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Evidence-based financial management
Steven A Finkler1, Richard J Henley, David M Ward
1Wagner School, New York University, New York, USA. steven.finkler@nyu.edu
Summary
Evidence-based financial management, similar to evidence-based medicine, offers a framework for healthcare providers to enhance decision-making. This approach guides the collection and utilization of evidence to improve management outcomes.
Area of Science:
- Healthcare Management
- Health Economics
- Financial Administration
Background:
- Evidence-based medicine (EBM) has revolutionized clinical practice by emphasizing empirical data.
- The principles of EBM can be extended to administrative and financial domains within healthcare organizations.
- Effective financial management is crucial for the sustainability and quality of healthcare services.
Purpose of the Study:
- To introduce and define the concept of evidence-based financial management (EBFM) in healthcare.
- To propose EBFM as a structured approach for improving healthcare management decisions.
- To highlight the potential benefits of integrating evidence into financial strategies.
Main Methods:
- Conceptual framework development.
- Literature review of EBM principles and their application in management.
- Analysis of decision-making processes in healthcare financial management.
Main Results:
- EBFM provides a systematic approach to financial decision-making.
- It encourages the use of data and research to support management choices.
- Potential for improved resource allocation and financial performance.
Conclusions:
- Evidence-based financial management offers a valuable framework for healthcare providers.
- Adoption of EBFM can lead to more informed and effective financial strategies.
- Further research is needed to explore the implementation and impact of EBFM.