Abstract
Effect of Financial Capability on Customer Relationship Management in Private Hospitals in Kenya
Highlights
Financial capabilities refers to combination of the human attitude, knowledge, understanding, motivation, confidence and skills that result in an organization having operational, managerial and financial stability in order to fulfil its purpose and deliver its results in line with its strategic objectives (Adeyemi, 2011)
Good governance is critical in an organization because it enables flexible adjustments to the emerging spending patterns as strategic demands arise Keywords: Financial Capabilities, Customer Relationship Management,Private Hospitals
This study aimed to investigate the factors driving the adoption of financial capabilities in private hospitals in Kenya, by examining those that hospitals should prioritize when adopting customer relationship management to improve management of patient relationship in health care system, and in private hospitals in Kenya
Summary
Financial capabilities refers to combination of the human attitude, knowledge, understanding, motivation, confidence and skills that result in an organization having operational, managerial and financial stability in order to fulfil its purpose and deliver its results in line with its strategic objectives (Adeyemi, 2011). Financial capability has four distinct aspects: planning ahead, managing money, making choices and getting help through external or internal help. Financial capability of the firm is critical in implementation of the firms’ strategies. Achieving desired financial outcomes requires the firm to accurately balance its expenditure and within the limitations of its income stream. Financial operational management in conjunction with effective governance is critical and enables precision in financial forecast and monitoring of the financial emerging issues. Financial budgets and plans of an organization should be flexible enough to enable adjustments to the emerging spending patterns as strategic demands arise
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