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Related Experiment Videos

Making finance work for you.

Jay Marchwinski1

  • 1University of Virginia Medical Center, Charlottesville, Virginia, USA.

Clinical Leadership & Management Review : the Journal of CLMA
|June 6, 2002
PubMed
Summary

Understanding basic revenue and expense concepts is key for project approval. Partnering with finance departments improves chances of gaining approval for initiatives by demonstrating financial viability.

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Area of Science:

  • Business Administration
  • Financial Management
  • Organizational Behavior

Background:

  • Organizations utilize internal guidelines for request review, which can be ill-defined.
  • Requests typically require demonstrable financial return on investment (ROI) for resource allocation.
  • Quality and service improvements, while valuable, often need quantification in monetary terms.

Framework:

  • Understanding fundamental revenue and expense principles is presented as a foundational step.
  • The article advocates for translating non-financial benefits into quantifiable financial outcomes.
  • Emphasis is placed on the importance of financial literacy for non-finance professionals.

Implementation:

  • The core strategy involves educating stakeholders on financial concepts relevant to project proposals.
  • Developing clear, measurable metrics for financial and non-financial benefits is crucial.
  • Proactive engagement with financial departments is recommended for proposal refinement.

Implications:

  • Improved project approval rates through better financial justification.
  • Enhanced collaboration and understanding between operational departments and finance teams.
  • More efficient allocation of organizational resources towards initiatives with clear financial benefits.

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