Department Finance 101: Making the Money Work for Your Program

Although hospital finance can often seem like the purview of the C-Suite, it is essential that hospitalist leaders and hospitalists understand the financial forces that impact hiring, expansion, and innovation. A strong understanding of division finances allows leaders to advocate for the patients for whom they care as well as their teams. Identifying budgetary sources (both actual and potential) will establish the key drivers of financial success. Leaders must then be able to decode and use budgetary language when reviewing key financial documents with their administrative team. Then they can make key financial arguments for their program. Here we expand on these concepts so that hospitalist leaders, along with a strong administrative partner, can succeed, and every hospitalist can be a part of that success.