A clear understanding a finance management (within any organization) is a key component to success. However, understanding the specific components of finance management can be complex. Therefore, it is essential that organizations clarify the specific components that lead to financial success. There are four main statements found within finance management. The balance sheet describes a specific period. Balance sheets highlight an organization’s assets, liabilities, and equity. A statement of operation reflects an organization’s revenue and expenses. The statement of changes in net assets is also an important aspect of finance management. “The statement of changes in net assets lists how equity changed during the period, and the statement of cash flows describes how cash was generated and used” (Cleverly, Song, & Cleverly, 2011, p. 198). Lastly, the note of financial structure describes (in detail) an organization’s structure, current practices, and financial standing. Defining each of these components is an essential aspect of organizational success. Otherwise, organizations will struggle defining where the facility stands financially.
Gloede, T. D., Pulm, J., Hammer, A., Ommen, O., Kowalski, C., Grob, S. E., & Pfaff, H. (2013). Interorganizational relationships and hospital financial performance: A resource-based perspective. Service Industries Journal, 33(13/14), 1260-1274.
Briefly summarize above article and how it relates to Healthcare, Provide examples.
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