Memorial Hermann is a hospital system that has been facing some serious financial issues regarding its operations and meeting its vendors’ financial obligations. Mr. Jones, the chief executive officer (CEO), called a meeting of some of the administrative managers for them to share their viewpoints on how to move forward.
Write a 4-page response and include the following:
**Describe the 3 viewpoints of the health care managers on how to move forward.
**Explain why these viewpoints are important in health care financial management.
Answer the following:
**Discuss how the elements of financial management relate to the function of the health care manager.
**Examine why it is important for health care managers to understand financial principles.
**What information do income, liabilities, assets, profits tell the health care manager?
**How does the function of a health care financial manager or chief financial officer (CFO) relate to the understanding of these concepts?
**What are the current challenges affecting health care financing at Memorial Hermann?
**How should these challenges be mitigated?