Operating Budget
Over the last several years, the issue of rising health care costs has been having a dramatic impact on a variety of facilities. Evidence of this can be seen with a study that was conducted by the Kaiser Foundation, where they found that prices have risen by 47% since 2005. (Ableson, 2010) This is important, because it showing the budgetary challenges that many hospitals are facing. In the case of Patton Fuller Community Hospital, they are dealing similar kinds of problems. To fully understand how administrators can adapt to them requires examining effective financial management practices that can be utilized and ineffective policies. Once this takes place, it will provide specific insights as to what challenges are facing the facility.
Effective Financial Management Practices of Patton Fuller Community Hospital
In general, the financial management strategy that has been utilized (over the last year) is working. Evidence of this can be seen with the fact that the hospital had a reduction in the total operating loss by 66%. This is a sign that management has engaged in a strategy of: maintaining tight financial controls, they have strategically made investments in select areas and they are taking advantage of the deflationary environment. These different elements are important, because they are highlighting how the strategy is addressing the problems facing Patton Fuller.
Ineffective Financial Management Practices at Patton Fuller Community Hospital
Despite the tremendous amounts of progress that have taken place at the facility, there a number of issues that could have a dramatic impact...
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