This week's readings contained a great deal of information on financial and budgeting principles. Some of you may have had some familiarity with the concepts and maybe even experience in working with them. However, there is always something new to learn. Describe your prior experiences with financial and budgeting principles, whether personally or professionally. Include your current involvement in budgeting at your institution.
What pre-conceived notions related to healthcare financial and budgeting principles did you hold before this week that you understand better now or for which you have a different perspective? Reflect on at least two specific concepts. How have these new revelations influenced your thinking related to access, availability, and quality of healthcare?
IMPLICATIONS FOR THE FUTURE
- How has your enhanced knowing affected the way you view your proposed project?
- What areas of additional financial or budgeting data gathering have you identified as a need for your plan?
Explanation & Answer
Please view explanation and answer below.
A Reflection of Financial and Budgeting Principles
Financial and Budgeting Principles in Healthcare
A critical factor in running a healthcare organization is appropriate and effective
financial management (Baker J et al., 2017). The effectiveness in managing these factors
depends on the adherence to specific financial and budgeting principles. Notable financial
management principles in my personal and professional life have been integrity, stewardship,
accounting standard, and accountability. I have always held to these principles in managing my
finances, a concept I further utilize in my professional financial role at the New York
Presbyterian Lawrence Hospital. The principles have significantly guided my interaction with the