Integrating FinOps in healthcare for optimized financial efficiency and enhanced care
1 Independent Researcher, Toronto, Ontario, Canada.
2 Independent Researcher, UK.
3 Leenit, UK.
4 Standards Organization of Nigeria.
Review
International Journal of Frontiers in Science and Technology Research, 2024, 07(02), 020–028.
Article DOI: 10.53294/ijfstr.2024.7.2.0053
Publication history:
Received on 27 August 2024; revised on 05 October 2024; accepted on 08 October 2024
Abstract:
The integration of Financial Operations (FinOps) in healthcare is increasingly recognized as a critical strategy for optimizing financial efficiency and enhancing patient care. This paper explores the principles and practices of FinOps, emphasizing its role in improving cost management, fostering financial transparency, and ensuring better resource allocation in healthcare organizations. By addressing traditional inefficiencies in healthcare financial management, FinOps promotes collaboration between finance and operations, enabling real-time financial decision-making that aligns with both operational goals and patient outcomes. Additionally, the paper outlines the challenges healthcare organizations face in managing rising costs and complex billing systems, and provides practical strategies for the successful implementation of FinOps, including the use of advanced technologies such as cloud-based platforms and data analytics tools. Ultimately, the adoption of FinOps not only enhances short-term financial efficiency but also contributes to the long-term sustainability and scalability of healthcare services.
Keywords:
FinOps; Healthcare finance; Cost management; Resource allocation; Financial transparency
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0