The major financial systems in management of any finances of an institution include balance sheets, income statement, statement of owner’s equity and statement of cash flows (Baker & Baker, 2014). The balance sheet is an important tool in the assessment of the organization’s ability to meet its long term obligations. The income statement, on the other hand, gives a summary of the organization’s transactions over a set period. The statement of owner’s equity is a financial statement that uses information from the income statement and provides the same to the balance sheet. It analyzes the changes in profits of a health organization. A statement of cash flows analyzes an institution’s ability to meet its bills.
Staffing is an important task for the managers at health institutions. Staffing is important for the organization since it affects the output of the organization and also the well-being of the current employees. These are factors that the managers have to put into consideration while staffing the organization. It also makes it an important function due to the costs involved in the same. The organization has to ensure that effective advertising is done while advertising for positions at the health centers. Failure to get qualified personnel with all the investment involved in the advertising of the positions would mean losses to the firm and a failure on the managers’ part.
Medical reforms have an impact on the stakeholders in the health sector of the economy, including, the health providers. The ObamaCare medical reform is one of the medical reforms that have a high impact on medical institutions. The institutions now have to increases their resources, to cater for the increased number of nationals who are now able to access medical services due to reduced cost of the same. This will see the managers have to go back to the field in search of additional health experts.
Baker, J.J., & Baker, R.W. (2014).Health care finance: Basic tools for non-financial managers, (4thed.). Burlington: Jones & Bartlett Publishing