Financial Management in Health Care
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On successful completion of the subject you should be able to:
- develop leadership strategies in order to develop financial management skills in the workplace, through application of applied learning to discussion topics, activities and assignments
- explain how political, corporate and clinical complexities impact on financial management
- use sound financial knowledge to be able to develop projects and analyses outcomes and long term sustainability
- demonstrate an understanding of the principles of budgeting, financial reports and cost benefit analysis
- apply contemporary financial management principles to decision making
- explain the impact of poor quality health provision on financial systems and budgets.
- A week-by-week guide to the topics you will explore in this subject will be provided in your study materials.
Enrolment in a Graduate degree.
No additional requirements
This subject is designed to foster knowledge and understanding of concepts, principles and practices of health care funding and how this translates to financial management in a range of health care settings. Students will develop an understanding of effective and practical approaches to financial management and how this is linked to organisational strategy and sustainability. The subject explores financial management in healthcare at the strategic funding level, the organisational level and at the manager level.
Please Note: All students studying at Murdoch University will need to complete the compulsory unit, Murdoch Academic Passport (MAP100), which only takes 2-3 hours to complete online. Find out more: http://goto.murdoch.edu.au/MurdochAcademicPassport.
Assessment in this subject is used to provide opportunity for students to demonstrate knowledge and understanding, analysis and evaluation skills, critical reflection and application of theoretical concepts to practice. Additionally, these assessments allow students to further develop their academic and professional communication skills. Detailed written feedback is provided on the essay, discussions and project proposal to facilitate learning and achievement of subject learning outcomes. ONLINE DISCUSSION FORUM: Students are expected to each lead one discussion from the list of discussion topics. Leaders will be assigned for each discussion topic or students can nominate if they have an interest in a particular topic. At the end of the discussion period the leader will summarise the discussion. Quality of contribution from students is also assessed. ESSAY: Discuss whether an increased spending on Gross Domestic Product (GDP) in health equates to an increase in the quality of health outcomes. You should examine but not be limited to; • the increase in proportion of GDP spent on health in Australia over the past 10 years; • evidence as to whether health outcomes are improving or not and why; • If there are better/worse access and equity issues. Your response should consider and compare Australian outcomes with other countries and explore options for improving quality patient outcomes with allocation of funds. Word count 1000 words (excluding cover page and references). BUSINESS PROPOSAL: Develop a business proposal, which aims to improve service outcomes. Your proposal should include; • an argument to convince your CEO as to why the project is necessary, utilising financial markers • all financial implications associated with implementing and sustaining the program. • the financial and clinical KPIs that will be used for evaluation. • Alternative solutions and the argument as to why your solution is financially beneficial. Your assignment should include at least 5 evidence based references and 5 additional journal articles which are not from the Subject Guide and which should be current (within the last 5 years). Word Count 2500 words (excluding cover page and text references).
- Online Discussion Forum (35%)
- Essay (25%)
- Professional Plan/Business Proposal (40%)
Current study term: 27 Feb 22 to 25 Jun 22
Financial Management for Nurse Managers and Executives, 5th ed.
Jones, C. B., et al.
Australian Health Care System, 5th ed.
Duckett, S. and Willcox. S.
Health Care and Public Policy: An Australian Analysis, 5th ed.
Palmer, G. R., and Short, Stephanie D.
Financial Management for Nurse Managers: Merging the Heart with the Dollar, 4th ed.
Leger, J. M., and Dunham-Taylor, J.