...Operating Revenue: Accounts Receivable Crisis HSM 543 Health Service Finance I have conducted several evaluations into our current issues of improving the financial well-being of our hospital. I have several ideas that would create positive revenue and decrease quality assurance issues. I have a few considerations on how we could improve and reinforce our current accounts receivables issues. It will take the assistance from many of the departments such as admissions/registration, chart documentation, claims processing, payment posting, charge capture, and secondary billing/patient follow up. These areas are critical for the modifications to have sustaining results. A clerk added to the night shift from 11pm to 7 am would drastically reduce errors in registration and admissions. This allows for the emergency room staff to concentrate on their jobs which is taking care of the patients. The proper registration and insurance information allows the registration clerk to bill the right insurance company based on the codes documented for that company and patient. This action would need to be budgeted for and several interviews done to locate two experienced clerks from the current pool or two new hires. Also, adding new management software would create a log of changes, errors, overrides, etc. that a knowledgeable Quality Assurance Manager can use to provide check and balance. These improvements would reduce the errors in admissions and claims processing. The next area...
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...the healthcare sector includes health services, health insurance, medical equipment and supplies, pharmaceuticals and biotechnology, and other (includes a diverse collection of organization ranging from consulting firms to educational institutions to government and private research agencies. B. What is meant by the term healthcare finance as used in the book? Finance, as the term is used within the health services industry and as it is used in the book, consists of both the accounting and financial management functions. C. What are the two broad areas of Healthcare Finance? Accounting as its name implies, concerns the recording, in financial terms, of economic events that reflect the operations, resources, and financing of an organization. Financial management or corporate finance, provides the theory, concepts, and tools necessary to help managers make better financial decisions. Certain aspects of accounting involve decision making, and much of the application of financial management theory and concepts requires accounting data. D. Why is it necessary to have a book on healthcare finance as opposed a generic finance book? The reason is that while all industries have certain individual characteristics, the health services industry it truly unique. 2. What is the difference between a business and a pure charity? A business such as a hospital or medical practice, sustains itself financially by selling goods or services. Thus, it is in competition with other...
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...Feb. 5 midnight) Right on homework Corrected on homework Multiple Choice Questions: 1. Which of the following statements about finance, accounting, and financial management is most correct? a. Accounting is of no value in decision making. b. Accounting provides the theory and concepts necessary to help managers make better decisions. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency and value of the enterprise. Pp slide 22 (Gapenski 2012) e. Financial management is of no value in decision making. 2. Which of the following statements about the role of finance in healthcare organizations is incorrect? a. Over time, the finance function has become increasingly focused on strategic issues, such as joint venture decisions. b. Today, the most critical finance function is cost identification. Should say cost containment pg. 8-9 c. The finance function often supports cost containment efforts and third-party payer contract negotiations. d. The primary activities of the finance function can be summarized by the four Cs: costs, cash, capital, and control. e. In times of high profitability and abundant financial resources, the finance function tends to decline in importance. 3. Which of the following is not a hypothesized benefit of integrated delivery systems...
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...SOLUTIONS Multiple Choice Questions: 1. Which of the following statements about finance, accounting, and financial management is most correct? a. Accounting is of no value in decision making. b. Accounting provides the theory and concepts necessary to help managers make better decisions. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency and value of the enterprise. e. Financial management is of no value in decision making. 2. Which of the following statements about the role of finance in healthcare organizations is incorrect? a. Over time, the finance function has become increasingly focused on strategic issues, such as joint venture decisions. b. Today, the most critical finance function is cost identification. c. The finance function often supports cost containment efforts and third-party payer contract negotiations. d. The primary activities of the finance function can be summarized by the four Cs: costs, cash, capital, and control. e. In times of high profitability and abundant financial resources, the finance function tends to decline in importance. 3. Which of the following is not a hypothesized benefit of integrated delivery systems? a. Information systems that track all aspects of patient care can be developed more easily. b. Integrated...
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... Analyze the supply chain operations of Sprong Security Financial Services. Identify issues and/or opportunities of the company major issues, to generate a hypothesis for each issue, research questions to use for conducting analysis. Identify the circumstances surrounding each issue, classify the issue, attribute the importance of each classification, and test the accuracy of each classification. Legal is appointed, established, or authorized by law; deriving authority from law (Definitions- Legal, 2011). Regulatory is restricting according to rules or principles (Definitions - Regulatory, 2011). The laws and regulations for an accounting service and the insurance are the HIPAA Law, to have a lawyer on retainer for legal business, and keeping updates on the new tax laws for federal, state, and local. The federal trade commission is very big in any business because they regulate how an advertisement is being published to the public. The advertisement has to be honest, positive, and to be able to back up what the advertisement have to say. The HIPAA Law consists of the privacy of each client, for their information does not be leak out to anybody without their permission to do so. Economic is the study of how people choose to use resources. Sprong Security Financial Services economic services would be based on the commissions get from the policies that clients signs up for, and for other services that is being offer to them. The business reflects on the economy...
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...an important vehicles of poverty reduction strategy. For the first time, the comprehensive Industrial Policy 2005 highlighted SME development as a flagship policy area for balanced and sustainable industrial development in Bangladesh. Availability of finance is thought to be a major constraint to formation and growth of SMEs in Bangladesh. Banks are reluctant to expand their SME credit portfolio because they do not consider SME lending an attractive and profitable undertaking. This is so because SMEs are regarded as high risk borrowers because of their low capitalization, insufficient assets and their inability to comply with collateral requirements of the banks. Administrative costs are also higher because close monitoring and supervision the SME operation becomes necessary. Despite all these facts banks and financial institutions have been providing finance to the SME sector and the volume of finance is showing an increasing trend. Most importantly the share of private sector banks in disbursement of credit to the SME sector has been increasing in recent years comparatively at a higher rate than the NCBs and state owned DFIs. There is an issue of interest rate charged by banks and financial institutions for SME finance. Very often it is argued that the interest rate on SME loan is too high and...
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...Healthcare Finance I Questions 1.1, 1.4, 1.6 (pp. 23-24) 1.1 a. What are some of the industries in the healthcare sector? Health services, health insurance, medical equipment and supplies, pharmaceuticals and biotechnology and other such as consulting firms and educational institutions. b. What is meant by the term healthcare finances as used in this book? It means “the accounting and financial management principles and practices used within health services organizations to ensure the financial well-being of the enterprise.”(p.22) Accounting functions are needed for the financial management of the company. Educated business decision can’t be made without knowing the detailed accounting part at all times. c. What are the two broad areas of healthcare finance? Financial Accounting and Managerial Accounting. d. Why is it necessary to have a book on healthcare finance as opposed to a generic finance book? This is due to the fact that the healthcare industry has unique, as stated in the text, individual characteristics which require emphasis in these specific areas. 1.4 a. Briefly describe the following health services settings: * Hospital: Provides general, acute care, diagnostics, surgery, usually for patients who need several hours of care. * Ambulatory care: Outpatient care for patients who need less than several hours of care and is usually cheaper than hospitals. 1.6 What is the structure of the finance function...
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...[pic] |Background | BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited) registered under the Companies Act 1913 on the 2nd of August, 1988, started its operations from the 21st of January ,1989. It is governed by the Banking Companies Act 1991. The Bank was established as the policy makers of the country felt the urgency for a bank in the private sector for financing small scale Industries (SSIs). At the outset, the Bank started as a joint venture enterprise of the BCC Foundation with 70 percent shares and the Government of Bangladesh (GOB) with the remaining 30 percent shares. The BCC Foundation being nonfunctional following the closure of the BCCI, the Government of Bangladesh took over 100 percent ownership of the bank on 4th June 1992. Thus the Bank is state-owned. However, the Bank is not nationalized; it operates like a private bank as before. BASIC Bank Limited is unique in its objectives. It is a blend of development and commercial banks. The Memorandum and Articles of Association of the Bank stipulate that 50 percent of loanable funds shall be invested in small and cottage industries sector. |Present Chairman |Mr. Sheikh Abdul Hye Bacchu | |Present Managing Director |Mr. Kazi Faqurul Islam | Capital Position |Authorized capital |Tk. 2000.00 million | |Paid up capital...
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...'Project Finance'? Project finance is defined by the International Project Finance Association (IPFA) as the following: The financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt and equity used to finance the project are paid back from the cash flow generated by the project. Q. 02. Discuss long-term & short-term source of project financing? Sources of financing a business are classified based on the time period for which the money is required. Time period are commonly classified into following three: * Long Term Sources of Finance: Long term financing means capital requirements for a period of more than 5 years to 10, 15, 20 years or may be more depending on other factors. Capital expenditures in fixed assets like plant and machinery, land and building etc. of a business are funded using long term sources of finance.. Long term financing sources can be in form of any of them: * Share Capital or Equity Shares * Preference Capital or Preference Shares * Retained Earnings or Internal Accruals * Debenture / Bonds * Term Loans from Financial Institutes, Government, and Commercial Banks * Venture Funding * Asset Securitization * International Financing by way of Euro Issue, Foreign Currency Loans, ADR, GDR etc. * Preference Capital or Preference Shares * Debenture / Bonds * Lease Finance * Hire Purchase Finance ...
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...Case Study of Bowden Brake Service HRM 505-OL Marygroove College By: Victoria Flanders Thursday September 25, 2014 Case Study #1 Bowden Brake Service Problem/Issue Statement Should local finance institutions lend the money to Jim to expand his business? The owner, Jim Bowden, has been denied by the local finance institutions for loan in order to expand his business. Executive Summary *Assumptions were made and are presented in Appendix A* The owner, Jim Bowden owns a brake service shop. His business specialized in fixing car brakes and possible other repairs. Jim is seeking to expand his business, the owner had fill out financial form in the local finance institutions. Jim appeared to be very furious at the local finance institutions. As it turns out, all the finance institutions turned down his request for loan. Since his requests were turned down, Jim is unable to expand his business. The local finance institutions had recommended for the owner to look into ratio analysis. The problem is, both the bookkeeper and accountant are on vacation during the time of need. Jim is clueless about ratio analysis and is frustrated. There is a Human Resource Manager who was hired several months ago. This HR Manager had some training in managerial finance. The HR Manager offered to help the owner figure out the finance. At first, the owner felt skeptical because he did not think HR would know anything about finance. When the HR Manger discovered Jim needed a ratio analysis...
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...financial services outreach and to promote financial inclusion to the un-banked and under-banked population without risking the safety and soundness of the banking system. The concept is also geared towards encouraging financial institutions to use agents in the provision of banking services so as to reduce the cost of financial services and to foster financial inclusion, reach and depth. Commercial Banks worldwide offer similar kinds of services, but they could provide differences in terms of service quality. This paper analyzes past studies regarding service quality improvement in the agency banking sector. The continuing trend to a model of service quality improvement, from personnel counter services to electronic services, will be demonstrated. Improved service quality should be adopted to maintain the core competence and this research will contribute towards knowledge and background for banks to apply these findings to better shape and focus their positions in the market and also to provide service quality to customers through the agency banking concept. Introduction From 1 July 1999, agencies that are subject to the FMA Act1 have been responsible for their own agency banking arrangements. The arrangements have been introduced to enable FMA Act agencies to establish banking service arrangements with the bank2 of their choice. In accordance with Australian Government policy, agencies are required to market test for the delivery of transactional banking services. In the...
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...some of the industries in the healthcare sector? * health services, insurance, equipment, supplies, drugs, and technology related to healthcare b. what is meant by the term health care finance as used in this book? healthcare finance is about accounting and financial management in healthcare. it provides organizations and managers with information as to help them make better financial decisions. c. what are the two broad areas of healthcare finance? * Accounting and financial management d. why is it necessary to have a book on healthcare finance as opposed to a generic finance book? - healthcare business in different than general business. healthcare services are mostly from not for profit corporations, which work with the normal investor owned corporations. because of insurance it also has third-party payers. 2. what is the difference between a business and pure charity? -businesses try to make profit, invest in its business. Charity work is non profit, and don’t make their revenue by selling their services. 3. a. briefly discuss the role of finance in the health services industry. -Finance is used to maximize efficiency and value. Also to implement cost controlling strategies. b. has this role increased or decreased in importance in recent years? increased. before healthcare used to make high profits and revenue, now its not so easy to be successful. finance is important and negligence in this department can lead to bankruptcy...
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...of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made at weekly services and recordkeeping for members’ contributions: 1. The church’s board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual budget and approves major disbursements but is not involved in collections or recordkeeping. No audit has been considered necessary in recent years because the same trusted employee has kept church records and served as financial secretary for 15 years. 2. The collection at the weekly service is taken by a team of ushers. The head usher counts the collection in the church following each service. He then places the collection and a notation of the amount counted in the church safe. Next morning the financial secretary opens the safe and counts the collection again. She withholds about $100 to meet cash expenditures during the coming week and deposits the remainder of the collection intact. To facilitate the deposit, members who contribute by check are asked to draw their checks to “cash.” Required Describe the weaknesses and recommend improvements in procedures for collections made at weekly services. Organize your answer using the following format: WEAKNESS RECOMMENDED IMPROVEMENT(S) AICPA (adapted) |Weakness ...
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...government and local authorities raise capital from the capital market which performs several important functions in the process of economic development. Most important among them are the promotion of savings and investment and efficient allocation of funds among competing uses. Participants in the capital markets are many. They include the commercial banks, saving and loan associations, credit unions, mutual saving banks, finance houses, finance companies, merchant bankers, discount houses, venture capital companies, leasing companies, investment banks, investment companies, investment clubs, pension funds, stock exchanges, security companies, underwriters, portfolio-managers, and insurance companies. Capital market in Bengal was founded during the Mughal regime in the early 17th century. Although in a limited scale, there were money and capital market activities in Suba-e-Bangala throughout the 17th century. Bengal under the nawabs was fairly developed in trade and communication. An historian characterised Bengal of the Nawabi period as 'easy in its finances, moderate in its expenditure, free from charges and cares of independent dominion, its inhabitants enjoying in the occupation of agriculture and commerce, public peace and abundance'. The prosperity of Nawabi Bengal was attributed to large investments by European nations and dispersal of Bengal raw silk, cloths etc. in...
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...Letter Student’s Name: Institution: Memo TO: CSU Funding campaign team members FROM: Yuqing and William DATE: February 5, 2014 SUBJECT: Funding for CSU This memo is a reminder of the meeting we have today. The agenda of the meeting is to talk about what we discussed and to get opinions on the matter. As the campaign group for the CSU funding, it is proper that we use all means and to gather all that is in our disposal for the task. We discussed on how we can acquire funding, and we agreed that we should not limit our campaign to only seeking finances. The essence of this program is to help increase CSU’s finances so that it can services its activities. This can be achieved through the provision finances and by enforcing measures to cut down costs. CSU has tried such measures, in the past, to cut down on its spending. It has done so by increasing its technology use to replace costly manual systems and by sharing services between departments and campuses. In our discussion, we suggested on the same idea that campaigning for funding does not exclusively mean seeking funds. We, therefore, discussed that if we can get people to volunteer, tutor or pursue internship programs, it would be a good measure of cutting down costs. Salary expenses are a significant part of the overall expenses and reducing these costs saves a lot of money for CSU. We also proposed that the target audience, for this plan of the campaign, is the graduates. Students do not have money to cover for their...
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