Healthcare Finance

Healthcare Finance

Your expertise in healthcare finance has attracted the attention of some of the newer employees in your organization. Wanting to become managers someday, they have asked you to share some of what you know in the online journal that serves as the company’s knowledge-sharing portal. Create a journal assignment in which you respond to these specific topics from your colleagues:

Describe the ways in which financial statements, financial calculations, and working capital are used in the organizational budget process Identify the main objective of managing cash flows Explain why financial leaders are concerned about having cash on hand Identify the three factors that set the healthcare industry apart from most other industries with regard to accounts receivable Explain the ways in which trends within Medicare, Medicaid, and third-party payers affect working capital and the cost elements associated with the

revenue cycle

Critical Elements Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value Uses of Financial

Statements, Financial

Calculations, and Working Capital

Assignment accurately describes the primary ways in which financial statements, financial calculations, and working capital are used in the organizational budget process

Assignment is missing some important ways in which financial statements, financial calculations, or working capital are used in the organizational budget process, or some descriptions are inaccurate

Assignment does not describe the primary ways in which financial statements, financial calculations, and working capital are used in the organizational budget process

22

Objective of Managing Cash

Flow

Assignment accurately identifies the main objective of managing cash flows

Assignment does not accurately identify the main objective of managing cash flows

12

Concern about Cash on Hand

Assignment accurately explains why financial leaders are concerned about having cash on hand

Explanation as to why financial leaders are concerned about having cash on hand is incomplete or inaccurate in important respects

Assignment does not explain why financial leaders are concerned about having cash on hand

22

Factors that Set the Healthcare Industry Apart

Assignment accurately identifies all of the factors that set the healthcare industry apart from most other industries with regard to accounts receivable

Identification of the factors that set the healthcare industry apart from most other industries with regard to accounts receivable is incomplete or inaccurate in important respects

Assignment does not identify the factors that set the healthcare industry apart from most other industries with regard to accounts receivable

22

Effects of Trends within Medicare,

Medicaid, and Third-Party

Payers

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Assignment accurately explains the ways in which trends within Medicare, Medicaid, and third- party payers affect working capital and the cost elements associated with the revenue cycle

Assignment is missing some important ways in which trends within Medicare, Medicaid, and/or third-party payers affect working capital and the cost elements associated with the revenue cycle, or some of the explanations are inaccurate

It is likely that 2021 will be a dynamic year for US health care policy. More than a decade after the Affordable Care Act (ACA) was passed, health reform remains a top concern for the American public.1 The number of uninsured Americans is rising. Affordability—at both the system and individual levels—is eroding. And the numerous ways in which racism and prejudice drive unacceptable disparities in health and well-being are increasingly evident. The coronavirus disease 2019 (COVID-19) pandemic, which placed historic stress on an already strained system, has only exacerbated many of these shortcomings.

Against this backdrop, the National Academy of Medicine convened the Vital Directions for Health and Health Care: Priorities for 2021 initiative, which, following a 2016 initiative of the same name,2 aims to provide expert guidance on several focus areas for US health policy. In this article we draw on our collective backgrounds in health financing, delivery, and innovation to offer a set of consensus-based policy recommendations focused on health care costs and financing.

Assignment does not explain ways in which trends within Medicare, Medicaid, and third- party payers affect working capital or the cost elements associated with the revenue cycle

Health financing is a core function of health systems that can enable progress towards universal health coverage by improving effective service coverage and financial protection. Today, millions of people do not access services due to the cost. Many others receive poor quality of services even when they pay out-of-pocket. Carefully designed and implemented health financing policies can help to address these issues. For example, contracting and payment arrangements can incentivize care coordination and improved quality of care; sufficient and timely disbursement of funds to providers can help to ensure adequate staffing and medicines to treat patients.

WHO’s approach to health financing focuses on core functions:

  • revenue raising (sources of funds, including government budgets, compulsory or voluntary prepaid insurance schemes, direct out-of-pocket payments by users, and external aid)
  • pooling of funds (the accumulation of prepaid funds on behalf of some or all of the population)
  • purchasing of services (the payment or allocation of resources to health service providers)

In addition, all countries have policies on which services the population is entitled to, even if not explicitly stated by government; by extension those services not covered, are usually paid for by patients (sometimes called co-payments).

 

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