2. Finance
a. Apply finance, accounting, marketing, information technology, and planning skills for successful administration within a healthcare organization.
In healthcare, technology and equipment advances at an exponential rate. Budgeting and evaluating the greater need can be challenging. With the proper planning and decision-making tools, leaders determine the most effective decision to make the organization successful. Weighing the budget and benefit of a high-priced item to implement takes complex decision making but truly guides the organization’s success and profit. Finance plays a big role in the organization but is behind the scenes. During Health Care Finance, I utilized a decision matrix template to “purchase” an MRI scanner. The matrix evaluated many important components to evaluate which scanner would be the most logical purchase from a finance and benefit standpoint. There are many variables that go into planning and making a decision within a healthcare organization. This knowledge of balancing cost and budgeting provides data to help leaders make the best decisions in all areas of their department.
In the “Case Study 2 Nonprofit Operating Budget” Project a budget was created for the MRI imaging department. The 2021 fiscal year budget and actual for revenue and expenses was compared to our current year to date budget and actual with the purpose of evaluating current and future financial status. The data shows loss in revenue due to the MRI machine being down for two days. Assessing the budgets and finances provides insight on department productivity needs, unexpected events, and trends identified in the past to improve the future. A leader with experience in budgeting, guides an organization to financial success, as well as provides support and understanding of how to move forward when things don’t always go as planned affecting financial stability.