Health Care Financial Management (HFM)
Healthcare Financial Management (HFM) is the process of planning, organizing, and controlling the financial resources of a healthcare organization. This includes budgeting, accounting, and financial analysis. HFM is essential to ensuring that a healthcare organization runs effectively and efficiently.
A key part of HFM is budgeting. A healthcare organization’s budget outlines how much money it expects to earn and spend over a certain period of time. It is important to create a realistic budget that takes into account the organization’s needs and resources.
Accounting is another important aspect of HFM. Healthcare organizations must track their expenses and revenue in order to make sure they are staying financially healthy. Financial analysts also use accounting data to make informed decisions about the future of a healthcare organization.