kiran financil management
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School
Conestoga College *
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Course
0040
Subject
Health Science
Date
Dec 6, 2023
Type
docx
Pages
3
Uploaded by DukeAtomQuetzal29
Why are healthcare organizations across Canada experiencing the same challenges:
escalating costs, a shortage of health care professionals, and an increasingly complex and
aging population, regardless of size?
The average population growth rate in Canada was 1.2%. One of the causes is that front-
line employees frequently suffer consequences for reporting wrongdoing. According to some, it
is in crisis even collapsing due to a lack of personnel who have either burned out, been sick
themselves, quit, or retired early, or because there are just too few workers who have the
necessary education and training
.
https://www.cdhowe.org/public-policy-research/troubles-canadas-health-workforce-why-where-
and-way-out-shortages
What are the key financial practices that should be used to decide how to understand and
address these challenges?
In order to rebuild Canada's health care workforce in a proactive and sustainable manner,
the following initiatives are being considered: expanding team-based care to give more
Canadians timely access to family doctors and other primary care providers; developing a
national health human resource strategy; enhancing workforce data collection across health
systems to track ongoing gaps and progress; investing in new infrastructure for training and
education to increase the supply of physicians, nurses, and nurse practitioners; and introducing
pan-Canadian licensure to make physicians more mobile. These initiatives could potentially
relieve pressure on rural and remote communities and allow for more agile crisis response,
among other advantages.
https://www.cma.ca/news/canadas-health-care-crisis-what-we-need-now
What are examples of financial management practices that Canadian healthcare
organizations have implemented to try to address these challenges, and what has their
impact been
Global Budgets and Activity Based Funding are the two most popular methods of
financing healthcare in Canada.
A fixed payment amount known as a "global budget" is given to a provider (such a
hospital or health authority) to cover operating costs for a predetermined amount of time, usually
a year.
Under the principle of activity-based funding (ABF), healthcare providers receive money
contingent on the volume and kind of services they offer as well as the complexity of the patient
population they attend to.
Categories:
Case Mix:
The hospital activity and its outputs are defined by the usage of a case-mix system.
Payment amount:
Prior to the funding period, a payment amount is decided upon for every
case-mix group.
Payment by patient:
For each patient they serve, providers receive a predetermined amount of
money.
https://conestoga.desire2learn.com/d2l/le/content/874181/viewContent/18841226/View
What would be your final recommendation to your Chief Executive Officer on how to
combat these challenges and maintain high-quality services for patients
My suggestion is to adopt a strategic approach that integrates financial stability, operational
effectiveness, and creativity. We will provide the groundwork for long-term financial stability by
starting a thorough assessment of our present financial structure and implementing strict cost
control and spending optimization. Risques associated with over-reliance on specific sources can
be reduced by diversifying revenue streams through strategic alliances and service expansions.
We will be better able to make decisions if we simultaneously use cutting edge technologies for
operational monitoring and data analytics. Building an environment of cooperation inside the
company is essential to successful execution.
What can your management team do to support you in your development and
implementation of recommended financial management practices?
It is imperative that the team cultivate an environment of candid communication and
cooperation. A unified and knowledgeable attitude can be ensured by holding regular meetings
and workshops on financial literacy to improve the team's comprehension of the suggested
practices. To ensure a comprehensive knowledge and execution of the strategies, cross-functional
cooperation between departments like marketing, operations, and finance is essential.
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