I am in need of help with an assignment due by 1100pm CST today. Must be in APA format times new Roman with 12pt font. Must have scholarly references page and using NIH, CDC, etc. Book Review Criter

Book Review

Angela Tovar

University of Texas at Arlington

Introduction

A book review involves literary criticism where a book is analyzed based on its style, merit, and content. In this paper, a book will be reviewed in a systematic procedure. This book review will be divided into three parts. The first part will be looking at the book itself in terms of content, style, merit, and reasons as to why it was chosen for review. The second part will focus on the topics of interest from the book. These are the topics that made the great impression on me from the whole book. The third part will address the corroboration or contradiction. Specifically, this part will be on point of views from other authors regarding the book topics. The final part will look at the practical application of the book. This is where the information acquired from the book will be applied in a real-life situation.

Part I: The Book

The book that I am going to review is “Essentials of Healthcare Finance (8th ed)” by Cleverley, W.O. & Cleverley, J.O. This book was published in the year 2018 by MA: Jones and Barnett Learning in Burlington. From the title itself, the book looks at the pivotal role played by effective financing and financial management in healthcare.

There are a number of reasons as to why I chose to review this book. First and foremost is that there has been heated debate on healthcare finances. This book provides a comprehensive understanding of all the financial matters in the healthcare. Additionally, the book looks at the various financial challenges in healthcare and their solutions. The healthcare sectors have been experiencing various financial challenges of late. The “Essentials of Healthcare Finance (8th ed)” provides a detailed analysis of every issue facing healthcare and the solutions. AS an aspiring healthcare practitioner, the book provides the guidelines for adhering to all industrial financial standards.

Part II: Topics of Interest

There are a number of topics that greatly influenced me in this book. Topic 9 which is “Financial Statements” has enabled me to comprehend the basic reports that make up the financial statements. The knowledge of financial statement is like the first step in initiation into the accounting world (Cleverley, & Cleverley, 2018). It is from this chapter that I have understood what a balance sheet is and how it is prepared. The chapter has also enabled me to comprehend the procedure of preparing an income statement, statement of cash flows, and the retained earnings. Many people don’t understand that there is a different approach to preparing financial statements for not-for-profit healthcare organizations and other organizations. Well, this chapter has enabled me to gain the knowledge on preparing financial statements for different organizations in terms of their industries. This chapter has also enabled me to understand the procedure of making decisions in healthcare.

The second topic that impacted me greatly is chapter 13, which is “Strategic Financial Planning”. This chapter addresses how businesses can manage their finances to ensure that the set goals and objectives are achieved. Strategic Financial Planning contemplates each piece of the organizational operations and the entwined influence held by each on the total financial position of the organization (Cleverley, & Cleverley, 2018). This topic has enabled me to learn the main activities that occur in the financial strategic planning of an organization. Strategic Financial Planning enables a business to identify and manage risks, allocate resources efficiently, budget formulations, marketing strategies, planning on tax and succession, among other vital firm operations and activities.

Part III: Corroboration/Contradiction

In his book journal article entitled “Strategic Management Thinking and Practice in the Public Sector: A Strategic Planning for All Seasons?” Johnsen looks at the reasons as to why strategic plans can fail (Johnsen, 2017). Cleverley, & Cleverley did not look at the reasons as to why strategic plans can fail and what should be done to prevent this. Cleverley, & Cleverley only states the importance of strategic plans and how they are made in healthcare. The authors don’t look at why strategic plans fail in the same sector. Moreover, they are only limited to healthcare which is not the case with Johnsen. Johnsen provides tips on monitoring strategic decisions and the ways to guarantee their optimum success. I believe Cleverley, & Cleverley could do more on strategic plans.

In his book entitled “Understanding company financial statements” Parker looks at the various financial statements just as the case with the “Essentials of Healthcare Finance (8th ed)”. Parker actually states that there exist four fundamental financial statements (Parker, 2007). As mentioned earlier, Cleverley, & Cleverley also looked at the four basic financial statements in the healthcare. Parker is not specific in his definition of financial statements. What Parker has done is that he explained all the financial statements and how they are prepared in various industries. Parker states that the financial statements for healthcare organizations and those for other industries vary greatly. This is especially for not-for-profit healthcare organizations. The information from Parker’s on the financial statements o healthcare organizations relates greatly to what is found in “Essentials of Healthcare Finance (8th ed)”.

Part IV: Practice Application

By reading the “Essentials of Healthcare Finance (8th ed)”, I have acquired the vital knowledge and skills that are required for effective performance as a healthcare practitioner. The book has enabled me to understand how Medicare and Medicaid work and how the government finances such programs. I believe the knowledge and skills acquired from this reading will enable to become a better caregiver. I will accurately calculate the Medicare scheduling fees.

Understanding the financial system in the healthcare is detrimental in acquiring the necessary finances to run a personal hospital. I am planning to start my own hospital in future and with the knowledge of financial statements, I will avoid possible penalties with the government or its agencies. I will ensure that all the standards are followed to the letter my hospital and place of work.

Conclusion

In my one view, the “Essentials of Healthcare Finance (8th ed),” has thoroughly looked at the concept of financing in healthcare. The book is well-researched and I would recommend to anyone wishing to understand financing in healthcare. Despite its few limitations, the book is still relevant and its validity is high.

References;

Cleverley, W.O. & Cleverley, J.O. (2018). Essentials of Healthcare Finance (8th ed). Burlington, MA: Jones & Bartlett Learning, LLC ISBN: 9781284094633

Johnsen, Å. (2015). Strategic Management Thinking and Practice in the Public Sector: A Strategic Planning for All Seasons?. Financial Accountability & Management, 31(3), 243-268. doi: 10.1111/faam.12056

Parker, R. (2007). Understanding company financial statements. London: Penguin.