Economic Terms and Health Care History Shonda Menezes HCS/440 John Gaze January 16, 2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred
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The Health care financial environment is the most common for- profit, not-for-profit, and also the government funding. In this paper, it will be identified that one entity of these health care financial environments. Also it will describe the financial structure of the financial environment. Along with identifying the policies unique to each of the financial environment, and also to identify the financial management practices prevalent in the financial environment. Then it will
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Accepted Accounting Principles Health care organizations are required to have financial records audited or examined at least once a year by a certified public accountant (CPA). During the audit, the CPA is looking for substantial errors, evaluating the hospital’s accounting system, and making certain that financial statements are being prepared in accordance with generally accepted accounting principles (GAAP). GAAP is a set of guidelines established by the Financial Accounting Standards Board (FASB)
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The four elements of financial management are planning, controlling, organizing and directing, then decision making. Planning allows the financial manager to identify the steps needed to become successful towards accomplishing an organization’s goals. The manager must identify objectives and steps to accomplish the goals. The financial manager then controls each department of the organization. One way to oversee a departments’ progress is by comparing past and current departmental reports.
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Financial management is very essential for health care organization’s to succeed and accomplish goals. As a financial management has a major aspect on how it incorporates the ethical standards and proper reporting practices. To report practices and ethical standards in health care finance assist financial managers in conducting. They conduct effect analysis of the organization’s revenues, expenses, assets, and much more. In the next few paragraphs in the paper will be discussed is the four elements
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Health Care Budget An operating budget is a strategic initiative for the organizations financial plans over the course of the coming year. The operating budget works directly with the Statement of Activities (SOA) for a fiscal year to accomplish the organization financial goals. To produce an effective operating budget the organization needs to have knowledge of what financial management practices work best for the financial goals they are planning to use. Proper understanding of these concepts
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Reporting Practices and Ethics HCS 405 Financial management is an important aspect to health care financial planning. There are many financial decisions made every day and depending on the accounting records and the different transactions that are occurring. Finance management is something that health care organizations need to pay close attention to. The priority of a heath care facility is to care for patients, but there still needs to be a profit so the company can keep caring for patients
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the social, mental, physical and other aspects of health to determine if parents are really healthy after the decision has been made. Parents also assess the decisions associated with the cost and welfare of the children involved and how those issues play in the role of their health. Another aspect parents face is the choice of who will stay home with the children, can parents maintain a healthy and happy lifestyle with only one income. Evaluating the situation of whether or not to put the child
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issues; health, safety and security; documentation and records Front office services: roles and responsibilities; reception; advanced reservations; concierge; administration; working procedures; control mechanisms; interior design; first impressions; guest records; the guest cycle; occupancy rates and monitoring; selling and promotion; tariffs and discounting; billing; point of sale (POS); payment procedures; cash control and reconciliation; security Legal and statutory requirements: health and safety;
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to integrity and privacy of financial data in publically traded corporations. 2. Health Insurance Portability and Accountability Act (HIPAA) – This act refers to the integrity, confidentiality, and availability of health care information. PCI (Payment Card Industry Data Security Standard) – This act pertains to credit card information confidentiality that is later stored and used by the merchants. GLBA (Gramm-Leachy Bliley Act) – This act pertains to personal financial information and the corresponding
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