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Essay Samples > Economics > Budget Management
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Budget Management

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At present times, the health care climate is very dynamic there it is very desirable to attain increased productivity without an increase in cost. One method is by employing a management style that is conducive to staff nurse job. This article has a detailed description of findings of a research survey on perceived and desired nurse management styles and how they relate to staff nurse job satisfaction. It should be noted that a positive correlation was discovered between perceived management style and staff nurse job satisfaction. The closeness between the management style and group management style led to higher levels of staff nurse job satisfaction.

This paper reports the findings of a survey of capital budgeting practices done on the hospital. Very little has been reported on the capital investment practices as much as there are quite a number of published surveys of capital budgeting practices especially in large industrial firms. It is evident that the hospital undergoes a lot of changes in its operational environment. The steps to control the payment s to the health care providers were taken by government agencies and private insurers. This resulted into control of health care costs.

Over the last few years various factors have led to increased financial strain. This includes the escalating costs, intensified competition, patient demographic shifts and reimbursement restrictions. Health organizations should always consider long-term measures as much as they employ short-term measures.

The long-term measures include investment in physical facilities, incorporating new technology in the organization, starting up or ending specific services or facilities among others.  Such capital investment means that substantial amounts of resources are committed over a long period of time, thus effective capital budgeting is critical to healthcare financial management.

Discounting techniques such as present value and internal rate return can improve capital project selection, a point that financial managers may have already understood (Adams-Ender et al., 1991). An appropriate selection rule is important though. This goes along with availability of accurate estimates. This may be difficult when making long term decisions due to inflation, population preferences, medical personnel availability, and alternative sources of healthcare services among others.

There are a number of predictions that will affect health care service delivery. These predictions will affect decision making whether for long term or short term measures. Failure of a health plan to systematically coordinate benefits and care then real improvement in access, cost and quality of services will definitely be put at risk. For instance an aggressive investment in electronic health records and work flow applications will result into challenges of the health plans being recognized as health care systems organizers.

According to Edwards (2009), the scarcity of primary health care physicians will result into increased growth in the health care plan models. Another point is that the state budgetary pressures will impede meaningful healthcare policy reform as much as healthcare information technology standardization will be made popular in several bills.

There is an expected annual increase in medical unit cost trends that will result into selective unit cost decreases in discrete items. The development of more comprehensive and effective methodologies will lead to constraints directed towards the growth in off-shore medical procedures. The other prediction is that brokers and health plans too will be required to drive down the distribution of costs of benefit plans to consumers.

As a recommendation there should be a straight-through processing environment that will enable brokers and employers to quote, enroll and receive identification cards for health insurance online. This will help to curb the eligibility issues which have always frustrated customers. This will also give the brokers and benefit consultant’s ample time to sell.

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