Provide a concise description of the purpose of financial measurement in healthcare. ● List the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two.
IHP 450 Module One Journal Guidelines and Rubric Prompt: Create a journal assignment in which you:
● Provide a concise description of the purpose of financial measurement in healthcare. ● List the major financial measures which are monitored by financial managers in the healthcare industry and, for each measure, provide one or two
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Order Paper Nowexamples of decisions that might be informed by that measure. Based on your research, identify the one or two measures that are the most important for the survival of a healthcare organization. Great Links to assist you: 5 Key Financial Ratios Healthcare Providers Should Track https://www.beckershospitalreview.com/finance/5-key-financial-ratios-healthcare-providers-should-track.html ———————- Assessing the Financial Health of Hospitals https://archive.ahrq.gov/data/safetynet/needleman.htm ———————- Best Practices in Hospital Key Financial Financial Indicators Indicators – Setting and Achieving Goals https://web.archive.org/web/20180701093129/http://www.idahohfma.org/site/files/318/54884/214638/364823/ ———————- https://www.beckershospitalreview.com/strategic-planning/16-potential-key-performance-indicators-for-hospitals.html 16 Potential Key Performance Indicators for Hospitals
Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Purpose of Financial
Measurement in Healthcare
Assignment accurately describes the purpose of financial measurement in healthcare
Assignment describes the purpose of financial measurement in healthcare however more information is needed
Description is incomplete or is inaccurate in some respects
Description is absent or does not describe the purpose of financial measurement in healthcare
20
Major Financial Measures
Meets “Proficient” criteria and all examples are accurate
List of major financial measures is complete, one or more examples of decisions that might be informed by each of the measures is provided, and most or all examples are accurate
List of major financial measures is incomplete, or examples of decisions that might be informed by each of the measures are missing or mostly incorrect
Financial measures or examples of related decisions are absent
40
Measures Most Important For
the Survival of a Healthcare
Organization
One or more measures are identified and the rationale for why they are most important is sound
One or more measures are identified, however there are some weaknesses in the rationale for why they are most important
Only one measure is identified, however there are weaknesses in the rationale for why it is most important
Measures or rationale for why they are most important are missing
40
Earned Total 100%
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