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RUNNING HEAD: Healthcare Financial Challenges1HEALTHCARE FINANCIAL CHALLENGESThe healthcare industry is robust and has many moving parts. The healthcare industry hasbeen continuously growing and expanding for centuries. With all of the technological advances
RUNNING HEAD: Healthcare Financial Challenges2and new discoveries, the healthcare industry shows no signs of slowing down in the foreseeable future. Healthcare organizations who seek to be around for the long haul, and improve patient outcomes, must take financial planning into account. Healthcare organizations that prepare for what lies ahead are better suited for changes as they come. The healthcare market changes daily. Therefore, it is not easy to determine where money is best spent and how budgets should be balanced. However, healthcare organizations that are ready for the possibilities of what the futuremay hold for the healthcare industry, are better prepared for their financial future. Financial security is made possible by organizations that strategically plan where money should be spent, while also assessing areas where costs can be reduced or eliminated. Healthcare organizations waste a lot of money when continuous efforts are not made to eliminate non-efficient processes.Despite a healthcare organization’s location and size, the economic and financial challenges they face are universal. According to Jess White with Healthcare Business &