Financial Impacts and Constraints Paper - 634 Words

Financial Impacts and Constraints Paper The Effect of Pharmacy on Operation Management A health care facility needs to monitor the processes and operations of its pharmacy, since it is the major profit producer. The pharmacy is required to maintain minimal errors, excellent customer service, and high efficiency, while returning significant profits. Pharmacies are considering a profit center for the hospital and have a direct effect on the hospitals bottom line. Since pharmacies are a major income provider for health care facilities that run at low profit levels, pharmacies need to be monitored to ensure that they are running efficiently and striving to increase profits continually. Financial Factors Determining†¦show more content†¦The profitability is determined by tracking revenues, expenses, and margins. A hospital’s revenues come from the total billings to all government and private insurance companies for services rendered to a patient. Revenues are typically divided into categories on the in come statement outpatient and inpatient services allowing the operations manager to compare the most profitable type of patient for their facility. The income statement also shows deductions and exclusions or the amount of bad debt caused by non-payments, contracted price adjustments, and discounts. On the average a health care facility can expect about 20-60% of income to be affected by deductions. The difference between revenue and operating expenses shows the true operating income of the facility or the profits in the course of normal business. This is a picture of the hospital’s financial health, which should be at least 1-3% of revenues. Ratios that come from the income statement are important as well. Ratios are used to determine profit margins, return on capital, labor productivity, and supply expenses, which are all major elements of the financial stability and efficiency of the health care facility. The statement of cash flows tracks all the incoming cash flows f rom the business and investment activity of the health care facility. Cash outflows are also tracked for expenditures, labor and the other activities ofShow MoreRelatedFinancial Analysis Of CFO1191 Words   |  5 PagesThis paper reports on an analysis of a survey of 1,050 CFOs in firms across 39 different countries in December, 2008 with the goal of examining the actions taken by firms that were financially constrained in juxtaposition with those that were not financially constrained. They utilize the distinction between constrained and unconstrained to determine how company plans pertaining to employment, marketing, technology spending, and other facets of their business are impacted. Additionally, they examineRead MoreThe World Bank : Professional Organization Report Essay1477 Words   |  6 Pagesevery country (para. 1). They do this by offering low interest loans, credit and grants to countries in need. 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Results indicateRead MoreWhy Firms Should Not Be An Effective Functioning State Of The Corporations1647 Words   |  7 PagesThere is a lot management control, including financial and non-financial factors. Ittner and Larcker (2000) stress the limitations of control system based on financial data to measure company performance and support the statement by the survey of U.S. financial services firms. Most of the institutions not satisfied with traditional financially oriented, thus made an extensive change in the control system during the past two years. Therefore, this paper is strongly believed that firms should not rely