Hospitality Financial Management Research Articles

Opportunities and Challenges in Hospital Financial Management Digitization Transformation: A Summary

The rapid development of information technology has created opportunities for the digitization of hospital financial management. This article examines the opportunities and challenges from the perspectives of technology, human resources, and data, and proposes implementation strategies.New technologies like big data and AI support the transformation but also present challenges such as integration and data security. In human resources, the influx of young employees and talent cultivation drive transformation, yet issues like the shortage of compound talents and integration of old and new staff persist. Improving data quality is crucial, but data fragmentation and privacy concerns need urgent attention.The article suggests strategies such as developing a clear transformation roadmap, enhancing human resource training, and improving data governance and security to guide the digitization of hospital financial management.

Strengthening Understanding of Customer Services and Practical Instructions for Hospital Financial Management

Increasing competition in the health industry at the national level makes the hospital management always tidy up in improving the quality of service to patients and improving the quality of medical infrastructure facilities according to the standard HNAC (Hospital National Accreditation Committee). Armed with the success of the value chain strategy concept training agenda at Elizabeth Semarang Hospital on May 16, 2018, I submitted the same training proposal to the Miriam Pratama Clinic, Kudus. The underlying factor is the urgency of the MIRIAM Pratama Clinic to raise the level of its business to become an C accredited hospital so that it can continue to survive and from the results of their communication with one of my relatives in Kudus who has heard me conduct training on the topic of value chain strategy at Elizabeth Hospital Semarang. So then I made a communication with the MIRIAM Pratama Clinic to get approval for the implementation of the training activities on March 18, 2019. Seeing the urgency of increasing the status of this business level, then I added aspects of financial management with the basis of considerations to raise the level of business and build a system of value chain strategies from Swayne, et.al. (2006) a large cash flow is needed. And this will be fulfilled with the right budgeting model. Finally, the activity was successfully carried out on March 18, 2019 with a very good response from participants who asked about how to regulate social and business motives in managing clinical businesses in the midst of a lack of cash flow and a budgeting model that does not have to be a month to month approach from Berger (2008). So the short answer is to raise the level of business, business motives should be a priority because improving the quality of services will require large costs and to fulfill them is not necessary with a month to month budgeting approach from Berger (2008) but can be from budget flexibility according to the clinical work calendar. In the mentoring activities on April 18, 2019 there were more positive results from the training activities on March 18, 2019 namely the more enthusiastic doctors, nurses and non-nursing staff working and more positive testimonials from key patients, mothers giving birth and their families. This has had a positive impact on status of the clinic as a C accreditation.

Net Profit Margin Forecasting with Machine Learning Methods in Hospital Finance Management

Hospital information management systems (HIMS) were managed using paper-based systems with individual efforts in the pre-computer period. Today, in parallel with technological developments, it is carried out digitally in an electronic environment. HIMS software usually includes modules such as patient follow-up-registration-appointment, clinical, medical records, radiology, laboratory, drug management, billing, reporting, and hospital management. Accounting records are processed in the finance management submodule within the hospital management module. Artificial intelligence models used in many sectors for financial estimation in hospital finance management have been found worthy of research considering the benefits of the hospital's financial management. Financial data of private hospitals traded on the stock exchange between 2009-2023 were used in the study. A total of 97 financial reports from 5 different private hospitals and 776 raw data obtained from the reports constitute the study's data set. "Net Profit Margin" has been estimated over the data set. The most reliable and closest-to-reality algorithm was determined by making five different algorithm trials in the PHYTON programming language. The most successful result was obtained with the Random Forest algorithm. It has been seen that hospitals can make this estimation using Random Forest when they want to predict financial data for future periods.

The Road Ahead and Challenges of Revenue Cycle Management in Saudi Governmental Hospitals.

Healthcare providers use revenue cycle management (RCM) to track patient billing and revenue. The revenue cycle collects data from various systems and compiles it into a single RCM system connected to payers. Effective system integration improves revenue and financial stability. The aim is to assess RCM feasibility in Saudi Arabia's governmental hospitals, examine financial management, and recommend practical implementation. In this study, healthcare leaders were interviewed face-to-face and via audio recording to collect qualitative data in response to semi-structured questions. Key informants from seven main hospitals were interviewed. Respondents understood RCM and identified internal and external challenges in hospital financial management. Government hospitals face accountability obstacles. Two of the seven surveyed hospitals operate business clinics using a fee-for-service model. The billing system is not integrated with the information system. The RCM system faces challenges such as unclear vision, lack of accountability, staff resistance, process redesign, and importance of project management. Despite these challenges, respondents still value RCM and recognize its importance in improving hospital revenue management. Effective implementation of RCM requires significant transformational processes, including vision, governance, accountability, proper training, and effective monitoring and evaluation processes. Communication should also be emphasized, and the patient's perspective must be brought into focus. Involving all stakeholders can create direct and holistic patient benefits; therefore, bringing them on board is crucial. New approaches are required to enhance healthcare in Saudi Arabia, addressing gaps in revenue optimization and RCM. Future research should evaluate the move from government-funded to self-operated hospitals, providing a better understanding of the challenges and opportunities.

Kern County Hospital Authority Accused of Overpaying for Executive Services

No abstract available. Article truncated after 150 words. Becker’s Hospital Review is reporting that the Bakersfield, CA-based Kern County Hospital Authority, is accused by the local employee union of overpaying two private firms that provide its top executives (1). The union alleges that Cantu Management Group and Meridian Healthcare Partners - both based in Bakersfield - have exceeded contractual amounts by 40 percent to 147 percent, leading to $23 million in overpayments over the past four years. Andrew Cantu of Cantu Management Group is also the CFO of Kern County Hospital Authority and its management representative for independent audits. Russell Judd served as the hospital's CEO until December 2021, and remains president and owner of Meridian Healthcare Partners. A 9-page report alleges the hospital failed to disclose management compensation accurately, to properly correct the issue when notified, and attempted to conceal the overpayments. The union claims to have repeatedly brought questions about the hospital's financial management to the …

Analysis of hospital financial management innovation model under the background of big data

In the context of today's era of big data development, hospital financial management should continue to innovate and change the original old model. Due to the increasing power of China's economic level, in a great context to change the current status quo, only through continuous development and innovation can achieve the desired goal, but for now, there are still deficiencies in financial management, we need to carry out effective measures for financial management and continuous optimization of processes, in order to ensure that the development of the hospital has a good future, for the sustainable development of the hospital to lay a good foundation.

Problems and Countermeasures Existing in Hospital Financial Management

Problems and Countermeasures Existing in Hospital Financial Management

The refined management of medical finance combined with information technology construction

AbstractBased on the information construction and taking a hospital as an example, this paper analyzes the current situation, existing problems, and reasons for financial management. This paper puts forward the scheme of optimizing hospital financial management and points out that accounting, asset management, cost management, and performance are all based on accounting. Even though with the continuous improvement and development of hospital informatization, various infrastructures have been built, the problems are more prominent. This can be solved by improving the focus on the products, and processes by reducing waste, or by increasing the quality. In hospitals, the core layer of hospital information technology is the financial management construction and development, and it is also an indispensable factor. It is better to improve the hospital's financial fine management level and promote the hospital's sustainable development. It is not enough to improve the assessment management and comprehensive budget management. It is necessary to integrate the perfect Health Information System, enterprise resource planning system, scientific research system, and structured query language database, establish a comprehensive financial management platform, and obtain data information and indicators of various economic operations in hospitals. Experiments show that the consumables sorting optimization algorithm in this paper can improve the equipment management of medical finance to some extent. In other aspects, this system also incorporates information technology to make enhancements to the original financial management.

Discussion on Innovation Path of Hospital Financial Management under the Background of Big Data

Discussion on Innovation Path of Hospital Financial Management under the Background of Big Data

Research on the Construction of Hospital Financial Management Internal Control System under the New Accounting System

Research on the Construction of Hospital Financial Management Internal Control System under the New Accounting System

Research on the Development of Hospital Intelligent Finance Based on Artificial Intelligence.

Based on the development background of the interweaving and integration of computer technology and Internet technology, China's artificial intelligence industry is quietly rising. In the social life of the information age, the artificial intelligence industry represented by machine deep learning is playing a very important role. This study in combination with the background of the new health reform, in view of the reform of the medical industry, analyzes the connotation of financial wisdom based on the important role of the hospital financial development problems, puts forward the development direction of artificial intelligence hospital financial wisdom development measures, designed to meet the changing external environment demand, reduces human costs, and improves the overall efficiency of hospital financial fund management. Based on the evaluation results, this paper proposes the correct direction for the development of hospital intelligence finance by using the BP neural network model. After the analysis, it is found that the development of artificial intelligence is an important measure to promote the development of hospital intelligent finance. In other words, hospital intelligent financial management is the product of the continuous progress of artificial intelligence technology. At the present stage, the intelligent financial management problems of hospitals are mainly as follows: (1) lack of financial informatization, (2) lack of perfect financial risk early warning system, and (3) the phenomenon of “information island” in the financial system. After analyzing the above problems, the research believes that the development of hospital intelligent finance based on artificial intelligence needs to solve the above thorny problems, so as to improve the outcome of hospital intelligent finance development. The following work should be done: (1) strengthen the design of information sharing module, (2) intelligent control of the cost of hospitals, and (3) intelligent treatment of hospital accounting. Combining the development of artificial intelligence and hospital intelligent finance theory, combined with the actual trend of financial intelligence development under the background of artificial intelligence development in the new era, it provides scientific basis for the development of hospital intelligent finance.

Enabling students critical thinking dispositions in hospitality financial management

ABSTRACT Several studies suggest that graduates lack the critical thinking skills required for problem-solving and effective financial decision-making in the hospitality industry. Since higher education may not be able to meet all the demands and needs of the hospitality industry; such institutions struggle to provide students with the necessary critical thinking skills. Authentic assessment is one possible strategy, which is recognized, to develop critical thinking skills amongst hospitality graduates. Hence, the purpose of this research is to explore to what extent authentic assessment enables critical thinking skills amongst first-year students in hospitality financial management. This article employed a qualitative case study research design within an interpretative lens. Twenty-four, first-year, hospitality financial management students, were purposively engaged in online reflections and semi-structured interviews. The findings of the study presented three themes that resonate with the critical thinking frameworks.

The Optimization of Hospital Financial Management Based on Cloud Technology and Wireless Network Technology in the Context of Artificial Intelligence

In the reign of Internet technology, cloud technology has emerged as one of the powerful tools in computing with many advantages in the bag. Cloud technology is defined as online access to all types of computing applications. The applications range from access to data, servers, software, databases to storage and retrieval of data. The data can be accessed from anywhere, anytime. The user does not need to own the hardware in this case. Clouds have multiple data centers located at various places. On-demand data service is the best part of cloud technology. This technology is made use in many industries. In this research, we will study how cloud technology and wireless networking technology are applied to optimize hospital financial management. The healthcare industry faces various challenges in financial management such as budgeting, growth planning, and cost-effectiveness. Considering this scenario, it is evident that there is a solid need to optimize its financial management. The cloud computing technology driven by artificial intelligence (AI) is deployed in carrying out repetitive tasks and automation, resulting in increased productivity. In this research, the proposed system uses wireless networking systems and cloud technology to optimize hospital financial management. The model works with the implementation of a hybrid of fuzzy neural networks. The proposed model is analyzed with the existing fuzzy logic and neural network models, and it is found that the proposed model has obtained an accuracy of 97.56% with minimum resources for successful financial management at hospitals.

Discussion on Hospital Financial Management and Accounting

Discussion on Hospital Financial Management and Accounting

Ways to Strengthen and Improve Hospital Financial Management under the New Situation

Ways to Strengthen and Improve Hospital Financial Management under the New Situation

The Relationship between Gender and the Collaborative Learning Experience of University of Technology Students

Diversity influences students’ learning experience and their ability to learn. Gender is one of the characteristics of student diversity that could affect students’ attitudes. The purpose of this study was to determine whether differences manifest in men and women students’ experience of collaborative learning. An existing questionnaire was used to collect data from 186 Hospitality Financial Management 1 students (2016) who participated in collaborative learning classes. Data were analysed using the chi-squared test for independence to determine the relationship between gender and the components of collaborative learning. The results indicated that the majority of men and women students were satisfied with the collaborative learning experience. There was a statistically significant difference between men and women students on the statements “Collaborative learning activities made an important contribution to my learning” and “It is easy to organise and distribute tasks and responsibilities among collaborative learning members.” Significantly more women students (17.65%) disagreed that it had contributed to their learning than men students (4.29%). The findings can be interpreted as meaning that although there were differences in how men students experienced collaborative learning compared with women students, these differences were limited and the general tendency between these groups were similar.

Impacts of COVID-19 on the U.S. restaurant industry from the global perspective

The current study explores the impact of COVID-19 on the U.S. restaurant industry in terms of its stock performance, and further incorporates a global perspective into this examination by testing both the main and moderating effects of non-U.S. COVID-19 and also the moderating effect of the internationalization strategy of the U.S. restaurant industry. Findings of this study confirm that U.S. COVID-19 had a negative influence on U.S. restaurant firms’ stock returns while non-U.S. COVID-19 had a positive impact. Further, the non-U.S. COVID-19 had a positive moderating effect on the relationship between U.S. COVID-19 and restaurant firms’ stock returns. Unexpectedly, the study finds that U.S. restaurant firms’ internationalization strategy does not moderate the negative impact of U.S. COVID-19 on restaurants’ stock performance. Practical implications and suggestions for future research are also discussed. © 2021 International Association of Hospitality Financial Management Education.

Analysis of Hospital Financial Management and Accounting

Analysis of Hospital Financial Management and Accounting

Working Capital Management in Hospitals: Evidence from Poland

Purpose: Working capital management is one of the essential elements of financial management. In this paper, we focus on the essence of working capital management in hospitals. The research aims at the analysis of the working capital management in hospitals based on CCC. We also investigate how hospitals finance working capital changes. Design/Methodology/Approach: The research hypotheses are confirmed based on financial data from 77 non-profit hospitals in the period 2015-2018 (with the year 2014 as the basis to calculate the growth). We build panel regression models, using several dependent, explanatory and control variables. Findings: Our results explain the way non-profit hospitals manage their working capital. This process is quite different, compared to commercial (production and service) companies. We show that higher profitability correlates with a longer cash conversion cycle and that operating activities are financing by profit. The observation that the capital structure is irrelevant for the cash conversion cycle strongly supports this conclusion. Practical Implications: This research is fundamental for hospital's managers and other stakeholders. Originality/value: Although research on hospital financial management is relatively numerous, the authors rarely undertake the problem of working capital management. Our study is one of the few in this area.

Domestic tourism in poland: State, development, and prospects before and during the covid-19 pandemic

The aim of the study was to show tourist movement in Poland and its importance in the tourism and national economy. The analysis of the results confirms a several-year trend of further increases in the number of arrivals for both foreigners and foreign tourists. In parallel to the positive trend in terms of the number of trips, unfortunately a decreasing trend is observed in the level of average spending of tourists and one-day visitors. Therefore, total revenue from inbound foreign tourism in 2019 (calculated in PLN) increased by 2.9% compared to its level from the previous year. Tourism, including foreign tourism arrivals, affects economic development, mainly due to the multiplier effect. The huge problem for the Polish tourism sector was the COVID-19 pandemic in 2020. The aim of the article is to illustrate the impact of the pandemic on the tourism sector in Poland, especially domestic travels, and to provide information on which types of tourism were more resistant to the COVID-19 pandemic situation. © 2021 International Association of Hospitality Financial Management Education.