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QUESTION
Systems thinking underscores the interrelated and interdependent nature of the components of a system.
Systems thinking underscores the interrelated and interdependent nature of the components of a system. With that in mind; what is the purpose of each of the following financial statements and how do they relate to one another? (Balance Sheet, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows) In your Discussions cite reference sources.
In the detail of the Discussion comments please include information regarding:
- How would you, as a member of the leadership team and vested stakeholder, to evaluate the various Statements?
- What avenues would you select to determine if corrective actions need to occur within the organization to assure financial stability and needed improvements occur?
- What resources would you select to determine if your facility is comparative to other similar hospitals relating to fiscal operations?
- Would the review of internal historical trending data be of value in future financial strategies?
