labman g3 Financial Management Flashcards
a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved
Financial Management
a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved
Financial Management
is a process in which executives of an organization establish their goals and objectives as well as their vision for the future
Strategic Planning
with representatives from all areas, leads the process in an open, documented way.
Strategic Planning
often set using SMART criteria, enable leaders to measure and track progress toward the mission
The Goals
defines its purpose, direction, and goals, providing a broad yet actionable foundation
The Mission
strategic planning begins by assessing the business’s current position through tools like SWOT analysis to understand its environment and trajectory
Identify
planners set objectives aligned with the mission, focusing on the most relevant, urgent goals while considering resources, timelines, and KPIs
Prioritize
stakeholders create tactical plans that fit into the overall strategy, using tools like strategy maps and balancing costs with priorities
Develop
the strategic plan is put into action with clear communication, assigned responsibilities, and regular reviews to keep it on track
Implement
the plan is periodically reviewed and adjusted to align with changing conditions and new opportunities, using metrics for performance assessment
Update
reviewing the plan every quarter provides a convenient interval to reassess initial assumptions and evaluate progress using key metrics
Quarterly Reviews
it allows leaders to examine metrics from the past year and make necessary adjustments to the strategic plan
Annual Reviews
it focuses on competitive advantages, growth opportunities, and resource allocation to achieve goals
Business
it organizes company structure, policies, and leadership to align with strategic objectives
Corporate
It supports corporate strategy with detailed focus on departments like marketing, HR, and finance, covering policies, processes, and budgets
Functional
This helps stakeholders see how goals, like improving workflows to reduce costs, interconnect within the strategy
Strategy Map
it is the division of a business responsible for finding, recruiting, screening, and training job applicants and administering employee benefits programs
Human Resources (HR)
it is a strategic approach to managing company employees the work culture, and the work environment so that people can function as effectively and productively as possible
Human Resource Management
they provide a comprehensive approach to managing employees and an organization’s culture and environment
HRM strategies
the actual expense or expenditure incurred to acquire or produce something
Cost
a planned allocation of resources or funds for a specific purpose or project
Budgeting
cost directly related to each procedure
Direct Costs
general support costs not linked to specific tests
Indirect Costs
cost assigned to each individual test or procedure
Unit Costs
Expenses that do not fluctuate with work volume
Fixed Costs
expenses that change directly with workload
Variable Costs
costs that vary based on workload but gradually or in steps
Semi-variable costs
a formalized plan describing the use and source of financial and operating resources over a given time period
Budget
A financial tool that outlines anticipated revenue and expenses over a specified period (day-to-day) also known as Recurrent Budget or on Macro / Government level as Non-development
Operational Budget
purpose is to plan for the acquisition of land, buildings, and equipments for expansion and/or replacement
Capital Budget
a detailed statement outlining estimated project costs to support, grow and expand the project
Development Budget
a combination of all the lower-level budgets of various functional areas in an organization
Master Budget
it encompasses evaluating options, making choices, and taking actions related to financial matters
Financial Decision-Making
clear and achievable financial goals provide a roadmap for financial decision-making
Setting Financial Goals
involves estimating income and expenses over a specific period to ensure that financial resources are allocated wisely
Budgeting and Forecasting
assessing and managing risks integral to financial decision-making
Risk management
Consider various investment options (stocks, bonds, mutual funds) based on risk tolerance time horizon, and expected returns.
Investment Choices
Make informed decisions about borrowing, including types of debt (credit cards, loans) and repayment strategies.
Debt Management
Develop a comprehensive plan that includes savings, investments, insurance and retirement planning.
Financial Planning
Develop a comprehensive plan that includes savings, investments, insurance and retirement planning.
Financial Planning
Continuously monitor and adjust financial strategies based on changes in personal circumstances or market conditions.
Regular Review
it also called sales or turnover
Revenue
total income generated from the sale of goods or services
Revenue
the process by which a company markets and sells a product or service to produce income
Generation of Revenue
Revenue that is collected for performing laboratory testing.
Net Revenue
Revenue that is charged for performing laboratory testing; gross revenue is rarely the same as net revenue.
Gross Revenue
Fixed, prearranged payment received per patient enrolled in a health plan.
Capitated Revenue
payment based on patient episode; it does not vary based on services provided
Bundled Revenue
simply, “selling the right thing to the right person at the right price on the right day.”
Revenue Management
These include essential devices like imaging equipment (e.g., MRI and CT scanners), diagnostic tools, surgical instruments, and lab equipment.
Direct Sales of Medical Devices
Platforms for electronic health records (EHR), patient management, and diagnostics generate revenue through licensing and subscriptions.
Software and Digital Health Solutions
