Why do you think it is important for health care managers know how to make proper investment decisions? Share an example to support your answer.
Respond to following 2 replies:
Lakevia Post:
As a manager mainly all decisions are of importance. Making a good investment is good for business. Whether it be for financial success or for the organization in a whole.
In healthcare there is always new advancements for an ever growing business. So investing in something that is beneficial to the company is great decision making. Investments dont always effect financially but patients as well. Its always important to research and plan when looking to invest.
Investments are not always financial or dealing with stocks. For example, say there is a new drug or vaccine that is in the works. As a manager who has researched you know this could be something useful to your patients. So you invest in the development of this drug because it could potentially be a great source for your patients.
As our instructor stated, I do agree that these decisions should not just be left up to one person. It should have a dedicated group of persons to make these important decisions. Because all decisions should be of importance.
Class,
When we are doing our planning, we need to consider many things. I have had quality training that asked “Who is your customer?”. What do we do? Really do? Health care is so general, Do we have a niche, an area of specialty and are we paying attention to that. Does it align to our mission, vision, values? We need to know who our customers and consumers are going to be, especially if we are looking at improvements, remodeling or other investments. The cost of a bed (empty is lost revenues) is thousands of dollars and if you have a number of those, the cost can add up. Do you need the bed, what are the benefits and what is new about it? Can you save money by buying in bulk or volume? Can you save money in injury for patients or staff? Can you save on insurance or litigation issues? All of these and more are the questions you should be asking. Does our plan align with our mission, vision and values?
Is this a good time to do a SWOT analysis? What is a SWOT analysis and what does it show us? Thanks for sharing.
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