Question

Question: How would you maintain the financial records to improve the healthcare organization.

Please explain in detail and provide effective strategies.

Answer 1

Financial records should be maintained in a proper manner so that they can be used effectively in not just analysing the past performance of the healthcare organisation but it should also help in analysing the future performance of the healthcare organisation and they should be used to estimate various cash flows associated with receipts and payments of the healthcare organisation so that healthcare organisation would be better managing their liquidity positions and they can survive and sustain through adverse economic scenario.

I will be trying to maintain the financial records of the healthcare organisations as financial records of other profit entities and I would be trying to to focus upon the financial aspect of the healthcare organisation and I will be using the records in order to maximize the profits and implement strategies which will be futuristic in nature which will maximize the cash flows associated with the company and reduce the cash conversion cycle so that company can have better liquidity in its hands and I will also be managing with the the cost cutting approaches in order to maximize the return so that these healthcare organisation can be financially sound and they can be focusing upon their financial objective rather than just lingering around the social objectives.

I will reduce the payments associated with unnecessary expenditures and I would also improve the recovery cycle and managing the cost of its operations in an efficient manner so that there will be maximization of the benefits of all the stakeholders of the healthcare organisation.