Purchase Solution

Financial Management &Information Systems in Healthcare

Not what you're looking for?

Ask Custom Question

Discuss the connection, if you perceive one, between financial management and information systems (including electronic data exchange). What efficiencies do you see? Impediments?

Purchase this Solution
Solution Summary

This solution discusses the connection between financial management and information systems in managed health care, including electronic data exchange. It discusses efficiencies and impediments. APA formatted references are included.

Solution Preview

Financial management and information systems have a connection in many ways: to accurately measure financials it is important to know exactly where an organization stands and information systems allow timely, accurate movement of data. Information systems can give accurate indications of payables/receivables, sales, and margins. Electronic data exchange allows trading partners to interact without human intervention, ensuring that documentation is in place as needed, to improve financial management. Time delays are greatly reduced, not only as a result of less human interaction, but also there is no delay due to mail or fax delay. Timing uncertainty is for the most part eliminated, which allows organizations to better-forecast cash flows. Information systems provide a more system-based approach to managing financial information and its' components.

Electronic transfer of information allows information to be standardized more efficiently, thus fine-tuning operations. Suppliers can decide on specifications including format of information and timing. Use of EDI can reduce human interaction and possible errors, again, allowing for lower costs and better information which can help to provide financial management more accurate information. EDI systems are more accurate "because there are fewer points ...

Solution provided by:
Sally Baldwin, Ed.D
Education
  • BA, University of Southern California
  • MSS, United States Sports Academy
  • Ed.D, Boise State University
Recent Feedback
  • "Thk u"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Operations Management

This quiz tests a student's knowledge about Operations Management

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

View More Free Quizzes
Related BrainMass Solutions

  • Benefits of joining a Healthcare Management Association

    Healthcare Information & Management Systems Society: The goal of this IT related organization is to improve the healthcare through proper utilization of information systems.

  • Health Services Organizations and Management

    Strategic information systems must be organized by the business plans of the healthcare organization. The systems of information technology in healthcare organizations involve major change in the way business is done.

  • Healthcare Reform and Information Systems

    The third initiative is providing organizations with information on financial assistance that is mandatory for implementing these health information systems.

  • AIS needs for accounting information systems

    A typical healthcare organization runs dozens of disconnected systems: everything from clinical solutions to records applications, financial management tools, and much more.

  • management phases

    The research journals analyzed in this summary provide insight on how it is necessary for financial managers and information systems within hospitals to be able to initiate important data and reports throughout the continuum of care for efficient management

  • The Outsourcing of Healthcare

    legal costs and professional reputations; and the rising need for and dependency on up-to-date clinical information systems for scheduling, patient care management, information sharing, billing, and total financial management.

  • Capstone Strategic Management for Healthcare

    to provide the most effective training and secure information technology systems that will assist in securing patient information both within the healthcare organization and when patient information is dispersed to other healthcare providers within the

  • Health Management Information Systems Defined

    Health management information systems also utilize information technology in order to be able to acquire, analyze, and process, important healthcare related information as well.

  • Technology used in Healthcare Industry (Hospitals)

    291508 Technology used in Healthcare Industry (Hospitals) Information Technology observed in a healthcare organization. Described hardware, software, databases, networks used. Recommend improvements existing system (assumed information).

View More Related Solutions