...The United States spends more on health care than any other country in the world. The current level of national health care expenditures is astounding. “In 2011, the anticipated total of health care government spending in the United States is 1108.2 billion dollars” (Chantrill, n.d.). Health care spending has increased over the past few years; in 1996 $396.78 billion was spent on health care in 2000 $469.80 billion was spent on health care, and in 2009 $989.65 billion was spent on for treatment (Chantrill, n.d.). Between 1996 and 2009, a period of 13 years, health care spending rose to $592.87 billion dollars. I have learned that the current level of health care spending cannot continue the way it is, or the United States is going to go bankrupt. The current level of health care spending is at an all-time high. This is the one particular reason why the Obamacare came into play. For the most part, it was to save money. The level of national health care expenditures is considerably high in comparison to any other region across the world. “Health spending in the United States is much higher than in other countries – at least $2,535 dollars, or 51% higher than Norway, the next largest per capita spender” (Kaiser Family Foundation, 2011, para. 3). In addition in 2009 the United States spent more than 17% of its gross domestic product on healthcare, which is higher than any other developed nation in the world. The Congressional Budget Office (CBO) predicts “that, without any revolutions...
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...HADM 4830: Comparative Health Care Finance T.R. Reid’s book The Healing of America is about finding better, fairer and cheaper quality care around the world. The author takes trips to other countries to compare their health care system to the one we have here in the United States. He uses an arm injury that he suffered years ago to measure the quality of care that he would be receiving in each country, even though he has already gone to a physician one before to receive care. His intent is not only to compare and contrast the health care systems, but he also wanted to know how these health care systems came about and where and who these countries are researching after to better improve their health care systems. The author also wanted to use this experience to help shed light on major differences between the United States health care system compared to others as well as the reason behind it. With this goal in place, T.R. Reid was able to visit the following countries, France, Germany, Japan, United Kingdom, and Canada, and discovered information that can shed light on what an health care system is and is not suppose to be. In the remainder of this paper I will cover the different health care systems in France, Germany, and Japan because those countries were most intriguing to me. I choose those three countries because I felt that those are very large countries and it would be interesting to see how the compare next to the health care system in the United States. Also...
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...The Northeast Health Council, INC was established in 1993 to meet the primary healthcare needs of the residents of the Northeast through a not-for-profit community-responsible approach. A nonprofit analysis helps nonprofit executives and board members understand their organization’s underlying fiscal health and readiness for change and growth. The analysis is a critical tool for Northeast Health Council planning for program expansion, organizational restructuring and/or realignment, financial and fundraising challenges, new executive and board leadership, a new capital project, or acquisition or merger with another nonprofit organization (such as the local health clinic). The Northeast Health Council’s analysis helps its executives and board members to understand the underlying financial trends and characteristics of their organization, including revenue composition and growth, expense composition and trends, balance sheet composition, and key ratios. It helps to assess the alignment of the organization’s current financial structure with change; predict the impact of proposed changes on the organization’s future growth, sustainability, and survival; Use financial planning and management tools, such as annual/monthly cash flow projections, budgets of revenue and expenditures versus actual reports, to inform strategic decision making; establish benchmarks for program productivity, financial performance and organization-wide fiscal health. Additionally, the analysis is a powerful...
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...the U.S. health care system in the context of delivery, finance, management, and/or sustainability? What are the issues that prompted a need for health care reform? Support your answer with a credible data reference. Do not use a reference already used by another student. Health care reforms is one of the biggest issue for voters. With our aging population, complexity of illness and growing cost of health care, the government need a new approach to delivery of health care system. There is still a large population that are uninsured. There is mounting recognition that our country’s health system is greatly influenced by social determinants, socio-economic status, and environmental factors. The American people continue to face increase cost of health care and insurance premiums continues to increase. Per Cunningham (2010), the percentage of people with a high financial burden increased from 14.4 percent in 2001 to 19.1 percent—nearly one of five Americans—in 2006. The increase in financial burden between 2004 and 2006 (16.4%) occurred at a time when the economy was expanding. “These costs in turn impose a burden on all segments of society—the individuals who pay taxes and premiums, the governments whose budgets are strained by Medicare and Medicaid, and the businesses whose competitiveness is undermined by high health insurance rates” (Daniels & Roberts, 2008). Some evidence have indicated that Patient Center Medical Home models give better quality of care, patient satisfaction...
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...Problem 2.2 A firm that owns the stock of another corporation does not have to pay taxes on the entire amount of dividends received. In general, only 30 percent of the dividends received by one corporation from another are taxable. The reason for this tax law feature is to mitigate the effect of triple taxation, which occurs when earnings are first taxed at one firm, then its dividends paid to a second firm are taxed again, and finally the dividends paid to stockholders by the second firm are taxed yet again. Assume that a firm with a 35 percent tax rate receives $100,000 in dividends from another corporation. What taxes must be paid on this dividend, and what is the after-tax amount of the dividend? (Gapenski, pg. 62). Important information: 30 percent of dividends received are taxable 35 percent = firm’s tax rate $100,000 in dividends from another corporation Total amount of dividends: $100,000 Tax Exempt Total: 100%-30% = 70% 70% of 100, 000 = 70,000 Total Taxable Funds: $100,000- $70,000 = $30,000 Taxes (35%): $30,000*0.35 = $10,500 After Tax Income: $30,000-10,500 = $19,500 Tax Exempt: 100%-30%= 70% = 100,000-30,000=70,000 After-tax total amount: $19,500 + $70,000 = $89,500 Problem 2.4 Jane Smith currently holds tax-exempt bonds of Good Samaritan Healthcare that pay 7 percent interest. She is in the 40 percent tax bracket. Her broker wants her to buy some Beverly Enterprises taxable bonds that will be issued next week. With all else the...
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...Health Promotions: Primary, Secondary and Tertiary Beth Fleming Grand Canyon University April 03, 2014 For many years, health promotions and prevention has been the focus for healthcare providers, especially nurses. Health promotion seeks to improve a person or population’s health by teaching about and helps people become more aware of risky behaviors associated with different diseases. It encourages individuals to take preventative measures to prevent onset or worsening of a disease or illness. It encourages a healthier lifestyle (Edelman & Mandle, 2010). The strategy is to help people make health improvements or prevention before illness occurs. Health promotion is one way in addressing health determinants such as developing personal skills, strengthening the action of communities and providing a supportive environment for health. Health promotions help to address issues that are controllable by individuals. In redirecting illness financial burdens can be reduced keeping patients and the government from having to pay to cure the illness or disease. Nurses work in all three levels of promotion and prevention (Edelman & Mandle, 2010). Nurses teach to prevent illness, work with the specialist to help lesson further illness and work in the hospital at the bedside caring for patients that have developed a chronic illness. In many areas of the world there has been a lot of evolution in the nursing field. Nurses...
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...Money the organization spends to maintain and grow operations is called: Selected Answer: Expenses Answers: Liabilities Assets Revenue Expenses Question 5 0 out of 20 points A laboratory purchases a microscope, on credit, for $50,000. The result would be an increase of $50,000 in _________________ and an increase of $50,000 in ____________________. Selected Answer: Liabilities, Equity Answers: Assets, Equity Assets, Liabilities Liabilities, Equity Assets, Equity Question 1 | | | Which of the following is the primary goal of a not-for-profit healthcare organization? | | | | | Selected Answer: | To serve the community throught he provision of health care services. | | | | | Question 2 | | | Washington County Hospital has the lowest cost of any hospital in its region. However, it has continually reported very large operating losses and has depended on support from the county. Assuming that positive operating margins are an objective of...
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...HEALTH AND SOCIAL CARE QCF: Level 5 Diploma in Leadership for Health and Social Care and Children and Young People’s Services (England) Unit CU 2953 Manage Finance within own area of Responsibility in Health and Social Care or Children and Young People’s Settings This workbook meets the following assessment criteria for unit CU : Written questions Please answer the following written questions: CU2953 - 1.2 Outline sources of funding that are used to construct the budget for your own work setting All residents living in our home are council funded also they get Disability living allowance which is used towards their daily expenses like lunches out , shopping for clothes, paying for transport. CU2953 - 1.3 Outline the roles, responsibilities and accountability of all those involved in financial management of the budget for own work setting The person in charge of the finances is the proprietor and we agree on a weekly budget for food for the home as well as household items, after is my responsibility to ensure the budget is used effectively within the home and all money spent are accurately accounted for, money coming in to the house are registered in and out through a cash file which is maintained by my senior team and I check on a regular basis . Residents personal finances are monitored by their keyworkers and I check them regularly, keyworkers and myself will review spending monthly to ensure residents are safeguarded and all expenses...
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...Cost Allocation Problems Problem 1: The laboratory services department for Swank Medical Systems has $300,000 in direct costs during 2012. These costs must be allocated to Swank’s three revenue producing patient services departments using the direct method. Two cost drivers are under consideration; patient services revenue and hours of laboratory services used. The patient services departments generated $6 million in total revenues in 2012, and to support these clinical activities, they used 6,000 hours of laboratory services. What is the value of the cost pool? (10 points) $ 300,000 What is the allocation rate if Patient services revenue is used as the cost driver? (10 points) $300,000 / 6,000,000 = .05 Hours of laboratory services is used as the cost driver? (10 points) 300,000/6,000 = 50 Problem 2: Refer to Problem 1. Assume that the three patient services departments are adult services, pediatric services, and other services. The patient services revenue and hours of laboratory services for each department are Department | Revenue | Laboratory Hours | Adult Services | $3,000,000 | 1,500 | Pediatric Services | 1,500,000 | 3,000 | Other Services | 1,500,000 | 1,500 | Total | $6,000,000 | 6,000 | a. What is the dollar allocation to each patient services department if patient services revenue is used as the cost driver? (10 points) 3,000,000 x .05= Adult service 150,000 1,500,000 x .05= Pediatric...
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...Reporting Practices and Ethical Standards in Health Care Finance Ashley Riggs HCS 405 February 6, 2012 Jay Christensen Reporting Practices and Ethical Standards in Health Care Finance Healthcare managers engage in many important roles to create and sustain successful organizations. Managers must understand the crucial elements of financial management and the generally accepted accounting principles. They must also understand, adhere to, and enforce the general financial ethical standards. Four Elements of Financial Management Planning The first step in financial management is planning. It is the responsibility of the financial manager to first identify the goals of the company. Then it is the financial manager’s responsibility to decide on the appropriate steps that must be taken to accomplish the goals of the company. Controlling The second step in financial management is controlling. During this phase of financial management, it is the responsibility of the financial manager to ensure that each division of the organization is following the plans was decided. Managers should study current reports and compare them with earlier reports. This will help to decide what division of the organization needs the most attention. Organizing and directing The third step in financial management is organizing and directing. During organization, it is the responsibility of the financial manager to decide how to use the resources of the organization most effectively. The resources...
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...Reporting Practices and ethical Standards in Health Care Finances University of Phoenix HCS 405 Health Care Financial Accounting July 11, 2012 Reporting Practices and Ethics The financial management of health care organizations have the obligation to integrate financial reporting practices with ethical standards that directly reflects and affects health care patients, providers, policymakers, and the society. This paper will review articles that reflect ethical standard practices related to health care financial management and will cover the four financial management elements crucial to the health care organization. These four elements of financial management are the generally accepted accounting principles (GAAP), which are the planning, controlling, organizing and directing, and the decision-making (Baker & Baker, 2011). Planning The financial manager determines the short term and long-term objectives of the organization to create plans to meet organization’s objectives. When planning, the goal of the financial manager is to develop and outline strategies, to seek the input of everyone involved in the process and to ensure everyone supports, and understands their role in the execution the plan. Controlling The purposes the financial officers of controlling are to implement the plans, and are executed by organizational standards to avoid overspending the organization’s budget. Additionally, the financial manager oversee that...
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...Determining Financial Viability The relationship between finance and accounting are very similar but they definitely have their differences. “Accounting and finance are the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting is an essential part of finance. Accounting produces information about the operations of a business. The end-product of accounting is composed of financial declarations such as balance sheets, income declarations which include the profit and loss accounts, and the declaration of changes in financial position which includes sources and uses of funds declaration” (Difference Between Accounting and Finance). Accounting and finance both need each other. A company needs both. To determine financial viability within a heath care organization, they need a functioning finance and accounting departments. In a health care organization, there needs to be a high functioning finance department. There needs to be an innovative way to run a health care facility. “The current economic situation, together with the uncertainty of healthcare reform, has fueled the demand for efficient and effective facilities” (Elting, D. 2009). Financial departments have to run an efficient department to assure that they are not faced with high debts that could cause a healthcare to shut down. With all of the changes occurring in healthcare there needs to be a financial team that can try and run a...
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... | | |Finance for the Health Care Professional | Copyright © 2011, 2009, 2007 by University of Phoenix. All rights reserved. Course Description This course is designed as an introduction to the terminology, processes, functions, and financial reports commonly encountered in health care operations. This course introduces the concepts of basic managerial financial functions, such as budgeting, reimbursement methods, and the responsibilities of health care financial management. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available...
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...Although finance and accounting are both involved with the financial aspect of a business or organization, the managers and employees in these departments deal with finances in completely different ways. Accounting deals mainly with preparing and examining financial records and ensuring their accuracy, making sure taxes are paid on time and properly, and assessing financial operations to help ensure that organizations run efficiently. On the other hand, finance deals primarily with making important financial decisions for an organization and helping “develop strategies and plans for the long-term financial goals of an organization” (Financial Managers 2012). It is also important to note that financial managers use the financial information prepared by the accounting department in order to make the best decision possible for their organization. Nevertheless, both accountants and financial managers together must operate effectively and efficiently to ensure the continued short-term and long-term financial viability of any health care organization. In this short essay I will explain the relationship between finance and accounting and how they both help ensure the financial viability of a health care organization. First, despite the fact that finance and accounting both oversee the financial aspect of a health care organization, the way in which they handle finances are very different from one another. “Accounting is concerned with financial record keeping, the production of periodic...
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...Sciences HCS/405 Version 5 Health Care Financial Accounting Copyright © 2012, 2010, 2007, 2005, 2004, 2002, 1999 by University of Phoenix. All rights reserved. Course Description 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 applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the student website. Week One: Overview of Health Care Finance Details Objectives 1.1...
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