...Health Care Spending P1 Health Care Spending No name HCS/440 April 16, 2012 Health Care Spending P2 There are trillions of dollars spent on health care spending in the United States. This dilemma of possessing to spend trillions of dollars on health care leads to numerous problems with the government. There have been many issues that make the health care spending rise with people having no health care insurance being one. For instance, not having health care insurance leads to people going to the Emergency rooms for minor illnesses. The Emergency rooms does not require payment at the time of the visit that leads to many non-payments for the hospital. This issue has been a problem for many years and will continue to be a problem. Maybe one day the government will decide to address this and other problems and make changes accordingly. The problem that will discuss...
Words: 1491 - Pages: 6
...Current Healthcare Concerns Started in the 1960s, Community Health Centers have serviced the need for health care for low income and impoverished people in the inner-cities and rural areas throughout the country. Today Arroyo Fresco Community Health Center continues the tradition of community health. However, unlike the 1960s, many issues concerning health care today have affected the quality and economics in the health care market. It seems that there is a plethora of concerns about the delivery of health care that adds to the burden community health centers face. Health Reform (Affordable Care Law), Physician Assisted Suicide, Medical Errors, Universal Health Coverage, Medicaid/Medicare Expansion, just to mention a few. There are some issues that stand out as requiring more attention than others. Health Care Expenditures Health Care Expenditures measure spending for all privately and publicly funded personal health care services and products to include: hospital care, physician services, nursing home care, prescription drugs, clinical and ancillary services, equipment, etc. Expenditures vary by state. Hospital spending is included and reflects the total net revenue (gross charges minus contractual adjustments, bad debts, and charity care). According to the World Health Organization (WHO), the United States spent more on health care per capita ($8,608), and more on health care as percentage of its GDP (17.9%), than any other nation in 2011. Costs such as insurance program...
Words: 1288 - Pages: 6
...Chapter One 1. A. What are some of the industries in the healthcare sector? The major industries in 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...
Words: 873 - Pages: 4
...HEALTH CARE [Author Name] In the article “Health Care Study Calls Risk Pool Money Lacking” Kevin Sack discusses some of the issues of healthcare finance. He says that the new law of health care does not properly allocate money for 5.6-7 million Americans with medical conditions that are pre-existing and have high risk insurance pools. The insurance plans carried out by the Government are a stopgap until 2014 after which the insurers cannot deny from providing total medical coverage to people. But according to a study by a nonpartisan research group, the Center for Studying Health System Change, $5 billion will only cover 200,000 people in a year. As a result, there would be a huge number of people having serious medical problems but the amount allocated for health care won’t cover them. Also, prompted officials of the 20 states would decline to establish their own financial pools which would put the burden of the task to Washington. In these states, the officials and the Republicans fear the intense pressure that they will have to face in case they are short of money. High risk pools will be established in some of the states by July1. The existing pools charge high rates which make them unaffordable to many; the new pools should have standard charges. Even then we won’t know how many uninsured won’t be able to afford those standard rates. Another analysis in this week concludes the states should be satisfied with new amendment and expansion of law. The...
Words: 1104 - Pages: 5
...Financial Reporting Practices and Ethics in Healthcare Jeanette Jordan 03/07/16 HCS-405 Prof. Adrian Parker Abstract Financial management is a vital part of organizational effectiveness, it is a discipline with a long and respected history. Health care service delivery is a business, and the concept of financial management assists in balancing the inflows and outflows that are a part of the business. The managers within a health care organization will generally have one of three views the financial view, the process view and, the clinical view. Health care managers must of necessity interact with one another. Thus, managers holding different views will be required to work together. So, health care managers who understand health care finance will be able to interpret and negotiate successfully such interactions between and among viewpoints. (Mohamed Refaat, 2016) There are four elements of financial management planning, controlling, organizing and, decision making. In planning the financial manager identifies the steps that must be taken to accomplish the organization's objectives. Thus, the purpose is to identify objectives and then to identify the steps for accomplishing these objectives. In controlling the financial manager makes sure that each area of the organization is following the plans that have been established. In organizing the financial manager decides how to use the resources of the organization to most effectively carry out the plans that have been established...
Words: 1131 - Pages: 5
...There is a body of literature by Canadian and international academics examining the determinants of health care expenditures, thereby offering suggestions regarding what variables can be influenced to reduce the health care expenditures. One Canadian researcher, Livio Di Matteo, did many studies on the determinants of Canadian health care expenditures. In Livio Di Matteo and Rosanna Di Matteo (1998), they used a pooled time-series cross-section model and provincial data over the period 1965-1991 to examine the determinants of real per capita provincial government health expenditure, finding that the real per capita provincial government health expenditures were positively and significantly affected by real provincial per capita income, the...
Words: 2658 - Pages: 11
...country's health care system should offer affordable medical care to its citizens. The ability of the system to fulfill this mandate is dependent on financing. The system of finance includes revenue going into the health care system and money going out to reimburse health care providers. The source of the polarizing debates on the efficiency of a health care system often centers on the reimbursement of funds to service providers. Service providers in the United States charge exorbitant fees for medical services. In other countries like Canada and the United Kingdom, the cost of treating patients is much lower than in the United States. A point of disconnect emerges when one analyzes what each citizen is paying for. Amongst the developed donations, the United States spends the largest proportion of its GDP on health care expenditure. Part of the high costs are due to numerous tests and medical research. The United States is a world leader in medical research. In addition, they also attract the best talent from all over the globe. Looking at other developed nations, they excel in providing standard care. The cost of a heart or kidney transplant in Canada and the United Kingdom are much lower than in the United States. If one goes to India, the cost is even much lower. In as much as Canada, the United Kingdom and India provide affordable care they do not necessarily provide the best care. This is because they do not divert a significant proportion of their health care revenue towards...
Words: 402 - Pages: 2
...Comparison Reimbursement Programs and the Movement of Finances in the United States Health Care System by Ronald J. Sanders MBA520, MBOL2, Health Care Organization Instructor: Dr. Sandra Washington Saint Leo University Distance Learning March 17, 2013 Abstract Effective payment program strategies are a major part of administering health care. Reimbursement programs are a part of the United States (U.S) health care system. They represent a financial tool for providing cash flow to service physicians and hospitals. Many times, the ability to provide quality health care depends on the payment for the services given by physicians and hospitals. This paper presents a view of payment reimbursement systems within the health care industry. A comparative overview and description of payment reimbursement will be given in order to understand the flow of finances in the health care industry. The focus will be on the capitation and fee-for-service reimbursement systems. Readers will then be able to conclude that the appropriate reimbursement method is dependent upon the amount of risk a party is able to assume. Comparison of Reimbursement Programs and the Movement of Finances in the United States Health Care System Physicians that are part of the managed care system have several methods in which to be compensated or be reimbursed for services. Two popular methods are Capitation and Fee-for-Service. Physicians have confronted several challenges...
Words: 1558 - Pages: 7
...Health Care Spending Paper Candace Kovacs HCS 440 January 23, 2012 Pranab Rout Health Care Spending The United States is spending trillions of dollars on health care every year. Health care spending is continuing to rise to higher levels at unsustainable rates. The excessive amounts spent on health care accounts for a substantial portion of the national budget. Trends such as the aging of the population, obesity, and technological changes are expected to affect the future of health care spending patterns (RAND Corporation, 2011). Even though health care spending seems excessive right now, there are several ways it can be addressed effectively to decrease the amount in the future. Spending The National Health Expenditures (NHE) includes the amount of spending on private and public administrative costs, personal health services, government public health spending and investments involving costs of equipment, non-commercial medical research, and buildings (U.S. Department of Health and Human Services, 2011). The current level of the NHE has raised $2.1 trillion in the year 2006, $2.25 trillion in 2007, and projects to reach $4.3 trillion by 2017 (U.S. Department of Health and Human Services, 2011). The most recent forecasts of health care estimates a yearly growth rate of seven percent, which equals to the gross domestic product (GDP) of 19.5 % by 2017 (U.S. Department of Health and Human Services...
Words: 1379 - Pages: 6
...POLYTECHNIC UNIVERSITY OF THE PHILIPPINES College of Accountancy and Finance DEPARTMENT OF BANKING AND FINANCE Dear Respondents, We are conducting a research on “Preference Criteria in Choosing Health Insurance among Public School Teachers in Rizal High School”. In this regard, we would like to ask for hel, by answering our questions. Thank you very much for your cooperation. Name: (optional) ______________________________________________________________ Instruction: Please put a check on the box of your choice * * Personal Characteristics * Age: ______ * Gender: Male Female * Health Status: Excellent Good Fair Poor * Family Situation: Single Partners without children Partners with children; No. of Children: ____ Single Parent Family Others (Please specify): __________________ * Monthly Income: Php 1001- Php 1500 Php 1501- Php 2000 Php 2001- Php 5000 Php 5001- Php 10000 Above Php 10000 * What type of insurance do you have? Government Insurance Work insurance Others (Please specify): ____________ * What company did you acquire for health insurance? Sun Life of Canada (Philippines) Inc. Pru Life Insurance Corp. of U.K. Philippine American Life & General Ins, Co. Philippine AXA Life Insurance, Corp. BPI Philam Life Assurance Corp., Inc. Others (Please specify): _____________________ * Are you...
Words: 363 - Pages: 2
...Health Information Exchange is leading the way to better Medical Care Medicine has come a long way in the past few decades. Today’s doctors and nurses have some amazing tools at their disposals. The latest high tech equipment, modern pharmaceuticals and procedures but in many cases the most important tool that is needed is information. Patient information to be more precise is what is needed. Correct and up to the minute information about a patients history is a vital part of treatment. And yet for many, access to this most important vital tool still lingers in the dark ages. It can be found scattered around filing systems in different offices, highly subject to retrieval by hand and accessible only by phone or fax. There is a better way. It is called health information exchange. According to the AHA website, “The Health Information Technology for Economic and Clinical Health (HITECH) Act, part of the American Recovery and Reinvestment Act of 2009, establishes programs to improve health care quality, safety, and efficiency through the meaningful use of certified electronic health record (EHR) technology and secure health information exchange.” Under HITECH, eligible health care professionals and hospitals can qualify for Medicare and Medicaid incentive payments when they adopt certified EHR technology and use it to achieve specified objectives. Recently there has been a lot of talk for a national information network. More importantly, how do we support that? This...
Words: 802 - Pages: 4
... | | |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...
Words: 2805 - Pages: 12
...Health Care Spending Marsha Whiteside October 1, 2012 HCS/440 Caryn Callahan Health Care spending is on the rise and is going to continue to rise year after year. The United States spends more on health care than any other country and with the loss of many jobs and low income families the spending is going to continue to rise. The United States spends nearly $2 trillion annually and spends two-and-half times more than the Organization for Economic Cooperation and Development (OECD) average (Johnson, 2012). There are many factors that contribute to the health care spending which include: technology, prescription drugs, rise of chronic diseases, and administrative cost. Not all people are in agreement with the health care spending in the United States and feel if there was some changes made, the spending would be lower and the United States could focus on other issues. The level of current nation health care expenditures is on the rise and is causing hardship on families as well as businesses. The United States spent seventeen percent of its gross domestic product (GDP) on health care which is higher than any other nation (Johnson, 2012). Fifty one percent of the health care expenditures in 2010 were made up of hospital care and physician/clinical services. The other forty nine percent includes: home health care, other professional services, nursing home care, Rx drugs, government administration, net cost of health insurance, investment, and other health and personal...
Words: 1312 - Pages: 6
...JYOTI TANEJA Expertise in Business Analyst with over 7+ years of IT experience on all phases of a SDLC project. Primary focus on Analysis, Product implementations, system Integration/Migration projects and process improvement projects. Significant hands-on experience in business sectors such as, Finance, Healthcare and Banking. Effective communicator, excellent team player, quick learner and creative problem solver with fine-tuned analytical skills. Education includes: Professional Summary Business Requirements Gathering, Business Process Flow, System Analysis, Business Process Modeling and Business Analysis. Industry experience in Healthcare, Finance, Health Insurance and Banking sector. Expertise experience in writing Business requirements document, System requirements specifications, Functional requirements document, developing Use Cases, creating screen mockups, and preparing Training manuals. Strong knowledge of Software Development Life Cycle (SDLC)- Feasibility Requirements Analysis, Design, Construction, Testing, Implementation, Support) and Rational Unified Process (RUP) and UML methodology Expertise in Waterfall and iterative methodologies such as Rational Unified Process (RUP) methodology, and Agile. Excellent skills in writing Business Requirements Document (BRD), Functional Specification Document (FSD) and Non-Functional Specification Document, System Design Specification (SDS) Performed Gap analysis, SWOT analysis, Risk analysis, and Cost/Benefit analysis...
Words: 2587 - Pages: 11
...with managing funds. It guides a company and individual in making optimum use of money to achieve maximum returns. While working on this specific assignment I decided to concentrate on financial ratio analysis, since I am the business owner, and most of the financial terms like balance sheet, shareholder’s equity, EBITDA, EBITDAM, financial ethics, financial benchmarking I am very familiar with. I must admit that understanding financial ratio analysis I found somehow difficult, this is why I decided to concentrate on this topic. Summary of Articles The first article that I read is called “Financial Ratios, Discriminant Analysis and the Predictions of Corporate Bankruptcy” by Edward I. Altman, published 1968 in the Journal of Finance. The article says that academicians are seeking to eliminate ratio analysis as an analytical technique in assessing the performance of a business. According to the article theorists are attacking the relevance of ratio analysis. The article explores the possibility of whether the gap between traditional ratio analysis and more rigorous statistical techniques can be bridged. According to the article the traditional ratio analysis is no longer an important analytical technique in the academic environment because of the unsophisticated manner in which it has been presented. The research combined financial ratios with discriminate analysis, applying this to the problem of corporate bankruptcy prediction. The article concludes that if the ratios...
Words: 1459 - Pages: 6
