Health Financial Management

Running Head: Health Financial Management
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Project Report: Health Financial Management

Health Financial Management
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Contents
Executive summary..........................................................................................................3
Outline..............................................................................................................................3
Background.......................................................................................................................3
The proposal.....................................................................................................................4
Aims..............................................................................................................................4
Benefits.........................................................................................................................5
Risks.................................................................................................................................6
Process..............................................................................................................................8
Resources..........................................................................................................................8
Reporting of outcome.......................................................................................................9
Financial information........................................................................................................9
References.......................................................................................................................11
Attachment 1...................................................................................................................12
Attachment 2...................................................................................................................13

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Executive summary:
The paper focuses over a business plan. This business plan explains about a pathology
lab which will be started in the hospital only. Commencement of a new business of
“pathology lab” in hospital premises would reduce the additional expenses of the lab as well
as it would help the hospital to improve the overall profit position of the Hospital. The
laboratory services would offer various services to local residents in Nepean Blue Mountains
Local Health District area. Pathology lab’s main aim is to ensure the patient to get high
quality services and resolve all the issues in no time. It also focuses to improve the
profitability level of the hospital at better level. The products and the services offered by the
lab must be in such a way that patient’s issue could be resolved and they don’t have to go
other place to resolve the issues. It would improve the overall footfall in the hospital.
Outline:
The report mainly depicts about all the financial and non financial aspects of the new
business plan. Mainly, the associated cost with the new business, revenue generated from the
business, various expenses and licensing and permitting for pathology lab has been studied.
The pathology lab would be commenced in such a way that the solution of all king of chronic
disease could be resolved to the local residents of area. Risk associated with the various
stakeholders, legal aspects and the financial changes in the business plan has been studied in
the report.
Background:
Pathology lab’s success depends on the total number of patient of the hospital. The
study explains that there is large number of patients and hence, the scope and the number of
patients for pathology lab are higher. The feasibility study also explains that there is no
pathology lab nearby and it becomes tough for the patient to go far for lab testing and
cheeking the reports. Pathology lab in hospital itself would reduce the patient’s time as well
as it would assist the hospital to improve the overall profitability level in NEPEAN BLUE
MOUNTAINS LOCAL HEALTH market.
The population feasibility test explains that in near future the demand of the
pathology lab would be improved as the population growth rate is higher. Along with that, it
has been studied that disease rate is increasing heavily in the market and hence, the demand

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of pathology lab would also be higher (Schäferhoff et al, 2015). It is required for the hospital
to set p an advanced pathology lab in order to offer the advanced services to the patient. The
study explains that there is no advanced pathology lab nearby and hence, the commencement
of this lab would help the hospital to meet the target. The hospital management has tools that
it is an need of hour for the hospital to commence a pathology lab inside which would not
only help the patient of the company to get all the services from one place but it would also
help the hospital to get higher return. Hospital is suggested to take few appropriate action and
initiative in the market to manage and improve the position and goodwill in the market.
In order to diagnosis, therapies and prognosis, it is important for the doctors to check
the lab reports and make appropriate decision accordingly. If the lab would be established in
hospital premises only, it would reduce the time of doctors to treat the patient on time.
Currently, it becomes important for the patient to get reports of all the disease before getting
it diagnosed and hence, the planning of pathology lab is quite beneficial for the business
(Pinto, Masaki & Harimurti, 2016).
On the basis of overall market feasibility and study, it has been found that the
commencement of pathology lab would not only reduce the diagnosis and treatment time of
the business but it would also assist the hospital to improve the overall performance and of
the business. It is measured that the demand of pathology lab would be higher and the
equipment study explains that it would offer the quality services to the patient of the
pathology lab.
The proposal:
In the report, the business plan is mainly proposed to commence a new and advanced
pathology lab in the hospital. This would be commenced to convene the requirement of the
patient and get better the overall earnings of the hospital. The new business of pathology lab
would not only reduce the overall cost of the hospital but it would also get better the earnings
of the business in long term. Increment in the total revenue and reduction in total expenses of
the business would reduce the overall expenses of the organization and improve the
profitability level of hospital.
Aims:
Pathology lab is mainly commenced to offer quality services and reports to the
patient. An advanced report would be provided to the patient on time so that there extra time