HCS 405 Week 5 discussion question

Question Description

I’m working on a Health & Medical exercise and need support.

Please post a 150-300 word response to the following question:

How may financial managers budget for unforeseen changes and improvements in information technology that require large capital outlays?

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Final Answer

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In anticipating of future unforeseen-able changes as well as for improvement in IT, financial managers manage their budget according to the effective set up of separate line items. They estimate that amount of capital that is used for improvements in their future information technology. While managing budget they keep a part of their budget as a reference to be used for future advancement and up gradation of all applications, programs as well as system within a medical organization. As, this is the era of ever advancement of information technology sector, so there are many changes involved in this sector. A medical organization that is equipped with new and advanced computers would provide effective outcomes. In this regards, a hefty amount from budget of the organization is kept separate and that is utilized in the up-gradation of systems etc. Due to increasing changes in IT sector many of the hospitals need to revised their software systems after every 2 to 3 years. It is also responsibility of the financial managers that before applying these systems or software within medical organization, it should calculate their future costs and benefits from financial point of view. The adoption of ICD-10 in health care field is the latest change that is introduced in IT sector of organization. This systems enables improvement in the management of diseases, ensure less improper claims or rejected claims, and more authentic information regarding payment of new procedures. 

johnalia (1058)
Carnegie Mellon University

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