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Roles and Functions of a Finance Manager

Health care services are closely intertwined with business management. Each aspect of nursing responsibilities and management of daily operation should be supported by financial issues to ensure that the hospital is run effectively (Ward, n. d.). Though financial duties and responsibilities are imposed on the Chief Financial Officer, each nurse professional is in charge of expenses, supplies, and budgeting. Each item used in the Ambulatory Center is carefully monitored to keep track of the costs and reimburse the losses it can experience. The financial department also takes care of the time, especially if the depreciation period is due because overdue products and equipment constitute a serious threat to the quality and safety of health care delivery. In general, it should be stressed that all revenues, operations, and expenses should be under strict control (Finkler et al., 2007, p. 54). Information exchange within the organization is also indispensable to enhancing the overall monitoring of financial recourses.

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Observed Activities

In the course of the interview with the Chief Financial Officer, I have discovered a number of useful strategies and tools for enhancing control of financial records. The interview has provided me with valuable experience in handling difficult issues and coping with sophisticated financial problems. The Chief Financial Officer placed a specific emphasis on the analysis of rules, principles, and regulations ensuring successful operation and exchange of resources and information (Brennan et al., 2008). The manager of the financial department was also aware of the importance of introducing constant monitoring of documentation, including financial statements and balance sheets. Aside from practical issues, financial management also deals with researching, analyzing, and employment. In the course of the interview, I found that these three elements were important for regulating financial and budgeting issues. For instance, the question of supply and demand matters much when it comes to the cost-effectiveness of the product.

Despite the establishment of strict control and effective management, financial managers should always be ready to change those rules for the purpose of solving emerging problems and introducing viable solutions. In this respect, the introduction of technology contributes greatly to the organization’s rapid restructuring in accordance with the newly developed functions and costs (Clarke, 2006). Specifically, “…finance and nursing must work together to find ways to improve efficiency – and maintain quality – with technology, process change, staff education, and other improvements” (Clarke, 2006, p. 52). Indeed, the interview proved that effective change management and constant introduction of new technology and innovative approaches are important conditions for normal functioning.

The final part of the interview was focused on the analysis of future perspectives with regard to the present situation. The interviewee realized that the past problems and present situation significantly influenced the future changes imposed on the hospital’s operation and management.

Summary

On whole, the interview has been quite fruitful because a great number of theoretical approaches and practical experience have been revealed while investigating the sphere of financial management. At this point, the interview has provided me with insights for future development with regard to existing problems in the sphere of insurance and financial management. In addition, greater importance should be attained to the constant development of technologies and the introduction of effective strategies contributing to change management. Finally, the overall assessment of financial management provides the necessity to introduce techniques for enhancing the competence and experience of the nursing staff.

References

Brennan, T., Hinson, N., & Taylor, M. (2008). Nursing and finance: making the connection. Healthcare Financial Management: Journal of the Healthcare Financial Management Association, 62(1), 90-94.

Clarke, R. L. (2006). Finance and nursing the business of caring. Hfm (Healthcare Financial Management), 60(1), 50-56.

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Finkler, S. A., Kovner, C. T., & Jones, C. B. (2007). Financial Management for Nurse Managers and Executives. US: Elsevier Health Sciences.

Ward, W. (n. d.). Foundational Economic and Accounting Concepts. Walden University.

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StudyCorgi. (2022, May 26). Roles and Functions of a Finance Manager. Retrieved from https://studycorgi.com/roles-and-functions-of-a-finance-manager/

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