Enhancing Financial Performance: Cost Management Strategies in Healthcare Organizations

9 Pages Posted: 13 Jun 2024

See all articles by Maria Vina Ong

Maria Vina Ong

World Citi Colleges - Quezon City - Graduate School Department

Florinda Vigonte

World Citi Colleges - Quezon City - Graduate School Department

Date Written: June 08, 2024

Abstract

This study explores cost management strategies in healthcare organizations, aiming to enhance financial performance and operational efficiency. Utilizing a systematic literature review methodology, this research investigates current practices, challenges, and innovations in cost management within the healthcare industry. Results highlight the importance of strategic cost analysis, process improvement initiatives, utilization management, technology integration, collaborative partnerships, and employee engagement in achieving financial sustainability. Case studies demonstrate successful cost management initiatives, providing insights for implementing effective strategies. The synthesis of findings underscores the critical role of cost management in optimizing financial performance while ensuring quality patient care.

Keywords: Cost containment, cost-efficient strategies, cost management strategies financial performance, economic considerations, economic pressures, financial analysis financial management, healthcare costs, healthcare economics, healthcare finance, healthcare industry, healthcare management, healthcare organizations, healthcare providers, high-quality care, optimize financial performance, patient care, reimbursement systems, resource management

Suggested Citation

Ong, Maria Vina and Vigonte, Florinda, Enhancing Financial Performance: Cost Management Strategies in Healthcare Organizations (June 08, 2024). Available at SSRN: https://ssrn.com/abstract=4862408 or http://dx.doi.org/10.2139/ssrn.4862408

Maria Vina Ong (Contact Author)

World Citi Colleges - Quezon City - Graduate School Department ( email )

Florinda Vigonte

World Citi Colleges - Quezon City - Graduate School Department ( email )

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