Health Care Organizations 1
Budgetingis an important component is any organization. Without properbudgeting, there are high chances of financial failure in theorganization. With regard to health care organizations, there aretenets that should be put in place. The budgeting process in healthcare organizations include monitoring of costs within theorganization, employment of forecasting in relation to budgets, priorplanning with regard to practices of health care staff, andincorporation of efficiency, among others (Penner, 2004).
Itis important to note that there are some effective approaches withregard to the budgeting process in health care organizations.Therefore, the most effective approach is that of monitoring costswithin the organization. Budgets are often drafted from the amount ofcapital used in an organization hence monitoring of costs is the mosteffective budgeting approach in relation to the health care industry(Penner, 2004). Incorporation of approaches regarding monitoring ofcosts results in an effective financial management of theorganization.
Additionally,in the event where I was an administrator for a hospital I wouldvouch for the implementation of new technology. Before instigation ofthe plan, I would inform the leadership management on the benefitsregarding the new technology. More often than not, new technologyoffers efficiency which leads to satisfactory results. Withinefficiency there’s the fact that new technology would save time,reduce amount of work done by individuals, and reduce costs, amongothers.
Insummation, it is salient to note that new technology has morebenefits as compared to drawbacks. For this reason, incorporation ofnew technology into health care organizations play a big role in thegrowth, and development of the organization.
Penner,S. J. (2004). Introductionto health care economics & financial management: Fundamentalconcepts with practical applications.Philadelphia, Penns: Lippincott Williams & Wilkins.