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PubMed1997

Financial management of health system pharmacy practice.

The financial management of pharmacies and health systems is a combination of the traditional management of personnel and drug and supply costs with the management of the total costs of care. It includes determining the consequences of less than optimal drug therapy, improving drug therapy, and reengineering pharmacy departments and services across all patient care settings to deliver optimal pharmacotherapy. Prevention and reduction of adverse drug events, disease state management, and other methods to improve quality of care are of major importance. Future articles in this series on the financial management of pharmacy practice in health care systems will provide examples of applications of financial management in acute care, ambulatory care, long term care, and across sites of care. They also will include the justification of the development of new types of patient care services.

Automation↗
PubMed2003

Teaching future healthcare financial managers to use evidence.

There is a growing movement toward evidence-based management in healthcare. This movement extends to healthcare financial management. However, there are barriers to the use of evidence by healthcare financial managers. These barriers are largely the result of culture (management culture is substantially different from clinical culture) and education. If healthcare financial managers are to become better at generating and using evidence, educators must do a better job of preparing them to do so. If we provide more education regarding the goals of research and about the different types of research methods, then healthcare financial managers canbecome educated consumers of evidence. If we provide more examples of evidence that has been generated by research in our classes, and if we give the students experience in gathering evidence, we have a chance of increasing the use of evidence-based management in healthcare.

Curriculum↗
PubMed1983

Construction budget: the financial manager as part of the planning team.

The financial manager can best fulfill his role and have the most beneficial effect on a facility planning project as an active member of the planning team from the onset of the project. In addition to representing a realistic financial planning perspective to the project's development, the financial manager can, very early in the process, begin to determine and refine various costs associated with facility planning and construction. The role is a vital and active one from the first planning meeting through development, financing, construction and activation.

Budgets↗
PubMed1994

Financial management of academic clinical departments.

Based on their ten years of experience, the authors describe how they have organized and managed the financial resources in the department of medicine at the University of Maryland School of Medicine. They outline how to develop realistic budgets to best account for different sources of income and expenses and how to utilize subsidies and incentives to challenge division heads and faculty to administer their units efficiently and maximize income. The values of regular financial reports, of an annual retreat of the division heads, and of effective departmental administration to maintain financial stability and progress of are emphasized. Finally ,the authors explain why they favor a more open policy of sharing much of the department's financial information rather than restricting such data to leadership.

Academic Medical Centers↗
PubMed1979

The financial manager's role in the Voluntary Effort.

"Voluntary Effort" hopes to duplicate its first year success by further reducing the annual rate of increase of hospital costs by another two percent. The financial manager will play a key role in the achievement of this goal. Mr. Shelton views the financial manager as part of the hospital management team with the responsibility to review the operating goals and management effectiveness of the institution. The Hospital Financial Management Association has developed a Code of Action to assist the financial manager in dealing with his/her assignments and goals. Ultimately, "Voluntary Effort" is striving to establish a cost-effective health care financing and delivery system. The financial manager is encouraged to initiate in-service training programs for support staff to develop a management team capable of creating such a system. The success of the "Voluntary Effort" is dependent upon the effectiveness of hospital managers in dealing with the 1979 minimum wage and social security tax increases, cost containment and inflation. The financial manager can help by determining the financial feasibility of institutional decisions, interpreting government regulations and supplying written facts and figures to the rest of the hospital management team and community.

Administrative Personnel↗
PubMed1987

Faculty evaluations of texts used to teach pharmacy financial management.

The objectives of this survey were to determine which texts were used to teach financial management to pharmacy students, to gather instructors' evaluations of the texts, and to determine which financial management topics were most often covered in pharmacy courses. Data for the study were collected via a mail questionnaire survey sent to a selected pharmacy administration faculty member at each school of pharmacy in the United States and Puerto Rico. A 90 percent response rate was achieved. The results indicated that the most frequently used texts were Effective Pharmacy Management and Principles and Methods of Pharmacy Management. Evaluations of these texts indicated that instructors who used them were, for the most part, satisfied with them. Major points of dissatisfaction were the number and types of problems included. Pharmacy courses covered a wide range of financial management and managerial accounting topics. Bookkeeping topics were much less likely to be covered. None of the available pharmacy texts covered all topics which are usually taught in courses of pharmacy financial management.

Books↗
PubMed2004

Financial management and dental school equity, Part II: Tactics.

Financial management includes all processes that build organizations' equity through accumulating assets in strategically important areas. The tactical aspects of financial management are budget deployment and monitoring. Budget deployment is the process of making sure that costs are fairly allocated. Budget monitoring addresses issues of effective uses and outcomes of resources. This article describes contemporary deployment and monitoring mechanisms, including revenue positive and marginal analysis, present value, program phases, options logic, activity-based costing, economic value added, cost of quality, variance reconciliation, and balanced scorecards. The way financial decisions are framed affects comparative decision-making and even influences the arithmetic of accounting. Familiarity with these concepts should make it possible for dental educators to more fully participate in discussions about the relationships between budgeting and program strategy.

American Dental Association↗
PubMed1991

The effect of financial management on alcohol-related hospitalization.

OBJECTIVE: Treatment-unresponsive alcoholics in New Zealand who are unable to care for themselves tend to be hospitalized for lengthy periods of time. The author examined the effect of adding financial management to the therapeutic management of such patients. The null hypothesis was that this would have no effect on the duration of alcohol-related hospitalization. METHOD: All 61 alcoholic patients registered with an alcohol outpatient clinic who received financial management over a period of 6 years were included in the study. Their alcohol-related disabilities were so severe that they had resulted or were likely to result in lengthy or frequent periods of hospitalization. The financial management involved putting each patient's income into a checking account for which a budget advisory officer was cosignatory for withdrawals. The advisor saw to it that patients' basic living requirements were being met and that expenditure on alcohol was not having a detrimental effect. Participation was voluntary for voluntary patients and involuntary for committed patients. The durations of each patient's alcohol-related hospitalizations were compared for two equal periods of time before and after financial management was instituted. RESULTS: The null hypothesis was not supported. The duration of alcohol-related hospitalizations after financial management was instituted was 86% less than it was before such management. CONCLUSIONS: For the patient who is struggling in the face of excessive drinking to cope with the tasks of daily living, including the provision of adequate shelter and nutrition, the benefits of adding financial management to other therapeutic strategies should be considered.

Activities of Daily Living↗
PubMed1983

Financial management of hospital pharmacies.

This paper launches a 12-part series of articles on financial management of hospital pharmacies. This series is designed to help hospital pharmacists develop expertise in financial management so that they can keep pace with changing reimbursement structures and shrinking departmental budgets. The objectives, responsibilities, and capabilities of the hospital financial department will be reviewed, and the need for pharmacy directors to develop departmental financial management systems will be stressed. Methods of collecting financial information and preparing financial reports will be reviewed, as well as how those reports can be used in managing the pharmacy. Budgeting techniques will be demonstrated, methods for analyzing expenses and revenues will be illustrated, and possible cost-containment activities will be identified. Methods used by hospital administration to control costs of all departments will be reviewed.

Costs and Cost Analysis↗
PubMed1988

Ten financial management principles for survival.

Financial insolvency is the primary cause of hospital failure. Managers may analyze a hospital's financial statements to anticipate and prevent fiscal problems. Ten measures of fiscal status may be used to evaluate the following: operating profitability nonoperating income equity growth liquidity debt capacity age of facilities revenue generation replacement funds receivables survivability Based on data from the Financial Analysis Service, Catholic hospitals are doing better than other U.S. hospitals in some areas of financial preparedness. In most areas, however, all hospitals suffer by comparison with manufacturers. The 10 principles of solvent and successful operations can help hospitals improve financial resiliency.

Accounts Payable and Receivable↗
PubMed1984

Hospital pharmacy financial management: challenges of the 1980s.

This paper concludes a series on financial management of hospital pharmacies. A decade of expansion of health-care services is ending. Changes in health care are predicted by examining changes that followed deregulation of the banking industry. Pharmacists' need for training in financial management is reiterated, and the need for computerized financial reports is emphasized. Pharmacy departments should prepare for constant changes in reimbursement methods and fluctuations in workload that require flexible staffing. Marketing of pharmaceutical services and increases in productivity will be necessary. Health-care cost reductions can be achieved using the available technology, although hospital closure, restructuring, and staff reductions may occur. Pharmacist-managers need financial skills to remain competitive.

Education, Pharmacy↗