Lastname1 Topic: Student name: Instructor name: Course name: Date: Lastname2 Question one: role of financial planning in healthcare institutions Financial planning in healthcare takes a different approach because the field is dynamic with the introduction of elements like Medicare and additional skills required to deal with new health care problems. According to McLean, and Robert, (45).Financial planning entails making payments to an employee on the payroll, preempting for future losses, and negotiation of contracts. Financial planning may come handy in determining what the firm would buy or the sort of equipment to replace. Financial planning assists healthcare to meet their goals and projections When they plan, they may acquire services of physicians, and the hospital would expand, thus necessitating the need to broaden and streamline the payroll system of the regime of the hospital. Out of the acquisition of the new personnel and the additional services for the hospital, the hospital would have to plan their financial system so as to meet all the specifications such as the purchase of equipment and payment of services rendered, (McLean, Robert 126). Meeting the treatment costs Cost effective medical products are fundamental to the healthcare insurance providers. After contracting the physicians, medical insurers generate a list of drugs they would willfully purchase to their patients, Rubin et al., (42). To alleviate medical malpractice lawsuits, the healthcare profes ...
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