Wk1 Healthcare Finance Basics PDF

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Summary

This course provides an understanding of the general principles of accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are ...

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Wk1 Healthcare Finance Basics Practicing the operation of health services is focused on financial sustainability. A organizations finance activities is summarized with the Four C's to support the organizations mission. The administration of a business is quite simple with basic directions to raise business capital. For all businesses their primary role is to plan the acquired uses of all resources. To direct and populate the organizations value by budgeting, planning for all reports, capital investments, revenue cycle, contract & risk management, and financing decisions (Gapenski, 2016, Chapter 1 ). Costs- vital financial source to a business Capital- aqcuired funds to represent buildings, equipment, and land. Cash- The lubricant for a business wheels run smoothly. Gapenski, L. C. (2016). Healthcare Finance: An Introduction to Accounting & Financial Management (6th ed.). Retrieved from The University of Phoenix eBook Collection database..

Yes, I agree with both of your posts that all companies must follow the 4 c’s is a way of making the business compliance to continue growing. Organizations will acquire to use all resources to motivate the needs to improve. There are many owners able to expand because business collaborated so well. They have opened up other locations in less than 5 years. Also another key is the focus to keep communication between teams and affiliates. Understanding and trust of the SBAR- situation, background, assessment, and recommendations of all perspectives to meet expectations (Reeves, 29 October 2014).

Reeves, J. (29 October 2014 ). HealthInsight: The Four C’s of Rebuilding Trust in Health Care. Retrieved from https://healthinsight.org/nm-about-us/healthinsight-blog/entry/1healthinsight-blog/63-the-four-c%E2%80%99s-of-rebuilding-trust-in-health-care Yes, I agree with you Sarah that this will all be new to me as well. I only have a knowledge of gathering the revenue expenses and managing of staff members. I feel this will sum up the process of how it’s broken down too. I mostly hear about income statements; in my past jobs they were named differently. My previous employer would give us all a daily review & quarterly reviews. We’d recap and compare between current period and last year’s numbers.

Accounting Ethics in Healthcare

Receiving quality of care is always expecting from staff or physician to receive fair and a quality ethical care. The back office is where the billing and accounting of all services is created. Ethics is being made of three components: Independence- the requirement of medical accounting personals to avoid any conflict of interest with medical services and vendors. Companies do not want financial incentives to distinguish pricing of products and services to maximize earnings of patients services (Reeves, 2017). Integrity & Objectivity- the requirement to maintain a trustworthiness in your appearance. Health-care accounting personnel must avoid any situations that’ll appear on a superficial level. This will prevent conflict of interest that information isn’t passed to other vendors. They are also required to not accept expensive gifts for being paid off for unethical practices (Reeves, 2017). Competiency- the responsibility to generally remain on the leading edge of accepted accounting principles. Staying current with regulation and any changes to bookkeeping. Able to maintain the appearance of integrity to keep the trust of outsiders. This will prevent dishonesty and ignorance behavior with policies and procedures (Reeves, 2017).

Reeves, J. (2017). Chron: Accounting Ethics in Healthcare. Retrieved from http://smallbusiness.chron.com/accounting-ethics-healthcare-36147.html perspective

Organizational Goals Hello Mr. Parker and Class, Yes, I agree with you Deneia. The organizations goal is to keep a consistency for all members reaching for a successful competiency. They will start small and determined to remain the road to success clear of dishonesty. The priority is to maximize patient services funded by shareholders and stakeholders. The organization will provide ethics and objectivity of trustworthiness that'll keep a better understanding of 4 c's expectations. This will make the overall perspective of team members motivation to expand an acquired meaningful use of all resources. Accounting and Finacial Management Hello Mr. Parker and Class, There are two different financial disciplines needed to manage the organizations financial operative functions. Accounting is a reflection of economic readings reflecting an organization revenue. Created of both external & internal information of the organizations measuring & recording financial status. Financial management is a businesses financial performance and decisions of it's concept, theory, and tools to manage better functions of its data. I will agree

with breanna having knowledge of managing pharmaceuticals. We fill the medications but we don't track inventory. The pharmacy is managing how soon medications are filled thats managed by Insurance plans. Also if the member has any reactions after the care of any provider within health services(Gapenski, 2016, Chapter 1 ). Gapenski, L. C. (2016). Healthcare Finance: AnIntroduction to Accounting & Financial Management (6th ed.). Retrieved from The University of Phoenix eBook Collection database.. Reeves, J. (2017). Emerald Publishing: Decision-making power in health care organizations. Retrieved from http://www.emeraldgrouppublishing.com/learning/management_thinking/articles/decisionmaking.htm (Reeves, 2017). Weekly Overview, Financial Statements, and Organizational Goals it is awaiting payment may appear to be less successful than it really is, because it has expended the materials and labor for the job but not yet reaped the rewards. Hello Adrian and Class, Yes, I agree with Marian with one of the drawbacks of cash accounting because assets will not be recognized till received. The difference will lie on the timing money is received and paid out. Healthcare market needs to provide services to patients needing treatment. The bill wouldn’t be added until payment has been received. Now would a hospital use accrual method because a bill Is given after they have been discharged. I can see why small businesses will track expenses under the cash method because their revenue isn’t as large (Morah, April 4, 2017).

Morah, C. (April 4, 2017). Investopidia: How does accrual accounting differ from cash basis accounting?. Retrieved from http://www.investopedia.com/ask/answers/09/accrualaccounting.asp?lgl=rira-baseline-vertical...