Essay on Healthcare Finance Chapter 1 and 2

You have been asked by a health care magazine to write a series of articles focusing on health care financial concepts. The articles will be included in five consecutive issues and will be geared towards readers with little knowledge of finance. You must ensure that the articles are both informative and engaging to your audience. You must also ensure that your articles relate financial principles to the health care industry.

Examine the financial characteristics of health care delivery along with managing costs, revenues, and human resources.

The impact this rise is going to have on heath care as well as heath insurance is very dramatic. Most health insurers, private sector employers and consumers can expect increases in insurance premiums. This includes both traditional types of insurance and managed care programs, or HMOs. Some health insurance plans may also reduce benefits to keep their plans affordable. This may include increasing cost-sharing responsibility of members and the amount members pay out of pocket for certain services, such as prescription drugs.

Home health care is taking care of an individual medically at their residence. Usually, there is a home health aide that comes to the house that provides the medical care for the patient.

One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:

Examine the financial characteristics of health care delivery along with managing costs, revenues, and human resources

The role of finance in Health Care Systems, Inc. as a regional not-for-profit hospital relates to both the accounting and financial management aspects of the business. Facets of both accounting and financial management are intertwined with maximizing productivity by way of managing and analyzing financial operations to ensure resources are being utilized properly (Gapensiki, 2013). The divulgence of financial reports to managers and investors will aid in the development of plans and budgets for future growth, assess acceptable levels of financial risk, manage contracts appropriately and make decisions related to capital investments allowing the organization to expand service offerings thereby demonstrating greater value in the community. Operating as a not-for-profit entity requires that the hospital operate exclusively in the interest of the public for a charitable purpose. Through understanding who the primary third party payers

There are various settings where patients can be treated. Inpatients or individuals who have been formally admitted to a healthcare facility are given treatment in either acute care or long term facilities. There are various types of acute care facilities which offer services ranging from medical, ancillary to nursing.

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.

Managers who are managing health care organizations must be attentive to the accounting practices and must obey and practice the financial management procedures to be able to solve any issues if any should arise. With the continuation of the high costs of health care managers as well as consumers must know how to budget carefully. According to All Business. (2010), the cost of providing health care services, patients way of payment for these services and the environment in which those patients reside and receive those services are important elements that affect the care this is or may not be

In Healthcare System the role of finance is an important aspect in healthcare. In the financial role of healthcare it involves handling operations such as negotiating contracts, making cash available for expenses such as payroll and cover cost for unexpected expenses. The role of finances also makes it capable for leadership to better make plans for the future, when finances are in order organizations can better equipped to make decisions such as is the organization financial able to expand test or treatments and are they able to buy new medical equipment.

An Acute care and a non-acute health care facility are medicals facilities that provide short-term medical treatment to patients with very severe medical conditions or with very serious injuries. These facilities provide a short-term treatment to patients to help stabilize them from various health conditions. Such treatments are provided in hospitals or urgent care centers by different types of clinical personnel using technical equipment, pharmaceuticals, and medical supplies.

With the exception of doctors, the professionals below complete the team of providing quality home health care:

XYZ Healthcare Organization plays a very crucial role in preventing illness, relieving pain, and promotion wellness and wellbeing of individual through all stages of life. To realize its aims and objectives, the organization needs funding to continue with very sensitive and important services. There are several approaches that can be adopted to ensure funding of healthcare services. These approaches include the use of insurance medical covers by the patients, funding from the government, private sectors and other nongovernmental organization. The burden of healthcare funding should not just be

Healthcare managers participate in various important roles that allow them to form and maintain flourishing organizations. Managers ought to be aware of the decisive elements of management and the generally accepted accounting principles. At the same time, they must realize, stick to, and put into effect the general financial ethical standards. Successful management of finances of healthcare is one of countless tests that mug the organization. Revenues and expenses of the organization are essential because they establish the external and internal finances of the company. The