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Managing financial resources in healthcare settings 

Managing financial resources in healthcare settings
Chapter:
Managing financial resources in healthcare settings
Author(s):

Amit Malik

, Clive Field

, and Philip Gorwood

DOI:
10.1093/med/9780198723646.003.0005
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date: 30 November 2021

This chapter outlines financial objectives of an organization and discusses the significance of senior psychiatrists (both managers and non-managers) understanding their role in enhancing the financial health of their healthcare services. The financial roles of healthcare managers and their interface with accountants are explored. There are two aspects of financial health—costs and revenue—that are reviewed in greater detail in the chapter. As practicing psychiatrists can significantly influence the cost side of the equation, various costs incurred in running mental health services are outlined. Additionally, the variety of ways in which service efficiency can be enhanced, and thus costs reduced, are enumerated in detail here as well. The chapter then goes on to discuss the potential for psychiatrists to enhance revenue for their organizations and suggests some ways in which this can be done. Finally, the business considerations for setting up a new service are summarized.

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