Assignment 2: OTC Plan Benefit System

Due to the technological advances in the medical industry, the clinic has decided on advanced medical equipment to provide quality care to the patients. The equipment that will be purchased is a High- Speed CT Scanner, X-Ray Machine, and an Ultrasound Machine. This equipment will allow more quick and efficient test and treatment. The options that can be made include: buying new or refurbished equipment with an option of a loan, acquiring on capital or operating lease. During this phase, I chose the most cost effective option to acquire the equipment. To acquire the equipment, I chose the operating lease. Since there are always potential advances in technology, buying the equipment may not be a good idea. In the long term, the equipment that was purchased will likely be replaced by newer technology in a few years. Due to the decisions of acquiring new equipment, the clinic is now doing well and the profits are growing which allowed growth for the clinic.

Rapid Elasticity: It allows users to additionally request for the services based on the requirement

In this country there are numerous concerns about health care economics. Several factors contribute to the increase of health care costs. One area of concern is the impact of managed care on health care finances. Managed care has been around since the early 1970s. The definition of managed care is a set of contractual and management methods implemented to manage the financing and delivery of health care services. Initial implementation of managed care was for health care cost saving (Getzen & Moore, 2007, p. 203, para. 1). Though Managed care initially addressed several health care finance issues, there are still problems with the current

Save the completed worksheet as a Microsoft® Word document with your name in the file name.

Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.

Today, there are several types of managed care plans including Preferred Provider Organizations (PPOs), HMOs, and Point-of-Service (POS) plans. There are many types of HMOs that offer members a variety of health benefits. An HMO plan requires the member to use health care providers and facilities within the HMO network in order receive coverage, unless it is an emergency (Andrews, 2014, p. 1). A PPO is a form of managed care that most resembles a fee-for-service type situation. The plan members can generally refer themselves to doctors, including doctors outside the plan, although they typically will pay a higher percentage of the cost if the doctor is out of the network (Andrews, 2014, p. 1). A POS plan allows members to refer themselves outside the HMO network and still get some coverage (Andrews, 2014, p. 1). While these

The theme of HCS 405 is to enable students to learn about the financial statements and other financial transactions in the hospital industry. There are various topics in HCS 405 like balance sheet, statement of revenues and expense, revenue cycle, payer mix and revenue. There will be five weeks in the course of HCS 405 in which the above topics will be covered. There will also be the study about the financial worksheet and reporting practices. It will be taught to the students that organizations must comply with the requirements of ethics and proper disclosure of the statements.

In Chapter 9 we were able to grasp that the Lee’s finally began to grasp the concept of keeping Lia current on all prescribed medication. This story in the first 9 chapters talked about the Lee’s non compliance. Working in the hospital there was always people who did not follow their medical advice or plan of care. They were naturally born citizens of the United States, so they should understand the importance of the medical plan of care, but they still don’t. The doctors of course stressed how important is to follow and keep up with their medical care. Yet it seems that it’s just shrugged off as well I’ve done what I can do, so it’s in their hands. If not every American believes in American medicine how do they expect people of other countries

Riordan Manufacturing is a leader in the plastics manufacturing industry. As a fortune 1000 company, this employer of over 500 employees has not only made an investment into the products that roll off the production lines but most importantly the employees who help produce these products (University of Phoenix, 2013). In addition to the annual salary or hourly compensation these employees receive, Riordan makes additional investments in employees to better their wellbeing inside and outside of work. The complete benefit package offered by Riordan is known as the total

US11) As an Employee, I jump at the chance to see the rates of Medical Insurance Plans gave by HMO, so that I can choose to pick or not.

We will also put our services above and beyond others, not only from online service center for scheduling, but also for payment plans. We will offer a wide variety of payment plans such as payment upon service, to daily, weekly, monthly and yearly payment processing.

OTC is Over-the-counter drugs are medicines sold directly to a consumer without a prescription from a healthcare professional, as compared to prescription drugs, which may be sold only to consumers possessing a valid prescription.

There are great health care benefit programs for employees in most organizations. However, the age limitations are causing serious concerns when it comes to mental care for dependent adults over the age of 26. This needs to change, as mentally ill patients over the age of 26 are left without healthcare insurance; which is never a good thing. Mentally challenged individuals deserve to be protected and covered as dependents under their caregiver’s insurance plans as long as they live. The term dependent should not be restricted to an age, but rather be a term that defines the individual who is unable to provide for themselves due to some mental disorder. Therefore, if organizations change their policies and include the mentally ill as a dependent regardless of age, then, it is likely for economies to see declining crime rates, less cost to taxpayers for essential services, and better overall rehab facilities.

The strategic vision here at CVS Health is to continue to expand health care options to our valued customers. As our image changes to a store that reflects overall health, we will stock our stores with items geared towards health and wellness. Over the next few years, we will form partnerships with companies whose products fit our new motto of “A happy me is a healthy me.”, by filling the store shelves with healthy alternatives while phasing out items that do not meet our vision goals. Our pharmacy will continue to add value priced prescription drugs to our Caremark Value Priced Generic Drug List so our customers have access to lower priced drugs. For our family consumers, CVS Health will create long-term contracts with our suppliers to ensure the best prices will be given on diapers, wipes, baby food, diapers, baby powder, and all household items needed for a family. With these already low prices, our Extra Care Savings, will be offer individualized coupons based on the customer’s purchasing history. Lastly, we will look at surrounding heath care stores to see if adding a MinuteClinic to an existing CVS Health store will provide a quality alternative for care. With our price

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.