Health Care Financial Concept Analysis

As a health care administrator/manager it will be imperative for you to work with the

Therefore the annual interest rate is 8% and the effective annual rate compounded quarterly is 8.24%

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.

The five most important characteristics for a healthcare provider is honesty, patience, empathy, responsibility, and a team player. I picked honesty because for me honesty is important because if I was the patient I would like for the nurses and doctors be completely honest with me. To be honest you have trustful. Patients should be able to always have faith in you. You always have to be honest with the patients no matter what. Honesty has a lot to do with the healthcare industry.

The way we practice healthcare and healthcare organizations are changing due to the pressure to reduce costs, improve the quality of care and to meet rigorous guidelines. This change has forced health care professionals to examine we evaluate our overall performance. Paradise Hospital, Inc. has not had any service improvements since 1995. A physician named Avedis Donabedian (2005) proposed a model for assessing health care quality based on structures, processes, and outcomes. He defined structure as the environment in which health care is provided. This is known as the organizational characteristics such as the measurement of staffing ratios and the number of hospital beds. The process is described as the method by which health care is provided. This represents the communication and interaction seen between doctor and patient. The necessity for the tests and procedures performed. The outcome is defined as the consequence of the health care provided, was there a desirable or undesirable effect.

The sector, health, that I have chosen includes a variety of people from ranging from elderly too adult too teenagers, children and baby’s. A hospital is a health care institution which provide treatment for many diseases and conditions.

I really enjoyed this article, as it went into effective financial planning. The 2 major categories of cost are total charges (the patient's bill) and the cost of providing services. These 2 costs can be defined mathematically in the following indices: average revenue per patient day and the cost per patient day.

Essential healthcare management includes the financial growth and feasibility of the health care organization. In order for a healthcare organization to reach its full potential it needs to be fully staffed with both medical and managerial professionals, as well as having the funds to invest in the most up to date technology. According to the Kaiser Family Foundation “Baseline estimates show that over 41 million individuals were uninsured in 2013, 61% of uninsured adults said the main reason they were uninsured was because the cost was too high or because they had lost their job”. The EMTALA or Emergency Medical Treatment And Labor Act or anti-dumping law was enacted in 1986 it was designed to prevent hospitals from transferring the uninsured or Medicaid patients to public hospitals without providing a medical screening examination to ensure they were stable for transfer first. Regardless of their options to pay, they are to be seen and treated with life-saving and "stabilizing" emergency care with transfers to advanced trauma centers, if need be. Effective Human Resources coupled with a balance between cost and revenue are essential to being able to provide quality Health Care. It has been proven these elements all play positive roles in contributing to the overall efficiency of the system. An organization can enhance the quality of health care provided just by focusing on the major components.

Healthcare organizations do not contribute to the society’s welfare and impact the society positively therefore the relationship with the stakeholders is poor. With a poor relationship, this causes conflict between the patient and the doctor. Enough financial resources should be allocated to prevent quality of care issues and improve the quality of care to the patients. The moneys allocated can be used to purchase equipments that are beneficial to the care of the patients. There are many issues when it comes to the allocation of resources and should be cost effective to ensure the health benefits of those in the community that are being treated. If the allocations of the resources are not done correctly it can affect the community. Human resources should allocate financial resources to eliminate the shortage of doctors and nurses which has affected the performance and

The first improvement in health care made by Affordable Health Act of 2009 is it has reshaped the health care system in terms of access by making it easier for those who couldn’t afford it, were out of the age range, or had preexisting conditions by making new rules to include them. It has also reshaped the health care system in terms of quality be ensuring that the payment to health care providers does not out way patient care. “To ensure premium dollars are spent primarily on health care, the new law generally requires that at least 85% of all premium dollars collected by insurance companies for large employer plans are spent on health care services and health care quality improvement” (Lopez, 2013). Another improvement made by the Affordable

Includes the design of health services that impact the way in which services are given. Some of this involves

Health care systems are organizations that are formed to meet the overall health needs of the population. Health care is regarded as one of the leading cause in promoting not only physical and mental health but the well-being of the population. Legislation is implemented requiring government to offer services to all members of its society. The role of health services and the organizations that provide aid is to focus on the health of an individual and to uphold their human rights. According to WHO (2013), a “well-functioning health care system requires a robust financing mechanism, a well-trained and adequately-paid workforce, reliable information on which to base decisions and policies, and well maintained facilities and logistics to deliver quality medicines and technologies (World Health Organization; 2013).

Government financed health care typically has more control to place limitations on care offered to patients and doctors in order to keep costs down. Since payers must try to deliver the most care for the

Most entities and organization create budgets as a guide for controlling its spending, prediction of profit, and it expenditure as they progress toward a set goal. Budget involves pulling resources together to achieve a specific goal. According to Gapenski (2006), budgeting is an offshoot in a planning process. A basic managerial accounting tool use in holding planning and control functions together is referred to as set of budgets (p. 255). One major setback manager or budget developer encounter is trying to design a future, a process that cannot be created with the precision just right. This article highlights some financial management

A health care system is the association of institutions related to people's health and resources. It delivers health services in order to meet the health needs of the targeted populations (Nigam, 2011). There is a wide variation in the world of how different nations organize their health care systems, with almost all nations having differing health care organizational structures. Planning in some countries for health care distributes to those participating in markets. In other countries, however, planning is as a result of joint efforts between the government, religious bodies, and charities among other groups (Nigam, 2011).