| CODE | HSM5110 | ||||||||||||
| TITLE | Financial Management and Health Economics | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 10 | ||||||||||||
| DEPARTMENT | Health Systems Management and Leadership | ||||||||||||
| DESCRIPTION | This study-unit provides a basis of the application of financial and economic concepts in health care leadership. It gives students an appropriate grounding in financial management and economic theory, as applied to their practice in managing and leading health care organisations. Financial management provides a rationale for corporate and strategic financial performance. The study-unit aims to help students understand the importance and usefulness of various accounting and financial management techniques and tools and use them to take corporate and strategic decisions of value. This then links up with a sound disposition in health economics, where students are given the theoretical and practical basis on which to take management and leadership decisions which have economic and resource implications. A case study approach is adopted where students are given the opportunity to apply the theoretical knowledge to real leadership scenarios. The topics covered include: health care financial statements; principles and practices of health carer accounting; financial statement analysis; working capital management; the time value of money; investment decisions; capital financing for health care providers; using cost information to make special decisions; budgeting; responsibility accounting; provider cost-finding methods; and provider payment systems. The Health Economics component will deal with the practical delineations of economics in health care provision. The case studies will cover the main aspects of health economics, including demand and supply, the production process, cost functions, markets in health care and techniques of economic evaluation. Prioritisation in health care and health care financing are also covered. The study-unit will assume a basic grounding in health economics. Study-unit Aims: This study-unit aims to achieve a theoretical as well as a practical comprehension of the principles of financial management and health economics as applied to health care settings, so as to enhance the abilities of the participants to understand and apply financial and economic information for strategic decision taking. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Evaluate the financial performance and management of health care organisations; - Appraise the theoretical aspects of health economics, their application in health care settings and management control systems. 2. Skills: By the end of the study-unit the student will be able to: - Plan to acquire and utilize funds by applying sound financial principles for leadership and strategic decisions; - Plan services and future trends utilizing sound health economic principles. Main Text/s and any supplementary readings: Financial Management Essential Reading: - Zelman, W. N., McCue, M. J., Millikan, A. R., & Glick, N. D. (2013). Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts, and Applications. (4th Ed.). UK: Wiley-Blackwell. Supplementary Readings: - Dyson, J. R. (2010). Accounting for Non-Accounting Students. (8th Ed.). UK: Pearson Education Ltd. - Gruen, R., & Howarth, A. (2005). Financial Management in Health Services. UK: McGraw-Hill Education. - Horngren, C., Datar, S., & Foster, G. (2014). Cost Accounting: A Managerial Emphasis. (15th Ed.). UK: Prentice Hall. - Maitland, I. (2000). Budgeting for Non-Financial Managers. (3rd Ed.). UK: Prentice Hall. - Ward, W. J. (1994). Health Care Budgeting and Financial Management for Non-Financial Managers. USA: Greenwood Publishing Group Inc. - Wood, F. (2011). Frank Wood’s Business Accounting 1. (12th Ed.). UK: Prentice Hall. - Ginter, P. M., Duncan, W. J., Sappington, A. A., & Swayne, L. E. (2013). Strategic Management of Health Care Organizations. (7th Ed.). USA: John Wiley & Sons Inc. - Manion, J. (2011). From Management to Leadership: Practical Strategies for Health Care Leaders. (3rd Ed.). USA: John Wiley & Sons Inc. Health Economics Essential Readings: - Barr, N. (2012). The Economics of the Welfare State. (5th Ed.). USA: Oxford University Press, Incorporated. - Drummond, M., & McGuire, A. (2001). Economic Evaluation in Health Care: Merging Theory with Practice. USA: Oxford University Press, Incorporated. - Folland S., Goodman A.C., & Stano, M. (2013). The Economics of Health and Health Care (7th Ed.). USA:Prentice Hall PTR. - Mooney, G. (1994). Key Issues in Health Economics. UK: Harvester Wheatsheaf. Supplementary Readings: - Hall, G. M. (2005). The Ethics and Economics of Health Care. USA: Warren H. Green Incorporated. - Ham, C. & Robert, G. B. (2003). Reasonable Rationing: International Experience of Priority Setting in Health Care (State of Health). UK: Open University Press. - Kernick, D. (2002). Getting Health Economics into Practice. UK: Radcliffe Publishing. - Mossialos, E. (2002). Funding Health Care: Options for Europe. UK: McGraw-Hill Education. |
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| STUDY-UNIT TYPE | Lecture, Independent Study & Tutorial | ||||||||||||
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| LECTURER/S | Philip M. Beattie Sandra Buttigieg Carl Camilleri Kenneth E. Grech (Co-ord.) Simon Grima Jonathan Spiteri Gianpaolo Tomaselli |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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