Financial Performance Management Is Vital to a Healthcare Organization's Success

question 12

Multiple Choice

Financial performance management is vital to a healthcare organization's success. What does financial performance management involve?

• A) Best practices that have been successfully implemented by one unit or an entire department.
• B) Identification of each business unit's underperforming departments to allow for adequate maintenance.
• C) Strategic and operational elements that allow healthcare leaders to develop, invest in, and implement a sustainable business model.
• D) Percentage of the organization's budget allotted for labor, which includes employee salaries, insurance and holiday pay.

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Definitions:

Firefighters

Trained professionals responsible for extinguishing fires, rescuing individuals, and protecting public safety during emergencies.

Open Shop

A workplace where membership in a union is not a requirement for employees to be hired or maintain their positions.

Nonunion Members

Individuals who are employed in a workplace represented by a labor union but choose not to join or associate with the union.

Union

An organization formed by workers in various sectors to negotiate with their employers for better wages, working conditions, and benefits.