Questions and Answers on Financial Management - Paper Example

Question 1: Good Financial Management

Based on the review of the assigned case, it is essential for the leaders to engage in the better management of the resources in their subsequent operations. As critical components of the organization, leaders need to provide the platform for the integration of the sound financial management (Ledlow & Stephens, 2018). A sound financial management tends to have positive implications for the organization, as well as all its stakeholders through enhancing effectiveness, efficiency, and appropriateness in the allocation of the resources based on the priorities. Moreover, good financial management provides the opportunity for the organization and its stakeholders to contribute to the minimization or reduction of the costs of operation arising from misappropriation of funds (Kumar, Adhish, & Deoki, 2014).

Question 2: Solutions to the Cost Concerns

One of the solutions mentioned above to the cost concerns is the integration of an effective financial management. In the course of implementing this solution, it is appropriate for the institution to focus on enlightening the relevant stakeholders on the cost concerns, as well as the need to overcome them. In selling the idea to the stakeholders, I would consider adopting a collective approach, which will focus on identification of the need and communicate the shared vision to oversee the achievement of the goals and targets. The plan will provide creative a collective environment for the stakeholders to work in pursuit of the shared vision in addressing the cost concerns (Rubino, Esparza, & Chassiakos, 2014).

Question 3: Individual and Organizational Priorities

In dealing with the situation and enhancing efficiency, it is appropriate to align the individual and corporate priorities with the needs and values of the community relative to the cost-effective actions, as well as behaviors (Rubino, Esparza, & Chassiakos, 2014). This is through the adoption of corporate culture promoting the achievement of the goals and targets while incorporating cost-effective measures and practices in the mission and vision of the firm in pursuit of quality products and services.

Question 4: Financial Factors and Cost-effective Needs

In the community-based scenario, the financial factors and cost-effective requirements need to cost on ideal preparation, provision, and auditing of the information, thus, increased attempts to facilitate the improvement of the financial reporting in the cost-effective approach (Davis, Davis, & Schmelzle, 2013).

References

Davis, D. C., Davis, S. W., & Schmelzle, G. (2013). The Impact of Various Accounting Approaches on US Healthcare Reimbursement Systems: Ethical and Managerial Implications. Journal of Management Policy and Practice, 14(4), 123-136.

Kumar, S., Adhish, V. S., & Deoki, N. (2014), Introduction to strategic management and leadership for health professionals, Indian journal of community medicine: official publication of Indian Association of Preventive & Social Medicine, 39(1), 13.

Ledlow, G. R., & Stephens, J. H. (2018), Chapter 14: Leadership: A Critical Factors for the Future Success of the Industry, in Leadership for Health Professionals: Theory, Skills, and Applications; 353-370

Rubino, L., Esparza, S., & Chassiakos, Y. R. (2014), Chapter 12: Financial Considerations for Healthcare Leaders, in New Leadership for Todays Health Care Professionals: Concepts and Cases, 251-265