Finance department is typically responsible for day-to-day financial operations of the institutions and the primary responsibility of creating, reviewing, and reporting monetary statements for one department or the entire organization.
Finance department conduct data analysis to advise the facility’s senior management staff on effective strategies to improve revenue. They oversee the financial details for clinical procedures, contract reviews, including insurance reimbursement, and ensure that legal reporting standards are followed.
Finance department seek to control risk by estimating the probability of loss and analyzing market trends to set patient treatment Cost accordingly. The department also supervises a team of budgeting, compensation evaluation, budget analysts, accountants, auditors, and payroll clerks to delve into the organization’s finances.
Finance department also develop long- and short-term objectives to carry an organization through each accounting cycle in alignment with established policies and strategic plans.