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Key Concepts, Knowledge - Coggle Diagram
Key Concepts
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Chapter 14
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It needs to be determined whether this is current, fixed or included in an analysis
Financial Risk
Implementing new procedures can be a financial risk and sometimes the benefits may not outweigh the risks. The risks may be greater than the reward.
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Common Stock
This can be sold for profit in multiple ways, in our facility, it can even be purchased through payroll deduction
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Chapter 13
Not for profit business also have stipulations Although they are not considered for profit, they still need to compete in today's market
Chapter 15
The Monte Carlo Simulation provides information on a projects actual risk, for instance, we are incorporating a new MRI machine at our facility.
Chapter 16
Cash budgets are used to manage cash flow and forecast the incoming money and the outgoing expenditures. This is needed when planning for the future, especially when adding on like our faciility.
Chapter 17
Financial Statement Analysis is used frequently to determine the financial condition of the business. To add on, this statement must generate revenue and have a positive impact.
Knowledge
Managing CT and MRI has been a challenge but learning more about finances will help me to better understand and estimate where we should be productivity wise.
When productivity is continually increasing, there needs to be more staff present so morale is also good as well
As a healthcare leader, this course has helped to expand my knowledge on finance and look at things from a larger picture.
Incorporating financial information into my career will help to advance my career path and move higher up in the hospital system
Increasing revenue for our departments will also allow for productivity to increase and to hire a larger number of staff members.
Turnover rates are very important for a large facility and the cost for training. It is best to hire staff that will stay long term rather than leave after training is complete.
Monitoring the amount of patients scanned regularly can help to increase productivity for the department. Staffing down when not busy will help to improve this.
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