...Comparative Summary HCS/577 July 28, 2014 Comparative Summary Introduction The financial environment of the different types of health care entities is defined by the classification of ownership. The three categories of ownership are for-profit, not-for-profit, and government owned. In the following paragraphs, I will identify one entity from each of the three categories of ownership and describe the financial structure in their financial environment. I will identify the policies unique to each financial environment as well as financial management practices prevalent in the financial environment. I will also explain why effective financial management is more difficult in health care than in other industries. Entities Piedmont Medical Center is a for-profit acute care hospital located in Rock Hill, South Carolina. It is an entity with the Tenet Healthcare Corporation that offers a broad range of surgical and diagnostic services that include advanced heart and stroke care, women and children services, and a 24-hour emergency room. It has received recognition for its cardiac care, cancer care, diabetes management, orthopedic care, stroke care, and surgical care. (Piedmont Medical Center, 2014). Greenville Memorial Hospital is a not-for-profit acute care hospital also located in Greenville, South Carolina. It is an academic teaching hospital with a 24-hour emergency room that provides inpatient and outpatient services for the immediate community as well as a referral center...
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...nonprofit behavior must not be adulterated by individuals taking advantage of the perceived trustworthiness (Aadulteration challenge@), and (3) nonprofit status must be treated as a reliable predictor of organizational behavior by consumers, when the reputation of individual firms is not seen as reliable (Areputational ubiquity challenge@). We propose that the trust hypothesis stands on shaky ground. It can be sustained only under particular conditions that have been neither carefully described in theory nor subject to empirical assessment. The available evidence, patchy and inadequate as it is, seems to suggest that there are ownership-related differences in the organizational behavior of non-profits and for-profits. However, there is little evidence that these differences can be connected to trust per se or provide a rationale for the existence of nonprofit ownership. * Center of Economic Research and Graduate Education at Charles University and Economics Institute of the Academy of Sciences of the Czech Republic. E-mail: andreas.ortmann@cerge-ei.cz or aortmann@yahoo.com ** School of Medicine, Yale University. E-mail: mjs4@email.med.yale.edu Note: A shorter version of this paper has been published under the same title in...
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...Business Organization Entrepreneurs should write a business plan to help bring the idea of a new business venture. There are also regulations that should be followed when starting a business. The role that regulatory requirements play in the process of entrepreneurship within the health care field is, it provides a standard, or structured frame, which offers the entrepreneur the means to operate according to the law. This paper will define sole proprietorship, partnership, corporations, and limited liability companies, discuss the advantages and disadvantages of each, and discuss which the most important appropriate form of ownership is for an aggressive entrepreneurial firm. Define A sole proprietorship is defined as a form of business organization involving one person, and the person and the business are essentially the same. Sole proprietorships are the most predominant form of business organization. Partnership is defined as a form of business organization where two or more people pool their skills, abilities, and resources to run a business. A limited partnership is a modified form of a general partnership. The major difference between the two is that a limited partnership includes two classes of owners: general partners and limited partners. There are no limits on the number of general or limited partners permitted in a limited partnership. Similar to a general partnership, the general partners are liable for the debts and obligations of the partnership, but the limited...
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...ASSIGNMENT: 3 ORGANIZATION OF A HEALTH CARE FACILITY HEALTH CARE POLICY LAW AND ETHICS AUGUST 10TH. 2013 Your reputation as a renowned administrator to successfully lead mergers and acquisitions of hospitals precedes you, and you have been hired to create and open a new specialty health care business. This is a clinic with physicians who specialize in the following areas: dermatology, gynecology, heart disease, respiratory disease, surgery, and gastroenterology. It is located in an exclusive neighborhood. 1. Determine whether you would incorporate and state the advantages and disadvantages of doing so. The first order of business is to analyze the demographics of the neighborhood and its residents. Incorporating so many specialties in an exclusive neighborhood can bring about several challenges such as an influx of a variety of individuals from all walks of life. In addition, there could be a traffic nightmare with having so many specialties in a neighborhood such as women with children, old and young adults. The advantages of incorporating multiple specialties in a new clinic would be financially rewarding for the owners. The reason for the financial rewards would be that if one specialty does not do well, then the other would offset any deficits incurred. Another advantage of group practice from the perspective of the provider include shared operation of the practice, joint ownership of facilities and equipment, centralized administrative...
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...and governmental entities use different financial structure, policies, and unique management practices. According to Gapenski (2008), hospitals are classified by ownership as private not-for-profit, investor owned, and governmental. The statistical data show approximately 60 percents of all hospitals are private not-for-profit hospitals, approximately 25 percents consisted of governmental hospitals, and approximately 15 percents are investor owned hospitals. Main difference between not-for-profit and for-profit hospitals are not-for-profit hospitals received numerous tax benefits such as tax exemption from federal, state, and local government income taxes because hospital serves as a charitable purpose and provide benefits to the community in general. The hospital sector in the United States includes three different types of ownership forms. Not-for-profit hospitals are the most common type but for-profit and government hospitals also play substantial roles. Arnold Palmer Hospital for Children is not-for-profit hospital dedicated to the providing a shelter of hope and healing to the children. According to Orlando Health (2011), “Arnold Palmer Hospital is a 158-bed pediatric hospital located in Orlando, Florida.” Orlando Health is dedicated to offering community services by providing high quality health care. Arnold Palmer Hospital for Children included about 158-bed pediatric hospital. Hospital Corporation of America is the largest investor owned hospital in the world...
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...3: Staying Current on Healthcare Policy Genaro H. Estores MBA 729 – HCM 552 Indiana Wesleyan University Workshop Six, Activity 6.3: Staying Current on Healthcare Policy Staying current with health care legislation is an overwhelming task. Rules and regulations vary from state to state and family to family, depending on individual circumstances. The push to overhaul health care in the United States has resulted in more confusion than ever. When it comes to laws that affect your health and wellbeing, leave no stone unturned. Never assume that what you’ve heard is all there is. If you have questions about health care policy or reform, check with multiple reliable sources. Keeping up with changes in health care is a daunting task. Some may say it is impossible to do so. It seems as though we are constantly bombarded with the “new” - new medical discoveries, new treatments, new technology, new rules and regulations, new equipment, new policies and procedures, new expectations, new forms, and a lot more. These can require some sort of change on our part. So how do we stay on top of it all? Let me offer an approach: 1. What Do You Really Need to Know? - While it might sound radical, I believe a nurse does not need to be on top of it all. Identify the areas of the health care sector that are relevant and of interest to you. You would want to be on top of changes in your particular specialty as well as policy, technology and regulatory issues. 2. Who Are the Experts...
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...industries in the healthcare sector are health insurance, pharmaceuticals and biotechnology, medical equipment and supplies and health services. Others include education institutions, government and private research agencies. b. What is meant by the term healthcare finance as used in this book? Healthcare finance is a term used in this book to describe accounting and financial management principles and practices used to ensure the financial well-being of health care organizations. c. What are the two broad areas of healthcare finance? The two broad areas of healthcare finance are accounting and financial management. Accounting is the recording of financial transactions concerning a business or organization, providing a summary of transactions. Financial management is the use of theory, principles, and concepts developed to help managers make better financial decisions. d. Why is it necessary to have a book on healthcare finance as opposed to a generic finance book? While each service industry has a certain definitive characteristic, the health service industry is different to most others. Non-profit corporations dominate the health service industry either by government or privately. Third parties such as insurance companies, employers and government programmes are the ones that make the majority of the payments to healthcare providers over individuals. The application of finance principals are emphasised according to the health service industry. 1.2 What is...
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...Dealing with Fraud By: Kevin McCarthy To: Dr. Michelle Rose HSA 515 Health Care Policy, Law, and Ethics December 13, 2012 Abstract As the Chief Nursing Officer, I am responsible for one of the state’s largest Obstetric Health Care Centers. I have received word of some fraudulent behaviors in the center. I will evaluate how the Healthcare Qui Tam affects health care organizations. I will provide four (4) examples of Qui Tam cases that exist in a variety of health care organizations. I will devise a procedure for admission into a health care facility that upholds the law about the required number of Medicare and Medicaid referrals. I will recommend a corporate integrity program that will mitigate incidents of fraud and assess how the recommendation will impact issues of reproduction and birth. I will devise a plan to protect patient information that complies with all necessary laws. Evaluate how the Healthcare Qui Tam affects health care organizations Qui tam is shorthand for a Latin phrase that means “he who sues for the king as well as for himself.” In a qui tam case, the whistle – blower (aka relator) files the suit as a kind of “private attorney general” on behalf of the government. The government can choose to take over the prosecution, but if it declines to do so the relator can proceed alone (Showalter). Any person with information about health care fraud can be a qui tam plaintiff. Person is defined as “any natural person, partnership, corporation, association...
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...Non-Profit versus For-Profit Healthcare and Organizations In analyzing the characteristics in relation to nonprofit versus for-profit healthcare and organizations I found an interesting article from the Congressional Budget Office [CBO] (2006), which breaks down the ownership types of hospitals nationally. Based on 4,518 community hospitals, 58 percent are non-profit, 18 percent are for profit, and the remaining 24 percent are government owned hospitals. Non-profit hospitals were established for charitable purposes and tend to be larger, and are more likely to be teaching hospitals. They also are responsible and accountable to the communities they serve. They are governed by leaders of the communities they serve. Earnings received from the non-profit hospitals are reinvested to improve quality and care provided at the hospitals, and also invested in community programs, such as providing no fee or discounted fees to the uninsured and low income for health care services. Non-Profit healthcare organizations mission is to serve communities by providing healthcare without regard for a patient’s ability to pay. For-profit hospitals are legally responsible to their owners and stockholders and performance is based on profitability and the return on equity to its shareholders. Profits from earnings can be distributed to owners and stockholders. There are also tax treatment differences for the for-profit and non-profit hospitals. (CBO, 2006) The non-profit...
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...Nursing Professional NRS-430 April 07, 2011 Accountability of Nursing Professional Every health care member is accountable to their Profession ,Public ,Self,Clients,and health care agency.Accountability means they are able to explain the reasons behind their actions. Accountability facilitates self assessment and assume ownership of job role. Porter-O’Grady & Malloch(2007) replaced respnsibility with accountability. The word ‘ Responsible ‘ means,it ,make the workers feel like they need to complete a job within certain time.Accountability make the workers programe their job and take ownership of it. They can eventually feel proud about their performance.American nurses association stated that the nurse will be accountable for their actions and their judgment.(ANA2001P1).Accountability is a legal obligation.It applies to every one involved in the health care.According to the health portability and accountability act, the nurse should not ignore the patients wishes.Nursing shortage will impact the future of health care.This make the health care institution uses the non-licensed individuals to be patient care givers.This inturn will place more ethical and legal responsibility on RNs .RN position will be as a leader or supervisor in the health care industry. Nurses are accountable to the clients. Nurses allow clients to participate in nursing care activities and planning.Nurses serve as a client advocate, when the need arises.Nursing task will be...
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...can be defined as an economic and political system based around property ownership and private industry. It is a different form of government where the system is based upon individual rights. The key component of capitalism runs off competition, all markets are open with little or no government directive. This form of government has a tremendous effect on healthcare in that Capitalism is based on demand and supply and when dealing with healthcare the demand and supply are disconnected. Capitalism is defined as a free enterprise system. It is essentially a competition between markets as well as unregulated supply and demand. Each individual is permitted to sell whatever product at whatever price as long as the market can sustain it. Decisions about products are made solely on the need or demand. If there is no demand then there will be no profit, if the demand is high then there will be a profit; however, if the demand is too high, there will not be enough suppliers. Nearly every nation has a different economy which means capitalism will operate differently. The future for healthcare holds many negative and positive factors. It will be positive in that Capitalism will encourage health care providers to be efficient by concentrating on the things which are on demand rather than those that are not. Capitalism will also allow the health care industry to grow exponentially because the health care organizations will continue to make money and subsequently invest that money into production...
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...Health Care Communications Methods Susan Anderson HCS/320 January 26, 2015 Terri De Wees Option 1: Nursing Home Administrator As the administrator of a nursing home, I have recently received notification that this nursing home has been bought out by a national long term care facility. There are new policies that will be put in place, causing some of the current residents to be displaced. As the administrator it is my responsibility to communicate these changes to the residents, clients, and members of their families. Unfortunately, there are some residents that have difficulty communicating and have no family, friends, or next of kin in the area that can help with the communication process of the changes that will be made and they have not indicated they approve of the release of their medical information. Ultimately it is my responsibility to make sure the needs of the residents for arrangements are made to make this transition as painless as possible. Verbal and oral communication are more traditional forms of communication. There are advantages and disadvantages to both of these types of communication. Verbal communication includes all behavior conveying messages with language (McDonald, 2006). This is a form of internal communication. Internal communication is any communication that is done within a company or organization. One advantage of verbal communication is the ability to have an understanding of information and the ability for quick responses and...
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...operations by filing documents; reconciling statements; running software programs. Accounting Clerk Job Duties: * Maintains accounting records by making copies; filing documents. * Reconciles bank statements by comparing statements with general ledger. * Maintains accounting databases by entering data into the computer; processing backups. * Verifies financial reports by running performance analysis software program. * Determines value of depreciable assets by running depreciation software program. * Protects organization's value by keeping information confidential. * Updates job knowledge by participating in educational opportunities. * Accomplishes accounting and organization mission by completing related results as needed. Skills/Qualifications: Organization, Financial Software, Reporting Skills, Attention to Detail, PC Proficiency, Typing, Productivity, Dependability 2. Admissions Director – Hospital Job Purpose: Admits patients by directing the admissions process; developing, implementing and maintaining revenue-generating strategies; determining and implementing admissions best-practices; promoting the hospital; maintaining a satisfied patient base. Admissions Director - Hospital Job Duties: * Accomplishes admissions human resource strategies by determining accountabilities; communicating and enforcing values, policies, and procedures; implementing recruitment, selection, orientation, training, coaching, counseling, disciplinary,...
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...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? a. Information systems that track all aspects of patient care can be developed more easily. b. Integrated delivery systems can provide population-based care, such as chronic disease management, that is often not offered by stand-alone providers. c. Integrated delivery systems have better access to capital. d....
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...Healthcare services (ex. hospitals), Health insurance (makes most of the payments to the health service providers), Medical equipment and supplies (maker of medical/diagnostic equipment), Pharmaceuticals and biotechnology (develop/market drugs/therapeutics), and "other" (which includes consulting, educational, government, and research agencies) b. What is meant by the term healthcare finance as used in this book? Healthcare Finance consists of both the accounting (which creates and provides useful operations and financial status information to interested internal and external parties for assessing financial and operation performance) and financial management (provides the theory, concepts, and tools necessary to help managers make better financial decisions) for the healthcare sector of the economy. c. What are the two broad areas of healthcare finance? Accounting and financial management (aka Corporate Finance) d. Why is it necessary to have a book on healthcare finance as opposed to a generic finance book? Healthcare services are dominated by both private and governmental not-for-profit corporations, which differ from investor-owned businesses (learned in a generic finance book) due to the majority of payments being made are from third-party payers (e.g., employers, commercial insurance companies, government programs). 2. What is the difference between a business and a pure charity? A pure charity is a budgetary organization in that the amount of contributions...
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