data of an existing hospital. We will later improve this program from the viewpoint of construction and using more various data of hospital management. A prospective outlook may be obtained for the practical application of this hospital management model.
Full Text Available Recent research about the financial behaviour of Slovenian firms has documented enterprise risk management as being one of its weakest areas. The goal of this article is to present insights into financial risk management, i.e. into the extent of the use of derivatives in the largest Slovenian firms and the related practices. The resultsare confronted with the same types of characteristics of US and German firms (although being much larger revealed in comparable studies. These firms provide relevant benchmarks for assessing the development gap since they operate in more advanced financial environments and are therefore expected to have much morerefined approaches to the use of derivatives than Slovenian firms. A survey points to the much smaller extent of the use of derivatives by Slovenian firms. There is a substantial gap, especially in the area of risk management policies (e.g. documentation, reporting, counterparty risk, valuation etc..
Pink, George H.; Holmes, George M.; Thompson, Roger E.; Slifkin, Rebecca T.
Context: Among the large number of hospitals with critical access hospital (CAH) designation, there is substantial variation in facility revenue as well as the number and types of services provided. If these variations have material effects on financial indicators, then performance comparisons among all CAHs are problematic. Purpose: To…
Full Text Available Background: Instead of waiting for challenges to confront hospital management, doctors and managers should act in advance to optimize and sustain value-based health. This work highlights the importance of scenario planning in hospitals, proposes an elaborated definition of the stakeholders of a hospital and defines the influence factors to which hospitals are exposed to. Methodology: Based on literature analysis as well as on personal interviews with stakeholders we propose an elaborated definition of stakeholders and designed a questionnaire that integrated the following influence factors, which have relevant impact on hospital management: political/legal, economic, social, technological and environmental forces. These influence factors are examined to develop the so-called critical uncertainties. Thorough identification of uncertainties was based on a “Stakeholder Feedback”. Results: Two key uncertainties were identified and considered in this study: According to the developed scenarios, complementary education of the medical staff as well as of non-medical top executives and managers of hospitals was the recommended core strategy. Complementary scenario-specific strategic options should be considered whenever needed to optimize dealing with a specific future development of the health care environment. Conclusion: Strategic planning in hospitals is essential to ensure sustainable success. It considers multiple situations and integrates internal and external insights and perspectives in addition to identifying weak signals and “blind spots”. This flows into a sound planning for multiple strategic options. It is a state of the art tool that allows dealing with the increasing challenges facing hospital management.
The U.S. hospital industry has recently witnessed a number of policy changes aimed at aligning hospital payments to costs and these can be traced to significant concerns regarding selection of profitable patients and procedures by physician-owned specialty hospitals. The policy responses to specialty hospitals have alternated between payment system reforms and outright moratoriums on hospital operations including one in the recently enacted Affordable Care Act. A key issue is whether physician-owned specialty hospitals pose financial strain on the larger group of general hospitals through cream-skimming of profitable patients, yet there is no study that conducts a systematic analysis relating such selection behavior by physician-owners to financial impacts within hospital markets. The current paper takes into account heterogeneity in specialty hospital behavior and finds some evidence of their adverse impact on profit margins of competitor hospitals, especially for-profit hospitals. There is also some evidence of hospital consolidation in response to competitive pressures by specialty hospitals. Overall, these findings underline the importance of the payment reforms aimed at correcting distortions in the reimbursement system that generate incentives for risk-selection among providers groups. The identification techniques will also inform empirical analysis on future data testing the efficacy of these payment reforms.
To analyze the relationship between the characteristics of top management teams and the different use of management information and control systems (MICS) to implement policies that encourage cooperation and activity coordination in public hospitals. Data were collected through a questionnaire sent to each member of the top management teams of 231 Spanish public hospitals (chief executive director, medical director, nursing director and director for financial and social issues). A total of 457 valid questionnaires were returned, composing 86 full top management teams (37.23%). Top management team diversity was positively related to the interactive use of MICS. Management teams composed of younger members and members with longer service used MICS interactively. Top management teams with a predominantly clinical education and experience used MICS interactively, while top teams with a predominantly administrative education and experience used MICS diagnostically. The results also showed that cooperation and coordination in hospitals were positively related to the interactive use of MICS and were negatively related to the diagnostic use of MICS. The interactive use of MICS is an important mediator in the relationship between top team diversity and policies focused on hospital decentralization. Top management teams with diverse characteristics (e.g. age, length of service, education and experience) use management information interactively to enhance activity coordination and resource allocation in hospitals. Copyright © 2016 SESPAS. Published by Elsevier Espana. All rights reserved.
Rotarius, Timothy; Liberman, Aaron
This research effort presents a descriptive analysis of the financial impact that several hospitals have on their local economy. An earlier study published by the authors included 3 distinct, yet overlapping components of financial impact: (1) the hospital system as a major health care provider, (2) the hospital system as a large employer, and (3) the hospital system as an entity whose employees contribute greatly to their local community. This new study added additional financial impact factors: (4) the hospital system as an organization committed to major construction projects in pursuit of its health services mission, and (5) the hospital system as an entity that pays taxes to government agencies. The inextricable relationship of these 5 categories both increases and enhances the impact of the hospital system on the local region. The results of this updated and expanded analysis suggest strongly that the hospital system represents 1 of the primary contributors to the economy of the region. The hospital system adds $3 billion to the $28 billion local economy, which means that the hospital system and its employees are responsible for 10.7% of the total economic prowess of the region.
Funk, Luke M; Conley, Dante M; Berry, William R; Gawande, Atul A
Sub-Saharan Africa has a high surgical burden of disease but performs a disproportionately low volume of surgery. Closing this surgical gap will require increased surgical productivity of existing systems. We examined specific hospital management practices in three sub-Saharan African hospitals that are associated with surgical productivity and quality. We conducted 54 face-to-face, structured interviews with administrators, clinicians, and technicians at a teaching hospital, district hospital, and religious mission hospital across two countries in sub-Saharan Africa. Questions focused on recommended general management practices within five domains: goal setting, operations management, talent management, quality monitoring, and financial oversight. Records from each interview were analyzed in a qualitative fashion. Each hospital's management practices were scored according to the degree of implementation of the management practices (1 = none; 3 = some; 5 = systematic). The mission hospital had the highest number of employees per 100 beds (226), surgeons per operating room (3), and annual number of operations per operating room (1,800). None of the three hospitals had achieved systematic implementation of management practices in all 14 measures. The mission hospital had the highest total management score (44/70 points; average = 3.1 for each of the 14 measures). The teaching and district hospitals had statistically significantly lower management scores (average 1.3 and 1.1, respectively; p management practices in low resource settings. We observed substantial variation in implementation of basic management practices at the three hospitals. Future research should focus on whether enhancing management practices can improve surgical capacity and outcomes.
Full Text Available The article analyses the directions of tax management in the context of budgetary decentralization. The paper aims to research tax management in the system of forming local budgets in the conditions of financial resources decentralization and analyze the current tools of tax management on the local level. In spite of a great number of researches, the issue of tax management in strengthening financial independence of local budgets is not enough studied; therefore, to reach financial independence of local communities it is necessary to adopt new normative and legal acts concerning decentralization of financial resources taking into account tax potential of each territorial community. The lack of financial resources causes the problem of optimal redistribution of power among central and local authorities. The author proposes the new mechanisms of solving the current problems on the example of local budget of the city of Uzgorod to contribute budgetary decentralization. The principal idea while conducting the reform of the budgetary process must be the adoption of certain changes in budgetary legislation which have to shift the mechanisms of budgetary financing and equating local budgets. The author concludes that the progressive vector of well-being increasing completely depends on the developed concept of regional economic policy. The article pays attention to the importance of taking into account the tax potential of a territory and characterizes the directions of strengthening financial independence of local government.
Full Text Available In the current context of the market economy development and evolution and development of companies’ activities it is remarked the proper development of economic and financial information. In this paper we shall present both the qualitative characteristics of the accounting information, from national and international perspective, and their classification according to Statement of Financial Accounting Standards No. 2. The need for information is covered by unpublished reports, statements, which include selective information from the financial statements. In the private sector, managers interested in the entity’s performance, turn to financial analysts, who on the basis of economic and financial indicators can give a diagnosis on the health of the entity.
Melnykova Kateryna V.
The article offers a methodical approach to financial stimulation of logistics managers, which allows calculation of the incentive amount with consideration of profit obtained from introduction of optimisation logistics solutions. The author generalises measures, which would allow increase of stimulation of labour of logistics managers by the enterprise top managers. The article marks out motivation factors, which exert influence upon relation of logistics managers to execution of optimisatio...
Dembowski, Frederick L.; Davey, Robert D.
This chapter of "Principles of School Business Management" introduces the concept of cash management, or the process of managing an institution's moneys to ensure maximum cash availability and maximum yield on investments. Four activities are involved: (1) conversion of accounts receivable to cash receipts; (2) conversion of accounts payable to…
Edwards, D E; Hamilton, W C; Hauser, R
Opening lines of credit and factoring (selling) accounts receivable are two ways to generate operating cash that non-healthcare industries have long used successfully. A recent survey of hospital officials across the nation, however, showed these techniques are used infrequently in health care. Among the 281 hospitals responding: Only 45 percent use lines of credit; Less than 5 percent pursue accounts receivable factoring; and Only 12 percent plan to begin factoring receivables in the future. As hospitals look for ways to offset depleted cash reserves, these percentages may increase.
Ginn, G O; Young, G J; Beekun, R I
This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.
Mick, S S; Morlock, L L; Salkever, D; de Lissovoy, G; Malitz, F; Wise, C G; Jones, A
This study examines the effect of 13 strategic management activities on the financial performance of a national sample of 797 U.S. rural hospitals during the period of 1983-1988. Controlled for environment-market, geographic-region, and hospital-related variables, the results show almost no measurable effect of strategic adoption on rural hospital profitability and liquidity. Where statistically significant relationships existed, they were more often negative than positive. These findings were not expected; it was hypothesized that positive effects across a broad range of strategies would emerge, other things being equal. Discussed are possible explanations for these findings as well as their implication for a rural health policy relying on individual rural hospital strategic adaptation to environmental change.
Parkinson, John; Tsasis, Peter; Porporato, Marcela
For Ontario hospitals in Canada, the Financial Performance and Condition measures in the Ontario hospital balanced scorecard are especially of interest since in the foreseeable future, they may be linked to provincial government funding decisions. However, we find that these measures lack valuable information on key attributes that affect organizational performance. We suggest changes that focus on key drivers of performance and reflect the operational realities of Ontario hospitals.
Ernst, D F
With the increasing demands on hospitals for improved quality and lower costs, hospitals have been forced to reevaluate their manner of operation and quality assurance (QA) programs. Hospitals have been faced with customer dissatisfaction with services, escalating costs, intense competition, and reduced reimbursement for services. As a result, many hospitals have incorporated total quality management (TQM), also known as continuous quality improvement (CQI) and quality improvement (QI), to improve quality care and decrease costs. This article examines the concept of TQM, its rationale, and how it can be implemented in a hospital. A comparison of TQM and QA is made. Examples of hospital implementation of TQM and problems and issues associated with TQM in the hospital setting are explored.
A pre-intervention situation analysis was conducted to assess Hospital Waste Management (HWM) practices, solutions were proffered for the observed inadequacies and advocacy was made to Hospital administration for which a number of interventional measures were instituted. A post interventional survey was conducted ...
Full Text Available In prior quarterly reports, Pinnacle Advisory Group presented timely updates about the New England lodging industry, which included focused profiles on particular cities. In this issue, the firm offers more general insight about the hospitality industry. Several Pinnacle executives recently participated in a panel discussion about investment, management, and careers in the hospitality industry.
Sui Pheng, Low
This book examines the Facilities Management (FM) of hospitals and healthcare facilities, which are among the most complex, costly and challenging kind of buildings to manage. It presents and evaluates the FM service quality standards in Singapore’s hospitals from the patient’s perspective, and provides recommendations on how to successfully improve FM service quality and achieve higher patient satisfaction. The book also features valuable supplementary materials, including a checklist of 32 key factors for successful facilities management and another checklist of 24 service attributes for hospitals to achieve desirable service quality in connection with facilities management. The book adopts a unique approach of combining service quality and quality theory to provide a more holistic view of how FM service quality can be achieved in hospitals. It also integrates three instruments, namely the SERVQUAL model, the Kano model and the QFD model to yield empirical results from surveys for implementation in hosp...
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... 2 Grants and Agreements 1 2010-01-01 2010-01-01 false Purpose of financial and program management... Financial and Program Management § 215.20 Purpose of financial and program management. Sections 215.21 through 215.28 prescribe standards for financial management systems, methods for making payments and rules...
... 34 Education 1 2010-07-01 2010-07-01 false Purpose of financial and program management. 74.20... Requirements Financial and Program Management § 74.20 Purpose of financial and program management. Sections 74.21 through 74.28 prescribe standards for financial management systems, methods for making payments...
... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Purpose of financial and program management. 518... ORGANIZATIONS Post-Award Requirements Financial and Program Management § 518.20 Purpose of financial and program management. Sections 518.21 through 518.28 prescribe standards for financial management systems, methods for...
... 25 Indians 1 2010-04-01 2010-04-01 false Standards for grantee financial management systems. 276.7... grantee financial management systems. (a) Grantee financial management systems for grants and subgrantee financial management systems for subgrants shall provide for: (1) Accurate, current, and complete disclosure...
... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Financial Management Service G...—Financial Management Service 1. In general. This appendix applies to the Financial Management Service. 2. Public reading room. The public reading room for the Financial Management Service is maintained at the...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Assignment Form AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice... Management Service, Records and Information Management Branch, Room 135, 3700 East West Highway, Hyattsville...
"Speculation" in non-financial companies in relation to exchange rate exposure management constitutes one of the contributing factors behind corporate (or more widespread) crises. Deviations from benchmark positions constitute speculation. An empirical study of Danish non-financial companies finds...... that the larger the company (ability) and the larger its relative sale on foreign markets (relevance), the more likely the company will be to benchmark its exchange rate exposures. However, at the same time the very same factors (size and foreign sale) lead to more extensive speculation. Financial solvency (value...
Costa, Julio Cesar Silva
At the beginning of the twentieth century, the techniques of Managerial Accounting represented an important advance in the field of financial management. Over the years and changes in economic environment, organizational environment has changed dramatically. The traditional financial models, the principles guided the beginning of the century, began to provide information to control and distorted decision-making. New approaches have emerged to. In this context, the TOC in Accounting (TIA) is e...
Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.
Full Text Available In this paper discuss on the role and importance of information which are provided by financial statements in business decision-making is considered. Basically, financial reports represent information basis for making economic / financial decisions for a wide range of users because they represent the key source of information about the financial position of a company at the end of a period, about the achieved results of the company for the period, about the cash flow within the company etc. In accordance with the process of globalisation, international frameworks have regulated the accounting standards which have been created and introduced in order to achieve transparency and uniformity of financial reports of any company, regardless its scope of work and the country where it does its business. The management of a company is aimed at the perception of future events and the flow of values within a company as a result of present decisions, while the accounting is ex post oriented. Nevertheless, the connections between accounting and management of a company are important and multiple because it is the effects of management decisions that are evaluated through financial statements, which are the product of company accounting in which all the business decisions are processed.
Full Text Available In popular view, the term accountability generally refers to a wide spectrum of public expectations dealing with organizational performance, responsiveness, good governance, and even morality of government and nonprofit organizations. These expectations often include implicit performance criteria – related to obligations and responsibilities – that are subjectively interpreted and sometimes even contradictory. And in this broader conception of accountability, the range of people and institutions to whom public and nonprofit organizations must account include not only higher authorities in the institutional chain of command but also the general public, the news media, peer agencies, donors, and many other stakeholders (Kearns, 1996. Government could build its accountability by implementing good and proper financial management. Financial management is a tool for government to show its performance and accountability to the public. Meanwhile, corruption is the misuse of public office for private gain. As such, it involves the improper and unlawful behavior of public-service officials, both politicians and civil servants, whose positions create opportunities for the diversion of money and assets from government to them and their accomplices (Langseth, 1999. The more corruption, the more far away from good governance, and the less public accountability. According to Klitgaard (1988, power minus accountability is corruption. This paper explains about the influences of implementing government financial management to corruption fighting and good governance in broadly view. Discussion will be derived to find out the understanding of financial management, corruption, and good governance terminology fits for Indonesia environment. The purpose of this paper is to achieve common knowledge that financial management should be implemented by public organization from strategic management for public organization approaches. Besides, reader will find out
Tsumoto, Shusaku; Hirano, Shoji
It has passed about twenty years since clinical information are stored electronically as a hospital information system since 1980's. Stored data include from accounting information to laboratory data and even patient records are now started to be accumulated: in other words, a hospital cannot function without the information system, where almost all the pieces of medical information are stored as multimedia databases. In this paper, we applied temporal data mining and exploratory data analysis techniques to hospital management data. The results show several interesting results, which suggests that the reuse of stored data will give a powerful tool for hospial management.
Melnykova Kateryna V.
Full Text Available The article offers a methodical approach to financial stimulation of logistics managers, which allows calculation of the incentive amount with consideration of profit obtained from introduction of optimisation logistics solutions. The author generalises measures, which would allow increase of stimulation of labour of logistics managers by the enterprise top managers. The article marks out motivation factors, which exert influence upon relation of logistics managers to execution of optimisation logistical solutions, which minimise logistical costs. The author builds a scale of financial encouragement for introduction of optimisation logistical solutions proposed by logistics managers. This scale is basic for functioning of the encouragement system and influences the increase of efficiency of logistics managers operation and also optimisation of enterprise logistical solutions.
Covered 0.76 treatment group vs. 0.73 control group, p=0.69, but there was a reduction in hospital readmissions (43% treatment group vs. 62% control group. Conclusion: The feasibility of this model can be improved by integrating medication management with the patient’s existing community pharmacist, rather than an additional network community pharmacist. While there was no difference in medication adherence, collaboration between the hospital and community pharmacists can potentially reduce hospital readmissions, improve medication safety, and facilitate medication therapy management across care transitions. Conflict of Interest "We declare no conflicts of interest or financial interests that the authors or members of their immediate families have in any product or service discussed in the manuscript, including grants (pending or received, employment, gifts, stock holdings or options, honoraria, consultancies, expert testimony, patents and royalties". Type: Original Research
McCue, M J; Thompson, J M; Dodd-McCue, D
Using a resource dependency framework and financial theory, this study assessed the market, mission, operational, and financial factors associated with the level of cash and security investments in hospitals. We ranked hospitals in the study sample based on their cash and security investments as a percentage of total assets: hospitals in the high cash/security investment category were in the top 25th percentile of all hospitals; those in the low cash/security investment group were in the bottom 25th percentile. Findings indicate that high cash/security investment hospitals are under either public or private nonprofit ownership and have greater market share. They also serve more complex cases, offer more technology services, generate greater profits, incur a more stable patient revenue base, and maintain less debt.
Cheng-Ru Wu; Chin-Tsai Lin; Pei-Hsuan Tsai
Problem Statement: There are four main banking business sectors in Taiwan, involving the areas of consumer, corporate, wealth management, and investment banking. The wealth management banking sector is actively promoted for reaping a risk-free premium. In the proposed model, the dimensions of financial services for wealth management banks have been taken from four perspectives derived from balanced scorecard approach, viz. finance, customer, internal business, learning and growth. Approach: T...
Navathe, Amol S; Silber, Jeffrey H; Small, Dylan S; Rosen, Amy K; Romano, Patrick S; Even-Shoshan, Orit; Wang, Yanli; Zhu, Jingsan; Halenar, Michael J; Volpp, Kevin G
To examine whether hospital financial health was associated with differential changes in outcomes after implementation of 2003 ACGME duty hour regulations. Observational study of 3,614,174 Medicare patients admitted to 869 teaching hospitals from July 1, 2000 to June 30, 2005. Interrupted time series analysis using logistic regression to adjust for patient comorbidities, secular trends, and hospital site. Outcomes included 30-day mortality, AHRQ Patient Safety Indicators (PSIs), failure-to-rescue (FTR) rates, and prolonged length of stay (PLOS). All eight analyses measuring the impact of duty hour reform on mortality by hospital financial health quartile, in postreform year 1 ("Post 1") or year 2 ("Post 2") versus the prereform period, were insignificant: Post 1 OR range 1.00-1.02 and Post 2 OR range 0.99-1.02. For PSIs, all six tests showed clinically insignificant effect sizes. The FTR rate analysis demonstrated nonsignificance in both postreform years (OR 1.00 for both). The PLOS outcomes varied significantly only for the combined surgical sample in Post 2, but this effect was very small, OR 1.03 (95% CI 1.02, 1.04). The impact of 2003 ACGME duty hour reform on patient outcomes did not differ by hospital financial health. This finding is somewhat reassuring, given additional financial pressure on teaching hospitals from 2011 duty hour regulations. © Health Research and Educational Trust.
Rauscher, Simone; Wheeler, John R C
Increased financial pressures on hospitals have elevated the importance of working capital management, that is, the management of current assets and current liabilities, for hospitals' profitability. Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus improving the profitability of the organization. This study examines the relationship between hospitals' profitability and their performance at managing two components of working capital: accounts receivable, measured in terms of hospitals' average collection periods, and accounts payable, measured in terms of hospitals' average payment periods. Panel data derived from audited financial statements for 1,397 bond-issuing, not-for-profit U.S. hospitals for 2000-2007 were analyzed using hospital-level fixed-effects regression analysis. The results show a negative relationship between hospitals' average collection period and profitability. That is, hospitals that collected on their patient revenue faster reported higher profit margins than did hospitals that have larger balances of accounts receivable outstanding. We also found a negative relationship between hospitals' average payment period and their profitability. Hospital managers did not appear to delay paying their vendors. Rather, the findings indicated that more profitable hospitals paid their suppliers faster, possibly to avoid high effective interest rates on outstanding accounts payable, whereas less profitable hospitals waited longer to pay their bills. The findings of this study suggest that working capital management indeed matters for hospitals' profitability. Efforts aimed at reducing large balances in both accounts receivable and accounts payable may frequently be
Full Text Available In this article authors provide an overview of national strategies that directly or indirectlyconsider the management of financial stability. The actuality of this research topic is based on severalfactors. Firstly, the depth of the global financial crisis that started in 2007 has shown that financialstability must be ensured and monitored by competent authorities. Secondly, the situation of the nationaleconomy has been worsened since 2015, as a result of massive dilapidation of funds and serious violationswith regard to preserving the systemic financial stability of the Republic of Moldova. Under the presentstate the issue of ensuring financial stability becomes more significant and important. The purpose of theresearch is to analyze and synthesize national strategies which reflect the management of financialstability and to detect the existing gaps. The scientific methods used are the following: systemic approach,analysis and synthesis, induction and deduction, logical analysis, critical analysis, etc. The research hasfound that the policy of preserving the systemic financial stability is missing from the current nationalstrategies, and there is a huge gap with regard to banking supervision and the objective of ensuringsystemic financial stability.
Caplan, Mary Ager
Mental health consumers depend on social benefits in the forms of supplemental security income and social security disability insurance for their livelihood. Although these programs pay meager benefits, little research has been undertaken into how this population makes ends meet. Using a qualitative approach, this study asks what are the financial coping strategies of mental health consumers? Seven approaches were identified: subsidies, cost-effective shopping, budgeting, prioritizing, technology, debt management, and saving money. Results illustrate the resourcefulness of mental health consumers in managing meager social benefits and highlight the need to strengthen community mental health efforts with financial capabilities education.
Cid P, Camilo; Bastías S, Gabriel
In 2011 the Chilean National Health Fund (FONASA) commissioned a study to assess the costs of the 120 most relevant hospital care services with an established fee, in a large sample of public hospitals. We herein report the cost evaluation results of such study, considering the financial condition of those hospitals in the year of the study. Based on the premise that the expenses derived from the provision of institutional and appraised hospital services should be identical to the billing of hospitals to FONASA, the prices are undervalued, since they cover only 56% of billing, generating a gap between expenses and invoicing. This gap shows an important limitation of tariffs, since their prices do not cover the real costs. However not all hospitals behave in the same way. While the provision of services of some hospitals is even higher than their billing, most hospitals do not completely justify their invoicing. These assumptions would imply that, generally speaking, hospital debts are justified by the costs incurred. However, hospitals have heterogeneous financial situations that need to be analyzed carefully. In particular, nothing can be said about their relative efficiency if cost estimations are not adjusted by the complexity of patients attended and comparison groups are not defined.
Chen, Hsueh-Fen; Karim, Saleema; Wan, Fei; Nevola, Adrienne; Morris, Michael E; Bird, T Mac; Tilford, J Mick
Previous studies showed that the Hospital Readmissions Reduction Program (HRRP) and the Hospital Value-based Purchasing Program (HVBP) disproportionately penalized hospitals caring for the poor. The Mississippi Delta Region (Delta Region) is among the most socioeconomically disadvantaged areas in the United States. The financial performance of hospitals in the Delta Region under both HRRP and HVBP remains unclear. To compare the differences in financial performance under both HRRP and HVBP between hospitals in the Delta Region (Delta hospitals) and others in the nation (non-Delta hospitals). We used a 7-year panel dataset and applied difference-in-difference models to examine operating and total margin between Delta and non-Delta hospitals in 3 time periods: preperiod (2008-2010); postperiod 1 (2011-2012); and postperiod 2 (2013-2014). The Delta hospitals had a 0.89% and 4.24% reduction in operating margin in postperiods 1 and 2, respectively, whereas the non-Delta hospitals had 1.13% and 1% increases in operating margin in postperiods 1 and 2, respectively. The disparity in total margins also widened as Delta hospitals had a 1.98% increase in postperiod 1, but a 0.30% reduction in postperiod 2, whereas non-Delta hospitals had 1.27% and 2.28% increases in postperiods 1 and 2, respectively. The gap in financial performance between Delta and non-Delta hospitals widened following the implementation of HRRP and HVBP. Policy makers should modify these 2 programs to ensure that resources are not moved from the communities that need them most.
De Witt Wijnen, R.; Aarts, V.P. [De Brauw Blackstone Westbroek, Den Haag (Netherlands)
In proceedings running side-by-side to the legislative initiative (the Bill) aimed at forced unbundling of energy network companies on the one hand and commercial energy companies on the other, the Dutch office for energy regulation (DTe) adopted the so-called Enforcement Plan on the financing of energy group companies (the Plan). The Plan obtained the approval of the Dutch Minister of Economic Affairs shortly after and implements at policy level existing legal provisions aimed at preventing cross-subsidization from and providing competitive advantages by network managers to commercial group companies as well as at banning the use of the networks or income derived therefrom as security other than for the benefit of network management. In the Bill provisions are proposed which expand the prohibitions of the existing legal provisions even further. The authors discuss the legal status of the Plan as well as the various financial regulations set forth in the Plan. They question whether the Plan really is an enforcement plan as specifically provided for in the Electricity Act 1998 and the Natural Gas Act. They conclude that for the largest part the Plan contains material norms (which they discuss in some detail). Arguably, some of these not only interpret the current legal provisions but effectively implement these provisions beyond the limits of current legislation and without the required power of delegation provided by law. The authors venture that for these reasons, in the case occurring, some elements of the Plan may turn out to be unenforceable and that a judicial review of other elements may turn out to be less marginal than could otherwise be expected where policy decisions are being contested. The Bill would seem to provide the opportunity to (partially) remedy the lack of a sufficient legal basis of some of the elements of the Plan. The expanded provisions in the Bill on financial management by network operators provide for implementing rules to be adopted in
Karam, R.; Oueida, F.; Tissot-Guerraz, F.; Trepo, D.; Collombel, C.
author.The existing management of hospital waste in Lebanon currently poses both an environmental hazard as well as a public health risk. This is due mainly to lack of legislation, information and modern treatment and disposal facilities designed for this purpose. A nation-wide questionnaire survey was conducted to asses the status of hospital waste management. The study started from October 1997 till August 1998. We found that 75% of the surveyed hospitals completely ignore their total waste quantity: 73% of hospitals surveyed practice segregation at source of infectious, pathological, sharps and pharmaceuticals; more than 40% dispose of their hospital risk wastes through the municipality waste disposal, 24% by burning in open fires, 14% by on-site hospital incinerators, 11% in on-site dumping, 8% handled by a private contractor and 1% in uncontrolled landfill. We conclude that with some exceptions, the hospital waste management situation in Lebanon is very far from being satisfactory and therefore needs to be reconsidered. 1 Fig., 6 tabs., 18 refs
... Financial and Program Management § 1210.20 Purpose of financial and program management. Sections 1210.21 through 1210.28 prescribe standards for financial management systems, methods for making payments and... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Purpose of financial and...
... 25 Indians 1 2010-04-01 2010-04-01 false Financial management, internal and external controls and....46 Financial management, internal and external controls and other assurances. Grantee financial... required by the grantee's financial management system. The Secretary or his/her designee may review the...
... 10 Energy 4 2010-01-01 2010-01-01 false Financial management standards for nonprofit participants... Financial Matters § 603.620 Financial management standards for nonprofit participants. So as not to force... organization, expenditure-based TIA requirements for the financial management system of any nonprofit...
... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...
Biai, Sidu; Rodrigues, Amabelia; Gomes, Melba
in the use of the standardised guidelines for the management of malaria, including strict follow-up procedures. Nurses and doctors were randomised to work on intervention or control wards. Personnel in the intervention ward received a small financial incentive ($50 (25 pounds sterling; 35 euros......OBJECTIVE: To test whether strict implementation of a standardised protocol for the management of malaria and provision of a financial incentive for health workers reduced mortality. DESIGN: Randomised controlled intervention trial. SETTING: Paediatric ward at the national hospital in Guinea......-Bissau. All children admitted to hospital with severe malaria received free drug kits. PARTICIPANTS: 951 children aged 3 months to 5 years admitted to hospital with a diagnosis of malaria randomised to normal or intervention wards. INTERVENTIONS: Before the start of the study, all personnel were trained...
Carpenter, C E; McCue, M J; Hossack, J B
Despite the growth of multi-hospital systems in the 1990s, their performance in the tax-exempt bond market has not been adequately evaluated. The purpose of this study is to compare bonds issued by multi-hospital systems to those issued by individual hospitals in terms of bond, market, operational, and financial characteristics. The study sample includes 2,078 newly issued, tax-exempt, revenue bonds between 1991 and 1997. The findings indicate that multi-hospital systems issued larger amounts of debt at a lower cost, were more likely to be insured, had higher debt service coverage and higher operating margins.
The purpose of this book is to evaluate the debate on partnership, using original research data. Samuel provides a novel categorisation with which to synthesise and clarify a highly diverse literature on labour-management partnership, thus helping to refine the contemporary partnership debate. Secondly, he clarifies the circumstances under which 'effective' labour-management partnership is possible, while simultaneously elaborating why the achievement of 'mutual gains' is highly improbable in a liberal-market context. Thirdly, the book presents an integrated analysis of the interplay between macro-, meso- (industry) and micro-level factors. Fourthly, the research design enables the study to go beyond the case studies to make defendable empirical generalizations at the level of the industry. Finally, it advances a theoretical explanation of labour-management partnerships in 'liberal market' economies by bridging two opposing neo-institutional positions in the social sciences.
Engagement of the financial sector in the climate change debate is apparent, with social investors and advocacy groups launching 32 climate change related shareholder resolutions with American and Canadian energy companies in 2003. Eos Research and Consulting Ltd. recently conducted a study to examine emerging standards for how energy companies manage climate change related risks. A survey was conducted in the first part of the study to determine the environmental awareness of energy companies. Financial firms were asked whether they sought information concerning GHG inventories; projections of future emissions; action plans for addressing climate change and energy efficiency; evaluation of relative risk; estimation of cost of carbon; assessment of financial impact; evaluation of future regulations; and emissions trading activity. The second part of the study compared the response of 11 leading energy companies. The result was 2 opposing views on how climate change risks should be managed. The survey revealed that while most mainstream financial institutions are not paying much attention to climate change issues, socially responsible investment (SRI) investors are aware and working to factor climate change risk management information into their activities. In addition, SRI is growing at a faster pace than other investment segments, which may lead to greater future expectations for energy companies' climate change risk management efforts. It was concluded that the financial sector may emerge as an important source of direction that will guide energy companies in their future efforts to manage climate change risks. The five trends that contribute to the sector's emerging role are the continuing influence of advocacy groups; evolution of socially responsible approaches to investment; growing concerns for reputation; development of financial risk assessment approaches in terms of climate change; and, increase focus on corporate governance issues. 15 refs., 2 tabs., 1
Hyun Jun Park
Full Text Available Purpose: To analyze the types of medical malpractice, medical errors, and medical disputes in a university hospital for the proposal of countermeasures that maximize the efficiency of hospital management, medical departments, and healthcare providers. Materials and Methods: This study retrospectively reviewed and analyzed 55 closed civil lawsuits among 64 medical lawsuit cases carried out in Pusan National University Hospital from January 2000 to April 2013 using medical records, petitions, briefs, and data from the Medical Dispute Mediation Committee. Results: Of 55 civil lawsuits, men were the main plaintiffs in 31 cases (56.4%. The average period from medical malpractice to malpractice proceeding was 16.5 months (range, 1 month to 6.4 years, and the average period from malpractice proceeding to the disposition of a lawsuit was 21.7 months (range, 1 month to 4 years and 11 months. Conclusions: Hospitals can effectively manage their legal risks by implementing a systematic medical system, eliminating risk factors in administrative service, educating all hospital employees on preventative strategies, and improving customer service. Furthermore, efforts should be made to establish standard coping strategies to manage medical disputes and malpractice lawsuits, operate alternative dispute resolution methods including the Medical Dispute Mediation Committee, create a compliance support center, deploy a specialized workforce including improved legal services for employees, and specialize the management-level tasks of the hospital.
Ghanem, Mohamed; Schnoor, Jörg; Heyde, Christoph-Eckhard; Kuwatsch, Sandra; Bohn, Marco; Josten, Christoph
Instead of waiting for challenges to confront hospital management, doctors and managers should act in advance to optimize and sustain value-based health. This work highlights the importance of scenario planning in hospitals, proposes an elaborated definition of the stakeholders of a hospital and defines the influence factors to which hospitals are exposed to. Based on literature analysis as well as on personal interviews with stakeholders we propose an elaborated definition of stakeholders and designed a questionnaire that integrated the following influence factors, which have relevant impact on hospital management: political/legal, economic, social, technological and environmental forces. These influence factors are examined to develop the so-called critical uncertainties. Thorough identification of uncertainties was based on a "Stakeholder Feedback". Two key uncertainties were identified and considered in this study: the development of workload for the medical staff the profit oriented performance of the medical staff. According to the developed scenarios, complementary education of the medical staff as well as of non-medical top executives and managers of hospitals was the recommended core strategy. Complementary scenario-specific strategic options should be considered whenever needed to optimize dealing with a specific future development of the health care environment. Strategic planning in hospitals is essential to ensure sustainable success. It considers multiple situations and integrates internal and external insights and perspectives in addition to identifying weak signals and "blind spots". This flows into a sound planning for multiple strategic options. It is a state of the art tool that allows dealing with the increasing challenges facing hospital management.
Berest Maryna M.
Full Text Available The goal of the article lies in specification and deepening of the essence and theoretical grounds of the enterprise anti-crisis financial management (EAFM. The article analyses and generalises literature, devoted to anti-crisis management problems, marks out and characterises main structural elements of the enterprise anti-crisis financial management: goal, task, object and subject. It shows that tasks of the enterprise anti-crisis financial management should show its essence in the context of preventive, stabilising and anti-crisis components. The article groups and clarifies the concept of functions and principles of the enterprise anti-crisis financial management. It marks basic, specific and integration functions and provides their description. It also marks out and characterises individual principles, which identify the EAFM process, justify development and realisation of anti-crisis solutions and measures and also characterise EAFM organisation at an enterprise. Prospects of further developments in this direction are overview, analysis and improvement of methodical instruments of realisation of the specified EAFM tasks on the basis of the considered theoretical aspects.
Pina Jomir, G.; Michel, X.; Lecompte, Y.; Chianea, N.; Cazoulat, A.
Radioactive waste management in the post-accidental phase following caring for a radiologically contaminated patient in a hospital decontamination facility must be anticipated at a local level to be truly efficient, as the volume of waste could be substantial. This management must comply with the principles set out for radioactive as well as medical waste. The first step involves identification of radiologically contaminated waste based on radioactivity measurement for volume reduction. Then, the management depends on the longest radioactive half-life of contaminative radionuclides. For a half-life inferior to 100 days, wastes are stored for their radioactivity to decay for at least 10 periods before disposal like conventional medical waste. Long-lived radioactive waste management implies treatment of liquid waste and special handling for sorting and packaging before final elimination at the French National Agency for Radioactive Waste Management (ANDRA). Following this, highly specialized waste management skills, financial responsibility issues and detention of non-medical radioactive sources are questions raised by hospital radioactive waste management in the post-accidental phase. (authors)
Abd El-Salam, Magda Magdy
This study investigated the hospital waste management practices used by eight randomly selected hospitals located in Damanhour City of El-Beheira Governorate and determined the total daily generation rate of their wastes. Physico-chemical characteristics of hospital wastes were determined according to standard methods. A survey was conducted using a questionnaire to collect information about the practices related to waste segregation, collection procedures, the type of temporary storage containers, on-site transport and central storage area, treatment of wastes, off-site transport, and final disposal options. This study indicated that the quantity of medical waste generated by these hospitals was 1.249tons/day. Almost two-thirds was waste similar to domestic waste. The remainder (38.9%) was considered to be hazardous waste. The survey results showed that segregation of all wastes was not conducted according to consistent rules and standards where some quantity of medical waste was disposed of with domestic wastes. The most frequently used treatment method for solid medical waste was incineration which is not accepted at the current time due to the risks associated with it. Only one of the hospitals was equipped with an incinerator which is devoid of any air pollution control system. Autoclaving was also used in only one of the selected hospitals. As for the liquid medical waste, the survey results indicated that nearly all of the surveyed hospitals were discharging it in the municipal sewerage system without any treatment. It was concluded that the inadequacies in the current hospital waste management practices in Damanhour City were mainly related to ineffective segregation at the source, inappropriate collection methods, unsafe storage of waste, insufficient financial and human resources for proper management, and poor control of waste disposal. The other issues that need to be considered are a lack of appropriate protective equipment and lack of training and
Strong, Dexter K.
A school budget is a carefully drawn plan to allow for the efficient educational operation of the school. Everyone connected with the management of an independent school has something to learn about a budget, the most obvious person being the new headmaster. Similarly, all department heads, the librarian, the athletic director, the members of the…
Saylor, Joan Nesenkar
Basic components of a New Jersey district's profitable cash management program include consolidating funds using a negotiated bank agreement, a short term investment policy, accurate flowcharts for precise planning, and revenue and expenditure analysis. Data collection and analysis and the alternative of using a bank service agreement are…
Full Text Available The international financial market is extremely volatile because of the influence of anumerous objective and subjective factors. Because of these, în their fight for maximizing the profit, the creditinstitutes confronts permanently with all sort of risks.It is important to know that the risk is generated by a numerous operations and procedures. From thesecause, at least în the financial field, the risk must be considered as a complex of risks, în the sense that they canhave common causes, and producing a risk can generate a chain reaction, and producing other risks. As aconsequence, these operations and procedures can permanently generate an exposure to the risk.The risk management is the key function of the financial institution, which act on the internationalfinancial market. For doing this, it must be used some important instruments that can conduce to avoiding risksor dimensioning them.
Providing financial incentives to commuters to use alternative modes is a common element of managing transportation demand. Although these incentives have become common during the past two decades as elements of transportation demand management (TDM)...
Full Text Available Recognizing the asset value dynamics volatility of the financial institutions and the importance of its recognition both for financial reporting purposes and risk management effect, this paper aims to provide a practical model for the assets and financial institutions evaluation especially banks. It also aims to present a model to measure the value of banking assets for the purposes of risk management as an opportunity to identify in an early moment the banking risks. The paper develops the bank assets assessment forms and the basis of mathematical modeling of this assessment in general. He identifies also the evaluation factors as for example time to maturity, interest rate market for the assets (YTM, the interest rate agreed, the early repayment of the loan, interest ceilings and floors, off-balance sheet treatment, etc..
Travers, E M
Cost accounting is the most basic element of the laboratory's financial management structure. Historically, cost accounting in the nonmedical world referred to accumulating and assigning costs to units of production and departments, primarily for inventory valuation and income determination. In the health industry, microcost accounting is distinguishable from macrocost (management/internal) accounting and serves multiple purposes. Microcost accounting pertains to gathering and providing information for decision making. The range of decisions include managing recurring operations, making nonrecurring strategic decisions, and formulating major organizational policies. Macrocost accounting fulfills the legal requirements of reporting to stockholders, auditors, governmental agencies, and other external parties.
Harvey, J; Duguay, C R
An operations management systems approach can be a useful tool for coordinating and planning in a complex organization. The authors argue for adapting such an approach to health care from the manufacturing industries in order to facilitate strategy formulation, communication and implementation.
Lima, Sheyla Maria Lemos; Barbosa, Pedro Ribeiro; Portela, Margareth C; Ugá, Maria Alicia Dominguez; Vasconcellos, Miguel Murat; Gerschman, Silvia
This paper presents the management characteristics of charity hospitals in Brazil, based on data from a national survey developed in 2001. The sample accounted for the random inclusion of 66 Brazilian Unified Health System (SUS) inpatient care providers with less than 599 beds and all 26 hospitals with at least 599 beds. It also included 10 institutions assumed as non-providers of services to the SUS. The analyses are descriptive, focusing on the classification of the hospitals according to their managerial development level, as well as selected issues regarding the utilization of specific managerial technologies, human resources, technical services, and services contracting. Distinct managerial levels were identified, but it is important to note that 83% of the SUS providers with less than 599 beds were classified as having incipient management. The authors discuss implications of the findings for inpatient care policies, considering the importance of charity hospitals for the Brazilian Health System.
Mitchell, Jean M
Although physician-owned specialty hospitals have become increasingly prevalent in recent years, little research has examined whether the financial incentives linked to ownership influence physicians' referral rates for services performed at the specialty hospital. We compared the practice patterns of physician owners of specialty hospitals in Oklahoma, before and after ownership, to the practice patterns of physician nonowners who treated similar cases over the same time period in Oklahoma markets without physician-owned specialty hospitals. We constructed episodes of care for injured workers with a primary diagnosis of back/spine disorders. We used pre-post comparisons and difference-in-differences analysis to evaluate changes in practice patterns for physician owners and nonowners over the time period spanned by the entry of the specialty hospital. Findings suggest the introduction of financial incentives linked to ownership coincided with a significant change in the practice patterns of physician owners, whereas such changes were not evident among physician nonowners. After physicians established ownership interests in a specialty hospital, the frequency of use of surgery, diagnostic, and ancillary services used in the treatment of injured workers with back/spine disorders increased significantly. Physician ownership of specialty hospitals altered the frequency of use for an array of procedures rendered to patients treated at these hospitals. Given the growth in physician-owned specialty hospitals, these findings suggest that health care expenditures will be substantially greater for patients treated at these institutions relative to persons who obtain care from nonself-referral providers.
Enquiries performed by nuclear medicine services together with ANDRA in order to characterize the radioactive wastes from hospital origin have led to suggest some improvements in the management of these products: improved screening on the production site by rationalized collection, planning of a local storage installation for decay of 125 I-containing products, systematic education of concerned hospital staff, in particular to prevent infectious risks, obtaining legislatively a change of class for tritiated and carbonated hospital radioactive wastes, which will be then considered as common wastes. The practical application of these arrangements in hospital by the 'radiation protection competent person' would liberate hospital departments from systematic appeal to ANDRA and thus result in money saving
Health care administration in many OECD countries has undergone substantial changes in recent years as a consequence of NPM reforms, rising costs, the pace of technological innovation, heightened competition for patients and resources, quality of managed care and demographic shifts. Hospitals especially have been reformed due to the high proportion of resources they absorb and the apparent difficulty of prioritizing and coordinating health care within hospitals. There is abundant research lit...
... housing program participants to submit financial data electronically, using generally accepted accounting principles, in a prescribed format. HUD collects the financial information from participants to evaluate the... Information Collection: Comment Request; Multifamily Financial Management Template AGENCY: Office of the...
... Information: Electronic Transfer Account (ETA) Financial Agency Agreement AGENCY: Financial Management Service... of information described below: Title: Electronic Transfer Account (ETA) Financial Agency Agreement... public and other Federal agencies to take this opportunity to comment on a continuing information...
Campello, M.; Giambona, E.; Graham, J.R.; Harvey, C.R.
This article uses a unique dataset to study how firms managed liquidity during the 2008- 2009 financial crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how
Brott, Pamelia E.
Business, management, and financial occupations are found in organizations in which individuals direct activities and perform tasks related to business and finance. The career cluster includes 144 occupational titles across 57% of the 23 major Standard Occupational Classification groups, with almost half of the occupations considered "bright…
... GOVERNMENT ACCOUNTABILITY OFFICE Financial Management and Assurance; Government Auditing Standards Correction In notice document 2010-23374 beginning on page 57274 in the issue of Monday, September 20, 2010 make the following corrections: 1. On page 57275, in the first column, under the ADDRESSES section, in...
Full Text Available Any sports club organization is main tool for achieving his goals. If club’s basic goal – to achieve standard business performances (work characteristics and business – mark of efficiency his organization or his organizational diagnostics, demands maintenance on economic (finance analysis. In this research, with assisted program FINMEN set an example of financial management analysis in sports organizations
K. B. Dobrova
Full Text Available Issues related to creation of tools making it possible to efficiently control financial and economic production capability of industrial corporations making part of Russian military-industrial complex are discussed on example of an aviation enterprise. A system of balanced indicators is proposed to be used to develop corporation’s adaptive management strategies.
Tilse, Cheryl; Wilson, Jill; Setterlund, Deborah; Rosenman, Linda
Increasing longevity and the growing proportion of the aged in the population in most countries have served to focus on the question of how governments and older people can finance living, health, and care options in retirement. Prudent management of income and assets is an increasingly complex and important aspect of aging as assets and expectations of self-financing increase. Although many informal caregivers act as asset managers and/or substitute decision-makers for older people, little attention has been paid to this increasingly important aspect of care. This paper summaries key findings of a broad research program exploring family involvement in the management of older people's assets and the practices that constitute good practice as well as financial mismanagement and abuse. It identifies multi-level and multi-strategy responses needed to address the issues raised by the research and outlines an innovative community demonstration project aimed at improving financial management practices in relation to older people's assets.
Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models. The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.
Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models.The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.
Schwierz, Christoph; Wübker, Achim; Wübker, Ansgar; Kuchinke, Björn A
This paper shows that patients with private health insurance (PHI) are being offered significantly shorter waiting times than patients with statutory health insurance (SHI) in German acute hospital care. This behavior may be driven by the higher expected profitability of PHI relative to SHI holders. Further, we find that hospitals offering private insurees shorter waiting times when compared with SHI holders have a significantly better financial performance than those abstaining from or with less discrimination.
Stanger, Sebastian H W; Yates, Nicola; Wilding, Richard; Cotton, Sue
Blood is a perishable product, and hence good management of inventories is crucial. Blood inventory management is a trade-off between shortage and wastage. The challenge is to keep enough stock to ensure a 100% supply of blood while keeping time expiry losses at a minimum. This article focuses on inventory management of red blood cells in hospital transfusion laboratories to derive principles of best practice and makes recommendations that will ensure losses due to time expiry are kept to a minimum. The literature was reviewed to identify available models for perishable inventory management. Historical data from the UK blood supply chain was analyzed to identify hospitals with good inventory management practice and low wastage levels. Transfusion laboratory managers in the selected hospitals were interviewed in 7 case studies with the aim of identifying drivers for low wastage and good inventory management practice. The findings from the case studies were compared with the literature. The extant literature asserts that the drivers for good inventory performance are the use of complex inventory models and algorithms. This study has found this not to be the case. Instead, good performance is driven by the quality of transfusion laboratory staff, who must be skilled, regularly trained, and experienced. Electronic crossmatching, transparency of the inventory, and simple management procedures also facilitate good performance. Copyright Â© 2012 Elsevier Inc. All rights reserved.
Juan Pablo Rodríguez-Miranda
Conclusions: Hospitals can apply broader environmental management instruments, including life cycle analysis of their products and services and monitoring of the carbon footprint; they may also take into account the different areas of environmental impact of their operation.
Henning, W K
There is a gold mine of potential inventory reductions, expense reductions, and revenue increases in most hospitals that can be tapped by more intensive materiel management. The first step is incorporating the necessary ingredients for a strong materiel management effort--the right people and a state-of-the-art computer program. Reorganization may be necessary to establish a more unified, consolidated approach to materiel management. Second, conduct an audit of the entire hospital to identify opportunities for improvement and to establish baseline management data. Finally, push forward the process of system changes (which also establishes necessary controls) until results are accomplished--a process that usually requires one to three years. The alliance between the materiel manager and the CFO is definitely beneficial to the hospital and to the individuals involved.
Rabbani, Fauziah; Hashmani, Farah Naz; Mukhi, Aftab A Ali; Gul, Xaher; Pradhan, Nousheen; Hatcher, Peter; Farag, Mounir; Abbas, Farhat
The WHO Eastern Mediterranean Regional Office has emphasized health system strengthening among the top five strategic priorities. One of the integral elements of health systems are the hospitals. The purpose of this paper is to review the need for formalized training in hospital management to improve the quality of care. Literature review and hands on experience of conducting a regional training in hospital management for Eastern Mediterranean Region (EMR) countries. Majority of patients in EMR bypass Primary Health Care facilities due to inadequate quality of services and prefer seeking specialized care at a tertiary level. There is mounting evidence of mediocre to poor patient satisfaction due to inefficient health care practices in hospitals of EMR. Strengthening the management capacity of the hospitals through a formal training programme is therefore necessary for improving the performance of health care delivery and the overall health system. Hospital management encompasses hospital planning and operational activities including development and implementation of organizational strategies to ensure adequate numbers and quality of trained human resources and effective financial management, disaster management, health management information system utilization, support services, biomedical engineering, transport and waste management. Such training will prepare health care professionals with leadership skills to deliver quality hospital services. This is one of the first papers emphasizing the need for a formal structured regional training in hospital management for the countries of EMR. A modular incremental training approach developing an EMR Credit Transfer and Accumulation system is proposed.
Full Text Available In a complex world, characterized by a multitude of risks, managers need to manage the risks they encounter, in an efficient way and in the shortest time possible. In the current economic crisis, the concept of hospital risk management, as the process in which is identified, analyzed, reduced, or avoided a risk that may affect the hospital, gained great importance. The Romanian health system, distinguished by: lack of transparency, poor funding, the loss of the valuable medical staff, lack of hospitals in villages and small towns, inability to engage patients due to the old and poor equipment, lack of research and problems in information privacy and cyber-security, requires an appropriate management, enabling risk managers to take decisions in order to avoid the occurrence of risks. Important for the functioning of every hospital is the perception of patients and their degree of satisfaction, regarding the quality of services, which depend largely on the quality of human resources. But what are the human resources weaknesses and risks from the patient point of view? What are the risk indicators which must be monitored to avoid risks? And also, which is the most useful method for measurement and assessment of risk?
Oliver W. Holmes, III
Full Text Available Purpose: The purpose of this study is to identify effective strategies used by Alabama hospitals to manage drug shortages. Moreover, this study aims to determine if there are any relationships among hospital size, utilization of a standard policy for drug shortage management and perceived usefulness of standard procedures for drug shortages. Methods: A paper survey was mailed to 129 hospital pharmacies in Alabama (per the Alabama Hospital Association directory. The survey consisted of 5 demographic questions, questions involving perception of current medication shortages, sources of information about shorted drugs, and frequency of discussion at P&T committee meetings. Most importantly, the survey contained questions about the use of a standard policy for handling drug shortages, the effectiveness of the policy if one is used, and an open-ended question asking the recipient to describe the policy being used. Results: A response rate of 55% was achieved as 71 surveys were completed and returned. Approximately 70% of the survey respondents described the current drug shortage issue as a top priority in their pharmacy department. The pharmacy distributor served as the primary source of information regarding drug shortages for 45% of the facilities. There is a direct relationship between size of hospital and likelihood of utilization of a standard policy or procedure for drug shortage management among the sample. The smaller facilities of the sample perceived their management strategies as effective more frequently than the larger hospitals. Conclusion: Common components of effective management strategies included extensive communication of shortage details and the ability to locate alternative products. The use of portable technology (e.g., Smart phones and tablets along with mobile applications may emerge as popular means for communicating drug product shortage news and updates within a facility or healthcare system. Type: Original Research
Oliver W. Holmes III, Pharm.D. Candidate 2013
Full Text Available Purpose: The purpose of this study is to identify effective strategies used by Alabama hospitals to manage drug shortages. Moreover, this study aims to determine if there are any relationships among hospital size, utilization of a standard policy for drug shortage management and perceived usefulness of standard procedures for drug shortages.Methods: A paper survey was mailed to 129 hospital pharmacies in Alabama (per the Alabama Hospital Association directory. The survey consisted of 5 demographic questions, questions involving perception of current medication shortages, sources of information about shorted drugs, and frequency of discussion at P&T committee meetings. Most importantly, the survey contained questions about the use of a standard policy for handling drug shortages, the effectiveness of the policy if one is used, and an open-ended question asking the recipient to describe the policy being used.Results: A response rate of 55% was achieved as 71 surveys were completed and returned. Approximately 70% of the survey respondents described the current drug shortage issue as a top priority in their pharmacy department. The pharmacy distributor served as the primary source of information regarding drug shortages for 45% of the facilities. There is a direct relationship between size of hospital and likelihood of utilization of a standard policy or procedure for drug shortage management among the sample. The smaller facilities of the sample perceived their management strategies as effective more frequently than the larger hospitals.Conclusion: Common components of effective management strategies included extensive communication of shortage details and the ability to locate alternative products. The use of portable technology (e.g., Smart phones and tablets along with mobile applications may emerge as popular means for communicating drug product shortage news and updates within a facility or healthcare system.
... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Financial Management Service G... Management Service 1. In general. This appendix applies to the Financial Management Service. It sets forth... requests for notification and access to records and accountings of disclosures for the Financial Management...
... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... Management § 105-72.301 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate...
... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Purpose of financial and.../Financial and Program Management § 105-72.300 Purpose of financial and program management. Sections 105-72... Property Management Regulations System (Continued) GENERAL SERVICES ADMINISTRATION Regional Offices-General...
Pacheco, José Márcio da Cunha; Gomes, Romeu
This paper analyses the decision making process for senior management in public hospitals that are a part of the National Health Service in Brazil (hereafter SUS) in relation to projects aimed at changing clinical management. The methodological design of this study is qualitative in nature taking a hermeneutics-dialectics perspective in terms of results. Hospital directors noted that clinical management projects changed the state of hospitals through: improving their organizations, mobilizing their staff in order to increase a sense of order and systemizing actions and available resources. Technical rationality was the principal basis used in the decision making process for managers. Due to the reality of many hospitals having fragmented organizations, this fact impeded the use of aspects related to rationality, such as economic and financial factors in the decision making process. The incremental model and general politics also play a role in this area. We concluded that the decision making process embraces a large array of factors including rational aspects such as the use of management techniques and the ability to analyze, interpret and summarize. It also incorporates subjective elements such as how to select values and dealing with people's working experiences. We recognized that management problems are wide in scope, ambiguous, complex and do not come with a lot of structure in practice.
... 10 Energy 4 2010-01-01 2010-01-01 false Purpose of financial and program management. 600.120 Section 600.120 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS FINANCIAL ASSISTANCE RULES... financial and program management. Sections 600.121 through 600.128 prescribe standards for financial...
Nakagawa, Yoshiaki; Yoshihara, Hiroyuki; Nakagawa, Yoshinobu
A simple and fair benchmarking system or financial indicators for use on the clinical department level have been lacking to evaluate the management efficiency and activity of each clinical department or division of a hospital. New financial indicators have therefore been developed based on personnel costs. Indicator 1: The ratio of marginal profit after personnel cost per personnel cost (RMP). Indicator 2: The ratio of investment (=indirect cost) per personnel cost (RIP). The difference between RMP and RIP demonstrates the operation profit in US Dollars for personnel cost (OPP). A turning point in profitability similar to the break-even point (BEP) and break-even ratio (BER) could be also defined by the combination of the RMP and RIP. The merits of these two indicators are not only the ability to indicate the relationship between the medical profit and the investments in the hospital, but also the capability to demonstrate such indicators as BEP, BER and OPP on a single graph. The two indicators were applied to the hospitals in the National Hospital Organization and to the clinical department in one hospital. Using these two indicators, it was possible to evaluate the management efficiency and medical activity not only in the whole hospital but also in each department and DPC/DRG group. This will be of use to a manager of a hospital in checking the management efficiency of his/her hospital despite the variations among hospitals, departments and divisions.
Mohammad Abbaszadeh; Roohollah Askari; Morad Alizadeh; Mohammad Amin Bahrami
Background: Customer relationship management is a modern marketing concept which is also considered as a successful business strategy. The present study aimed to design a customer relationship management model in the hospital. Methods: The study is an applied research performed in 2 phases of 1) texts investigation and 2) the experts' opinions to achieve consensus. Data were analyzed using SPSS 18 software along with descriptive statistics. Results: The designed model included areas of ...
Johnston, C M; Upton, E M
It is important that hospital cafeterias deliver products that create customer satisfaction so that financial objectives are met. An exploratory descriptive survey of 12 selected hospital cafeterias used a self-administered questionnaire to determine how satisfied customers were with services provided. It also asked cafeteria managers to give their perceptions of their customers' relative satisfaction/dissatisfaction with the service. Principal components analysis, followed by varimax rotation, identified four underlying constructs of the 15 pre-selected foodservice characteristics used to measure relative satisfaction. A multiple regression model, controlling for country, hospital size and customer demographics, in which the dependent variable was overall rating, found that the independent variables, the underlying rating constructs--food and service--made a much greater impact on overall rating than environment and accessibility. Most cafeteria managers' predictions about their customers' satisfaction were within two standard deviations of their customers' mean scores of satisfaction. While the managers' close association with their service may have accounted for this, it does not necessarily follow that they have the power to implement policy and product improvements.
Pa Nhia D. Yang
Full Text Available This study examined family financial management in the Hmong community through the analysis of 11 in-depth interviews with Hmong professionals who worked in the area of finance. The findings revealed that as the Hmong made the transition from an agricultural economy in Laos to the complex economic system in the United States, they have learned to adapt to their environment. First generation immigrants continue to live fairly simple lifestyles and havemaintained their strong value of saving money. The 1.5 generation integrates the Hmong value of saving with their knowledge about the U.S. financial system, resulting in savvy financial investments. The 2nd generation, born and raised in the U.S., has been primarily influenced by the U.S. consumer culture, resulting in perceiving wants as needs. Thus spending is a higher priority than saving.
Damnjanović Radovan M.
Full Text Available Investment decisions, which influence the investment of financial resources to achieve economic, non-economic, or of both objectives and effects in the future, the central subject of financial management. Using the methods of financial mathematics can predict the effects of the investment which is from the standpoint of efficiency ratings are expressed in the form of cash future income. Periods, the investments and the use of investment, may be the same or different lengths. From an economic standpoint it is desirable that the period of the investment is short, and the economic effects of the eyelids investments as long as possible. For an investment is said to be cost-effective or cost-effective if the current value of the investment is less than the present value of income from investments.
Ivana Dražić Lutilsky
Full Text Available The purpose of this paper is to present the current usage of cost accounting methodology in Croatian public hospitals through conducted empirical research and to provide opinions of accountants and financial officers regarding possible implementation of cost accounting methodology in public hospitals. In the paper, the authors analyze the accounting system in Croatian public hospitals, identifying the flaws of the current accounting system with regard to the recording and allocation of costs. National healthcare systems of different European countries provide a theoretical background for the usage of accrual accounting basis and cost accounting methodologies, showing better governance and financial sustainability of public hospitals which have introduced cost accounting methodology. The conducted empirical research shows that accountants and financial officers believe that the healthcare system in Croatia is ready for a change in the current accounting system based on the modified accrual basis through the implementation of accrual accounting basis and full costing approach to cost allocation. Full costing approach is also known as activity-based accounting method for cost allocation. The authors also recommend some initial steps for implementation of the new cost accounting system in Croatian public hospitals.
Vagts, Dierk A
The economical pressure on the health system and especially on hospitals is growing rapidly. Hence, economical knowledge for people in medical executive positions becomes imperative. In advanced and forward-looking hospitals controlling is gaining more and more weight, because it takes over a coordinative responsibility. Ideally controlling is navigating the teamwork of managers (CEOs) and medical executives by weighing medical necessities and economical framework. Controlling is contributing to evaluate an optimal efficiency of a hospital in a highly competitive surrounding by providing medical and economical data on a regular basis. A close, open-minded and trusting cooperation between all people, who are involved, is imperative. Hence, controlling in the proper meaning of the word can not flourish in dominant and hierarchic hospital structures. Georg Thieme Verlag Stuttgart * New York.
Bain, Christopher A; Standing, Craig
Hospital managers have a large range of information needs including quality metrics, financial reports, access information needs, educational, resourcing and decision support needs. Currently these needs involve interactions by managers with numerous disparate systems, both electronic such as SAP, Oracle Financials, PAS' (patient administration systems) like HOMER, and relevant websites; and paper-based systems. Hospital management information systems (HMIS) can be thought of sitting within a Technology Ecosystem (TE). In addition, Hospital Management Information Systems (HMIS) could benefit from a broader and deeper TE model, and the HMIS environment may in fact represents its own TE (the HMTE). This research will examine lessons from the health literature in relation to some of these issues, and propose an extension to the base model of a TE.
Disease Management is a transsectoral, population-based form of health care, which addresses groups of patients with particular clinical entities and risk factors. It refers both to an evidence-based knowledge base and corresponding guidelines, evaluates outcome as a continuous quality improvement process and usually includes active participation of patients. In Germany, the implementation of disease management is associated with financial transactions for risk adjustment between health care assurances [para. 137 f, Book V of Social Code (SGB V)] and represents the second kind of transsectoral care, besides a program designed as integrated health care according to para. 140 a ff f of Book V of Social Code. While in the USA and other countries disease management programs are made available by several institutions involved in health care, in Germany these programs are offered by health care insurers. Assessment of disease management from the hospital perspective will have to consider three questions: How large is the risk to compensate inadequate quality in outpatient care? Are there synergies in internal organisational development? Can the risk of inadequate funding of the global "integrated" budget be tolerated? Transsectoral quality assurance by valid performance indicators and implementation of a quality improvement process are essential. Internal organisational changes can be supported, particularly in the case of DRG introduction. The economic risk and financial output depends on the kind of disease being focussed by the disease management program. In assessing the underlying scientific evidence of their cost effectiveness, societal costs will have to be precisely differentiated from hospital-associated costs.
Increasingly, historically black colleges and universities (HBCUs) are developing professional programs in hotel and restaurant management and travel and tourism. One objective is to train African Americans to become owners and operators of their own enterprises. An obstacle is the perception that hospitality careers involve menial labor. (MSE)
As the market instability and uncertainty that economic and business environment become more complex than any time before. In real condition, there are significant financial volatility and distress that exist in financial institutions, particularly in those with large debt and commodity price exposures. Therefore risk management in recent decade has been largely required and improved to financial sectors. In this paper, we conduct content analysis through annual reports of four leading banks ...
Glossmann, J P; Schliebusch, O; Diehl, V; Walshe, R
Little attention has yet been payed on establishing modern and competitive organizational structures in German hospitals. In this paper, we attempt to apply elements of lean management to the work of physicians working in an inpatient setting. Traditional ways of communication and their disadvantages are discussed. These include loss of motivation, bureaucratic structures and a lack of interdisciplinary cooperation. Using Maslow's theory of motivation, possible improvements are discussed, such as the reduction of restrictive job characteristics, an increase of physicians' spheres of competence and the use of their innovative potentials. These suggestions are explained using practical examples. The aim of the study is to contribute to quality management in hospitals by increasing personal responsibilities according to lean management.
Malena Portal Boza
Full Text Available The exhibit features Mexican microenterprises today give evidence of the problems that they face in terms of managing their activities, where the role of economic-financial elements is perceived. Although the issue has been addressed in previous studies the contribution of this study is to evaluate in an integrated manner the level of economic and financial management (GEF in micro and impact on business results. To do an index is constructed from indicators synthetic methodology using the principal components factor analysis, accompanied by linear regression exercises. The results confirm the presence of elements of GEF in micro studied. Moreover, it was found that the extent to which GEF elements are incorporated in its activities, the impact on their business results will be positive. These observations constitute the prelude to the creation of public policies seeking to establish improvement strategies for such companies, besides that fosters future research for analysis but by sectors of economic activity.
Wright, Jason D; Tergas, Ana I; Hou, June Y; Burke, William M; Chen, Ling; Hu, Jim C; Neugut, Alfred I; Ananth, Cande V; Hershman, Dawn L
Despite the lack of efficacy data, robotic-assisted surgery has diffused rapidly into practice. Marketing to physicians, hospitals, and patients has been widespread, but how this marketing has contributed to the diffusion of the technology remains unknown. To examine the effect of regional hospital competition and hospital financial status on the use of robotic-assisted surgery for 5 commonly performed procedures. A cohort study of 221 637 patients who underwent radical prostatectomy, total nephrectomy, partial nephrectomy, hysterectomy, or oophorectomy at 1370 hospitals in the United States from January 1, 2010, to December 31, 2011, was conducted. The association between hospital competition, hospital financial status, and performance of robotic-assisted surgery was examined. The association between hospital competition was measured with the Herfindahl-Hirschman Index (HHI), hospital financial status was estimated as operating margin, and performance of robotic-assisted surgery was examined using multivariate mixed-effects regression models. We identified 221 637 patients who underwent one of the procedures of interest. The cohort included 30 345 patients who underwent radical prostatectomy; 20 802, total nephrectomy; 8060, partial nephrectomy; 134 985, hysterectomy; and 27 445, oophorectomy. Robotic-assisted operations were performed for 20 500 (67.6%) radical prostatectomies, 1405 (6.8%) total nephrectomies, 2759 (34.2%) partial nephrectomies, 14 047 (10.4%) hysterectomies, and 1782 (6.5%) oophorectomies. Use of robotic-assisted surgery increased for each procedure from January 2010 through December 2011. For all 5 operations, increased market competition (as measured by the HHI) was associated with increased use of robotic-assisted surgery. For prostatectomy, the risk ratios (95% CIs) for undergoing a robotic-assisted procedure were 2.20 (1.50-3.24) at hospitals in moderately competitive markets and 2.64 (1.84-3.78) for highly competitive markets
Schwabe, G; Baenninger, P
Companies engage in IT-projects in order to gain some benefits; however they complain that those bene-fits are difficult to achieve. On the basis of a survey in the Swiss financial industry this paper comes to the conclusion that due to a fundamental misconception companies reproduce the lack of success in reaping IT benefits: Many companies regard benefit management as an instrument to support project proposals rather than as an instrument to gain optimal benefits. Conse-quently, benefits ma...
Geib, Malte; Reichold, Annette; Kolbe, Lutz; Brenner, Walter
The majority of financial services companies in Germany and Switzerland have, with varying success, conducted customer relationship management (CRM) implementation projects. Nonetheless, the implementation of a specific CRM strategy that is aligned with company profitability and uses integrated information systems for performance measurement as well as for the control of marketing, sales, and service processes has been realized in very few companies.In this paper we present a framework for th...
Full Text Available Many manufacturing companies are facing uncertainties and stiff competition both locally and globally, intensified by increasing needs for sophisticated and high value products from demanding customers. These companies are forced to improve the quality of their supply chain management decisions, products and reduce their manufacturing costs. With today’s volatile and very challenging global market, many manufacturing companies have started to realize the importance of the proper managing of their supply chains. Supply chain management (SCM involves practices such as strategic supplier partnership, customer focus, lean production, postpone concept and technology & innovation. This study investigates the importance of SCM on financial optimization. The study measures production or SCM managers’ perceptions regarding SCM and level of performances in their companies. The paper also specifically investigates whether supply chain performance acts as a mediating variable in the relationship between SCM and financial optimization. These associations were analyzed through statistical methods such as Pearson’s correlation and a regression-based mediated analysis. The findings suggest that SCM has significant correlations with supply chain performance and financial optimization. In addition, the result of the regression-based mediated analysis demonstrates that supply chain performance mediates the linkage between SCM and financial optimization. The findings of the study provide a striking demonstration of the importance of SCM in enhancing the performances of Malaysian manufacturing companies. The result indicates that manufac-turing companies should emphasize greater management support for SCM implementation and a greater degree of attention for production integration and information flow integration in the manufacturing system in order to maximize profit and tzerimize cost.
Full Text Available The Journal of Risk and Financial Management (JRFM is published in full open access by MDPI as of 1 October 2013, when MDPI took over the ownership of the journal. So far, this journal has been published elsewhere in yearly volumes (one issue per yearly volume since 2008, with a total of 25 papers released up to this moment . Starting from 1 January 2014, the journal will be published in quarterly issues.
Hepner, J O; Ameiss, A P
American industry, the major purchaser of medical services, is beginning to use its buying power to intervene in the healthcare system. Management committees hav been established to develop cost analysis and containment approaches to the utilization of medical services. With innovations by corporate industry, does the hospital CEO see an advocate or yet another adversary in addition to government regulation? Specifically, what preparation do master's degree graduates have, prior to their subsequent job experience, to make an informed contribution in financial decision making? Research was conducted to obtain data from health administration graduate programs in the United States and Canada to help find answers to these questions. This study addresses the strengths and weaknesses of the two major inputs to health financial management education--the proper mix and delivery of course presentations, and the student's motivation, maturity, and academic background. In some respects, both have been found wanting--not only from the findings of this investigation, but also by the AUPHA Task Force on Financial Management in the curriculum. About one-fourth of the entrants to master's degree programs have a business school background which includes courses in accounting, economics, and finance. However, the remaining 75% have other academic backgrounds, which suggests that teaching financially oriented courses to these graduate students is a major problem. The question of whether a health administration graduate with some finance training or a pure finance graduate is more desirable remains unanswered. This is especially true in meshing the immediate needs of the healthcare marketplace for financial management personnel and the long-range career goals of the graduate. This article presents the survey results and seven recommendations for action.
Wray, J L; Sadowski, S M
The authors present an overview of current graduate medical education (GME) issues, particularly the financial challenges to teaching hospitals resulting from the Balanced Budget and Tax Payer Relief Acts of 1997 and other recent market-driven factors. They describe in detail the nature of Medicare GME payments before and after the 1997 legislation, with specific examples, and explain the negative financial impact of the legislation and aspects of the legislation that are designed to alleviate that impact. Other factors influencing GME program size and composition are also discussed, including oversupplies or shortages of physicians, the concern that teaching hospitals are using public funds to train international medical graduates, changing training requirements, etc. The authors also describe a recent consulting assignment during which they assisted a major teaching hospital to develop a GME strategy that was responsive to the organization's mission and patients and that took into account future GME financing challenges. Detailed explanations are given of how the consultants analyzed the hospital's GME programs and finances, developed and ranked key institution-specific program criteria (strategic, organizational and operational, and financial), and, in consultation with all key stakeholders, formulated a GME strategy specific to the institution's needs. The authors conclude by cautioning that each institution's GME strategy will be different, but that it is important for institutions to develop such strategies to better face future challenges.
Katrina B. Dobrova
Full Text Available Purpose: the main purpose of the publication is to examine comprehensively the financial and economic aspects of the strategic management of the industrial cluster by the example of the clusters of the Corporation “Rostec” with the participation of enterprises of the defense industry complex. Methods: the methodology of the research is based on the collection and analysis of initial data and information, the article uses a systematic approach to the study of socio-economic processes and phenomena. The research is based on modern theory of competition, innovation, as well as the modern paradigm of cluster development of the economy. In preparing the study, practical materials from Corporation “Rostec”. Results: the article gives the notion of industrial cluster, outlines the the prospects for using the cluster approach in the implementation of import substitution programs. Industrial clusters are considered as a source of preservation of a unique engineering culture, the revival of the engineering class. The creation of clusters is very promising in the defense industry complex, where clusters are identified as the most important source of diversification of the complex. Separate financial and economic aspects of strategic management industrial cluster are discussed in more detail on the example of cluster initiatives of Corporation “Rosteс”. It is noted that for the development of “Rostec” industrial clusters, it is planned to form centers of key competencies by creating conditions for the development of highly effective cooperative and synergetic relationships among the cluster participants. Formed clusters will be able to demonstrate higher rates of economic growth. In addition, focused funding will allow more efficient distribution of federal budget funds, as well as investor funds, aimed at technological development of cluster participants. To achieve these goals, it was recommended to ensure proper selection of key
... 10 Energy 4 2010-01-01 2010-01-01 false Purpose of financial and program management. 600.310... Requirements § 600.310 Purpose of financial and program management. Sections 600.311 through 600.318 prescribe standards for financial management systems; methods for making payments; and rules for cost sharing and...
... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Purpose of financial and program management... ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 435.20 Purpose of financial and program management. Sections 435.21 through 435.28 prescribe standards for...
... and Program Management § 84.20 Purpose of financial and program management. Sections 84.21 through 84.28 prescribe standards for financial management systems, methods for making payments and rules for... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Purpose of financial and program...
... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Purpose of financial and program management... Requirements § 1260.120 Purpose of financial and program management. Sections 1260.121 through 1260.128 prescribe standards for financial management systems, methods for making payments and rules for: satisfying...
... 45 Public Welfare 4 2010-10-01 2010-10-01 false Purpose of financial and program management. 2543... OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 2543.20 Purpose of financial and program management. Sections 2543.21 through 2543.25 prescribe standards for...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Direct Deposit Sign-Up Form AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management Service, as part of its...
... 32 National Defense 1 2010-07-01 2010-07-01 false What financial management standards do I include... financial management standards do I include for nonprofit participants? So as not to force system changes..., your expenditure-based TIA's requirements for the financial management system of any nonprofit...
... 10 Energy 4 2010-01-01 2010-01-01 false Financial management standards for-profit firms. 603.615... § 603.615 Financial management standards for-profit firms. (a) To avoid causing needless changes in participants' financial management systems, an expenditure-based TIA will make for-profit participants that...
Burger, Robert H.; Kaufman, Paula T.; Atkinson, Amy L.
Financial management skills are necessary for responsible library management. In light of the profession's current emphasis on financial literacy, the authors posed four questions: (1) to what extent are library and information science schools providing courses in financial management for their graduates; (2) what is the quality and quantity of…
... Management Systems, Monitoring, and Reporting § 990.310 Purpose—General policy on financial management, monitoring and reporting. All PHA financial management systems, reporting, and monitoring of program... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Purpose-General policy on financial...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of... Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial... collection. By this notice, the Financial Management Service solicits comments concerning the Form FMS-1133...
... DEPARTMENT OF THE TREASURY Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Withdrawal of a Privacy Act Notice... behalf of the Financial Management Service. DATES: December 10, 2010. FOR FURTHER INFORMATION CONTACT...
... financial management systems. 64.12 Section 64.12 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.12 Standards for grantee financial management systems. The grantees' Financial Management Systems shall meet the minimum standards set forth in OMB Circular A-102, Attachment G. ...
... DEPARTMENT OF THE TREASURY Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Notice of proposed new system of records. SUMMARY: In accordance with the Privacy Act of 1974, as amended, the Financial Management Service...
... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of Information: CMIA Annual Report and Direct Cost Claims AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of...
... Assistants § 700.323 The Assistant Secretary of the Navy (Financial Management). The Assistant Secretary of the Navy (Financial Management) is the Comptroller of the Navy, and is responsible for all matters related to the financial management of the Department of the Navy, including: (a) Budgeting; (b...
... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Office of Financial Management, Planning and... COMMISSION ORGANIZATION AND FUNCTIONS § 1000.19 Office of Financial Management, Planning and Evaluation. The Office of Financial Management, Planning and Evaluation is responsible for developing the Commission's...
DOD FINANCIAL MANAGEMENT Significant Efforts Still Needed for Remediating Audit Readiness Deficiencies Report to...Accountability Office Highlights of GAO-17-85, a report to congressional committees February 2017 DOD FINANCIAL MANAGEMENT Significant Efforts Still...actions to address the IPAs’ recommendations. Office of Management and Budget (OMB) guidance and the Department of Defense’s (DOD) Financial
... Provisions and Clauses 1852.242-73 NASA contractor financial management reporting. As prescribed in 1842.7202, insert the following clause: NASA Contractor Financial Management Reporting (NOV 2004) (a) The Contractor... instructions in NASA Procedures and Guidelines (NPR) 9501.2, NASA Contractor Financial Management Reporting...
Weißenberger, Barbara E.; Angelkort, Hendrik
To provide accounting information for management control purposes, two fundamental options exist: (a) The financial records can be used as a database for management accounting (integrated accounting system design), or (b) the management accounting system used by controllers can be based upon a so-called third set of books besides the financial and tax accounting records. Whereas the latter approach had been typical for firms in German-speaking countries until the 1980s, since then an increasi...
This document presents the financial statements of the ANDRA (the French national agency for the management of radioactive wastes) for the year 2010: final accounts, cash flows, financing table. It also contains the auditor's report on the annual accounts
Adams, Marsha Howell; Crow, Carolyn S
The nurse case management service (NCMS) for rural hospitals is an entrepreneurial endeavor designed to provide rural patients with quality, cost-effective healthcare. This article describes the development of an NCMS. A detailed marketing and financial plan, a review of industry trends, and the legal structure and risks associated with the development of the venture are presented. The financial plan projects a minimum savings of 223,200 dollars for rural institutions annually. To improve quality and reduce cost for rural hospitals, the authors recommend implementation of an NCMS.
Keramidou, Ioanna; Triantafyllopoulos, Loukas
The influence of the financial crisis on the efficiency of Greek public hospitals has been widely debated. Despite this increasing interest in such research, the question of to what extent the recent reforms in the Greek National health care system were effective in establishing a health care structure and process that provide better results for patients has yet to be fully investigated. As a step in this direction, the paper focuses on patient's experience with public hospital care quality before and during the economic crisis. A questionnaire survey was carried out among 1872 patients discharged from 110 out of the total of 124 Greek public hospitals. Patients' perceptions were analysed using a structural equation modelling approach. The findings reveal that public hospital service quality is at a medium level (66.2 on a scale from 1 to 100) over 2007-2014, presenting a decreasing trend during the recession. Policies to address the crisis may have contributed to a reduction in hospital expenditures, but at the same time patients were increasingly dissatisfied with the technical care. Consequently, there is a need for reforms aimed at the achievement of productivity gains, responsibility, and transparency in the management of productive resources, by enabling health organisations to reduce their costs without a deterioration in the quality of care. Copyright © 2017 Elsevier B.V. All rights reserved.
Henschel, Rene Franz
In managing financial cost of exception to contracting standards, the first step is to put up an intelligent contract standards exception monitoring system The next step is to maintain tailor-made, fair and transparent contracting standards The third step is to eliminate unnecessary information...... and repetitiveness in contracting standards The fourth step is to enable your organization and the customers or suppliers to handle the necessary exceptions themselves Finally you should consider the use of independent contracting standards and elimination of your own standards as a tool in managing the cost...
Najeeb Zada; Ahcene Lahsasna; Muhammad Yusuf Saleem
The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar'iyyah and attempts to derive public policy guidel...
The purpose of this paper is the discussion of non-financial performance measures that can be adopted in the management accounting function of business organisations. The study is important because it shows how organisational focus on non-financial measures can substantially enhance profitability, albeit being subject to cost constraints. To begin with, the evolution of management accounting research over the last three decades is resented. The development in the academia is then contra...
Renata Santos Silva
Full Text Available This study is a documental descriptive analysis which aimed to verify the cost established in 2006, in relation to the hospitalization of 21 diabetic patients submitted to the lower limb amputation in a public hospital and the value transferred by the Unified Health System (SUS regarding this procedure. Among the studied patients, 57.14% were female and 42.86% male, aged 40 to 90 years. The time of diagnosis varied from 5 to 25 years. The average of hospitalization was 14 days per patient. The cost to the hospital was R$ 99,455.74, average cost per patient was R$ 4,735.98. The total amount transferred by SUS to the hospital was R$ 27,740.15, a cost 3.6 times lower than the hospital costs. The SUS transferring is in accordance with the predetermined values for its table of procedure. Prevention is the only alternative to reduce the rate of amputation and improve survival of diabetes patients. It is necessary an early diagnosis and better control of diabetes mellitus with appropriate government and institutional policies.
Blay, Nicole; Donoghue, Judith
The role of the nursing manager has evolved from clinician and bed manager to one with greater accountability for evidence based practice, benchmarking and more recently, budget liability. Casemix data are widely believed to be a means of providing essential information for effective decision making and financial management but have not been widely utilised by nursing managers (Diers & Bozzo, 1999). This paper will report the results of a survey of nursing managers in seven hospitals within a metropolitan area health service. The hospitals include tertiary referral hospitals, specialist public hospitals and an affiliated public hospital for aged care and rehabilitation services. The survey sought to establish what casemix and related data were provided to nurse managers, who provided these data and how supplied data were utilised by the nurse managers. Results demonstrated that the majority of nursing managers surveyed received minimal (if any) casemix and/or demographic data on a routine basis. Some were provided with data in response to specific requests. The information that was provided varied both within and across hospitals, and no consistent methods of data distribution were available. Few nursing managers believed that the information provided aided their decision-making processes partly due to the minimalist nature of provided data while some nursing managers demonstrated a lack of understanding of the potential benefit of casemix data as a resource to support management decision making.
Okada, Sachiko; Nagase, Keisuke; Ito, Ayako; Ando, Fumihiko; Nakagawa, Yoshiaki; Okamoto, Kazuya; Kume, Naoto; Takemura, Tadamasa; Kuroda, Tomohiro; Yoshihara, Hiroyuki
Comparison of financial indices helps to illustrate differences in operations and efficiency among similar hospitals. Outlier data tend to influence statistical indices, and so detection of outliers is desirable. Development of a methodology for financial outlier detection using information systems will help to reduce the time and effort required, eliminate the subjective elements in detection of outlier data, and improve the efficiency and quality of analysis. The purpose of this research was to develop such a methodology. Financial outliers were defined based on a case model. An outlier-detection method using the distances between cases in multi-dimensional space is proposed. Experiments using three diagnosis groups indicated successful detection of cases for which the profitability and income structure differed from other cases. Therefore, the method proposed here can be used to detect outliers. Copyright © 2013 John Wiley & Sons, Ltd.
Khan, Shoukat; Syed, At; Ahmad, Reyaz; Rather, Tanveer A; Ajaz, M; Jan, Fa
Most of the tertiary care hospitals use radioisotopes for diagnostic and therapeutic applications. Safe disposal of the radioactive waste is a vital component of the overall management of the hospital waste. An important objective in radioactive waste management is to ensure that the radiation exposure to an individual (Public, Radiation worker, Patient) and the environment does not exceed the prescribed safe limits. Disposal of Radioactive waste in public domain is undertaken in accordance with the Atomic Energy (Safe disposal of radioactive waste) rules of 1987 promulgated by the Indian Central Government Atomic Energy Act 1962. Any prospective plan of a hospital that intends using radioisotopes for diagnostic and therapeutic procedures needs to have sufficient infrastructural and manpower resources to keep its ambient radiation levels within specified safe limits. Regular monitoring of hospital area and radiation workers is mandatory to assess the quality of radiation safety. Records should be maintained to identify the quality and quantity of radioactive waste generated and the mode of its disposal. Radiation Safety officer plays a key role in the waste disposal operations.
Khan, Shoukat; Syed, AT; Ahmad, Reyaz; Rather, Tanveer A.; Ajaz, M; Jan, FA
Most of the tertiary care hospitals use radioisotopes for diagnostic and therapeutic applications. Safe disposal of the radioactive waste is a vital component of the overall management of the hospital waste. An important objective in radioactive waste management is to ensure that the radiation exposure to an individual (Public, Radiation worker, Patient) and the environment does not exceed the prescribed safe limits. Disposal of Radioactive waste in public domain is undertaken in accordance with the Atomic Energy (Safe disposal of radioactive waste) rules of 1987 promulgated by the Indian Central Government Atomic Energy Act 1962. Any prospective plan of a hospital that intends using radioisotopes for diagnostic and therapeutic procedures needs to have sufficient infrastructural and manpower resources to keep its ambient radiation levels within specified safe limits. Regular monitoring of hospital area and radiation workers is mandatory to assess the quality of radiation safety. Records should be maintained to identify the quality and quantity of radioactive waste generated and the mode of its disposal. Radiation Safety officer plays a key role in the waste disposal operations. PMID:21475524
This article examines the implications of revenue changes on the financial condition of nonprofit hos pitals. I examine these implications empirically by studying the effect of changes in Medicare payments in the Balanced Budget Act of 1997. Using data from the Healthcare Cost Report Information System maintained by the Centers for Medicare & Medicaid Services between 1996 and 2004, I show that even though revenue fell significantly, resulting in a decline in profitability, hospitals did not significantly change their capital structure and use of capital. An important implication of this is a higher cost of borrowing for these hospitals, which can affect future capital accumulation and viability. Nonprofit hospitals are a very important part of the healthcare delivery system in the United States. Medicare patients constitute the single largest segment of their revenue sources. Understanding the consequences of the changes in Medicare reimbursement on hospital finances is useful in framing future revisions of Medicare payments.
Skyrocketing health care costs are forcing payers to demand delivery efficiencies that preserve and promote quality care while reducing costs. Hospitals are challenged to meet the pressure from payers to deliver value and outcome-based health care while preserving sufficient financial margins. The fee-for-service (FFS) model with its perverse incentives to incur high-volume services is no longer, if ever, sufficient to ensure quality, cost-efficient health care. In response, payers have sought to force the issue through accelerated efforts to bundle payments to providers. It is theorized that by tying together providers throughout the continuum or episode of care for a patient, efficiencies in delivery inclusive of cost reductions will be obtained. This article examines the bundled payment models and the financial considerations for hospital facility providers.
Hart, V A
The author is the Energy Conservation Officer for the Haringey Health Authority. The North Middlesex Hospital is an acute unit with approximately 700 beds. Currently, twenty-one outstations control the maternity/radio therapy tower complex plus the outpatients' department. Plans have been approved to extend the system and Phase 2 will cover pathology, administration, medical and surgical blocks together with x-ray and casualty blocks. Transmitton Ltd, as in Phase 1, will supply the hardware and contract management.
Rauscher, Simone; Wheeler, John R C
The continuing efforts of government payers to contain hospital costs have raised concerns among hospital managers that serving publicly insured patients may undermine their ability to manage the revenue cycle successfully. This study uses financial information from two sources-Medicare cost reports for all US hospitals for 2002 to 2007 and audited financial statements for all bond-issuing, not-for-profit hospitals for 2000 to 2006 to examine the relationship between hospitals' shares of Medicare and Medicaid patients and the amount of patient care revenue they generate as well as the speed with which they collect their revenue. Hospital-level fixed effects regression analysis finds that hospitals with higher Medicare and Medicaid payer mix collect somewhat higher average patient care revenues than hospitals with more privately insured and self-pay patients. Hospitals with more Medicare patients also collect on this revenue faster; serving more Medicaid patients is not associated with the speed of patient revenue collection. For hospital managers, these findings may represent good news. They suggest that, despite increases in the number of publicly insured patients served, managers have frequently been able to generate adequate amounts of patient revenue and collect it in a timely fashion.
Lu, Lingbo; Li, Jingshan; Gisler, Paula
Radiology tests, such as MRI, CT-scan, X-ray and ultrasound, are cost intensive and insurance pre-approvals are necessary to get reimbursement. In some cases, tests may be denied for payments by insurance companies due to lack of pre-approvals, inaccurate or missing necessary information. This can lead to substantial revenue losses for the hospital. In this paper, we present a simulation study of a centralized scheduling process for outpatient radiology tests at a large community hospital (Central Baptist Hospital in Lexington, Kentucky). Based on analysis of the central scheduling process, a simulation model of information flow in the process has been developed. Using such a model, the root causes of financial losses associated with errors and omissions in this process were identified and analyzed, and their impacts were quantified. In addition, "what-if" analysis was conducted to identify potential process improvement strategies in the form of recommendations to the hospital leadership. Such a model provides a quantitative tool for continuous improvement and process control in radiology outpatient test scheduling process to reduce financial losses associated with process error. This method of analysis is also applicable to other departments in the hospital.
Rikhardsson, Pall; Rohde, Carsten; Christensen, Leif
requirements. Risk management, compliance and internal auditing were relatively mature processes in the Danish banks before the crisis, and the adjustments required to adapt to changed compliance requirements were less extensive. Management controls in general seem to play a critical role in responding......The financial crisis of 2008 hit banks in Iceland and Denmark with different intensity. There was a difference in how management controls changed in response to the crisis. Icelandic banks redefined cultural controls, introducing new values as a “clean break” with the banks’ pre-2008 practices....... They formalised their risk management, compliance and internal auditing practices, and hired more employees to perform these functions. Further, they strengthened and formalised their policies and procedures to ensure consistent practices. The Danish banks adapted their administrative controls to new regulatory...
Full Text Available Throughout the study the financial management presented is divided into three directions, namely financial analysis, financial planning and financial strategy, focusing on increasing the quality of financial management conducted at the economic entity by identifying an easier possible use for a system of alternative decisions in order to increase the profitability. The study also aims to identify new meanings of financial accounting information system in performing the managerial act through alternative decisions, trying to highlight the need to create a management tool generator of variants possible to be adopted with an impact on their application in the economic entity as a whole. Based on qualitative research on the financial management act, it is revealed the importance of the financial management act manifested in the economic entity and also its quality improvement through simulations targeting the management through budget system.
Chase, P A
The concepts of human resources management (HRM) are presented, and the application of HRM concepts to a hospital pharmacy department is described. Low salaries and poor working conditions had precipitated a mass exodus of pharmacists from a 650-bed, tertiary-care medical center. The newly hired director of pharmacy sought to rebuild the department by developing a three-stage HRM model consisting of needs forecasting, performance management, and advanced management systems. In the needs-forecasting stage, the strengths and weaknesses of departmental programs were determined through analysis of existing standards of practice, situational analysis, and financial analyses; the strengths and weaknesses of departmental employees were determined through the use of talent inventories, turnover analysis, analysis of time and leave records, reevaluation of the department's job classifications, performance and productivity evaluations, and productivity evaluations, and development of a philosophy of practice and mission statement. Needs and problems were addressed by examining each existing program and developing new policies and procedures, performance standards, quality assurance mechanisms, and productivity expectations. Personnel needs and problems were addressed by designing a system of differentiated career ladders, contracting with pharmacists for career moves, developing the skills of currently employed pharmacists, and implementing a succession planning model. The model has been in place for approximately three years and is beginning to yield the desired results. Application of HRM concepts to a hospital pharmacy department appears to have been successful in improving employee morale and in helping the department to meet goals of expanded and improved services.
Jilcott Pitts, Stephanie; Schwartz, Brittany; Graham, John; Warnock, Amy Lowry; Mojica, Angelo; Marziale, Erin; Harris, Diane
In February and March 2017 we examined barriers and facilitators to financial sustainability of healthy food service guidelines and synthesized best practices for financial sustainability in retail operations. We conducted qualitative, in-depth interviews with 8 hospital food service directors to learn more about barriers and facilitators to financial sustainability of healthy food service guidelines in retail food service operations. Analysts organized themes around headers in the interview guide and also made note of emerging themes not in the original guide. They used the code occurrence and co-occurrence features in Dedoose version 7.0.23 (SocioCultural Research Consultants) independently to analyze patterns across the interviews and to pull illustrative quotes for analysis. Two overarching themes emerged, related to 1) the demand for and sales of healthy foods and beverages, and 2) the production and supply of healthy foods and beverages. Our study provides insights into how hospital food service directors can maximize revenue and remain financially viable while selling healthier options in on-site dining facilities.