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The Importance Of Finance And Accounting In Healthcare

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Finance and accounting are both which helps in determining financial viability. Managing funds can be described as finance, which involves lending money and saving. On the other hand accounting mainly focuses on keeping records. Mainly organization is depended on cash flow and balance sheet. Financial statements are the key that has to use in determine financial viability in a healthcare organization. They will comprise of liquidity, cash flow and net income There are many things that have to be keeping in mind in running a hospital. Cash is the king. It is very important for a health care facility to monitor cash. The things I will be doing to insure financial viability of my hospital are. 1. Choosing the right vendor- Vendor should be reliable and should be able deliver goods on time. For example if I introduce new Electronic Health Record to my staff to make the workflow faster. The vendor should have option to lease so in case if the staff is not comfortable I as a CEO should have option to return it. This will help to save me money by not investing thousands of dollars in it. 2. …show more content…

Medicare- As our older population gets 65 they get eligible for Medicare. They usually tend to seek doctors more may be encouraging them to consider to use age in place as an option. By using this option older population can stay at home and get treated at home. For example if a homeless person ends up in hospital how he or she will pay for their stay if the insurance does not covers it. 3. Projects- Larger projects will take more time and large amount of money. Lots of risks are involved in larger projects. Also considering the level of demand and profit margins. It will long time to get so taking smaller projects which will be fast to finish and will still give good marginal

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1. There are four primary financial statements that companies use to help the company, stockholders, investors, customers, and employees. Then main four financial statements used are balance sheets, income statements, stockholders’ equity, and cash flow statements (Bethel University, 2011). 2. Information that is found on each of the statements is useful information for the company to best determine where their financial means are being spent.

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When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”

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Bay County Community Hospital is a nonprofit facility that delivers health care to $250,000 inhabitants. The goal of the facility is to increase the access and quality of care that they provide to the citizens of the community. Advance practice nurses possess the knowledge and ability to implement mental and physical skills during daily routines to heighten the awareness and stability of the health organizations financial status. In this report, I will discuss the different types of financial statement that are crucial to health care organization, the roles that advanced practice nurses play with developing and maintaining these statements, and the financial situation of Bay County Community Hospital.

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In addition to a medical coverage system for the elderly, the government also created Medicaid, a state and federally run system that provided medical coverage to low income americans. Medicaid had a stigma of class, since it insured people that were too poor to afford private insurance. This meant that taxpayers had to subsidize health care for people who could not have afforded private health insurance. Medicare however did not have a stigma of class because all you had to do is be over 65 years of age to be Medicare eligible. Medicare was later extended to cover the disabled and end-stage renal

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• About the aging service or program 2015 marked the 50th anniversary of President Lyndon B. Johnson signing into law the Medicare program. Medicare is a health insurance program for people age 65 or older, people under age 65 with certain disabilities, and people of all ages with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant). Medicare consists of four components: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare advantage), and Part D (Medicare prescription drug coverage). The Centers for Medicare & Medicaid Services (CMS), a branch of the Department of Health and Human Services (HHS), is the federal agency that runs the Medicare Program and monitors Medicaid programs offered

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Cash inflows from operations are revenue you generate directly from your patients as well as insurance indemnities. Purchasing things like medication, cleansers, gloves and disinfectants likewise lead to outflow of cash from organization and this outflow that is outpouring emerge from your payment or instalments on compensation, expenses, taxes and rent. You can use the cash flow statements to predict the ability of the healthcare organization to generate sufficient cash flows from planned activities. For example, when deciding to purchase an investment, you need to consider whether the asset will generate sufficient cash flows or benefits over its useful life. This encourages your long haul arranging, notwithstanding excusing the extent of your future ventures.

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On July 30th 1965, President Lyndon B. Johnson signed into law Medicare and Medicaid programs for the United States of America. This gave elderly and lower income Americans the right to obtain insurance coverage. Medicare is an insurance program for people aged 65 years or older, people under the age of 65 who suffer from certain disabilities or people of all ages that suffer from End-Stage Renal Disease (ESRD). Medicare is composed of 3 different programs which consist of Part A-hospital insurance, Part B-medical insurance and Part D-prescription drug coverage. In 2030, about 20% of the American population will be an adult over the age of 65 years and eligible for Medicare.

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Between 2010 and 2050, the United States population ages 65 and older will nearly double, the population ages 80 and older will nearly triple, and the number of nonagenarians and centenarians—people in their 90s and 100s—will quadruple. (KFF, 2015) Trustees of Medicaid are forecasting that in 2024, Medicaid will start running out of funding. Although there is little evidence in the trustee’s projections it is still something that needs to be looked as more and more people are getting older and are needing benefits vs a number of people putting in. Every day there are 10,000 people turning 65 or older.

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The aged are exposed to healthcare challenges that can be solved by free Medicare

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How will an aging population influence health policy makers in the twenty first century? It is not certain how current and future policies will be designed to change the structure of the healthcare system among the aging population. With the cost of financing of health services affect access to care, and the quality of care for advancing aging. The percentage of the population over the age of 65 will rise to over 20 percent or 70 million, by the year of 2030.

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As people age, health becomes more of a concern as people more prone to health problems. Supporting Evidence: This was the time were many people were discovering themselves, so they did drugs, had unprotected sex etc. So most of our taxes will go to these Baby Boomers to pay for their health-care (PhillyMag) This also means that it is to the elder’s advantage because they can take use of the free healthcare The fact that they are growing old means that they are developing issues physically and in some cases mentally (Stat Canada)

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Introduction The purpose of this plan is to evaluate the Parent and Youth Mediation Program that is provided by Virginia Services Agency. This agency serves adolescent clients, and their parents, by providing resources, case management and counseling. The Parent and Youth Mediation Program was developed after clinicians observed a reoccurring need from clients. The program aims to reduce conflict and enhance communication between the two parties.

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According to Averkamp (2016), “accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting information in various reports and analyses”. Therefore knowing how to carry out these tasks

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 Income data (experiences, estimates of sales, fund rising, membership etc and planned activities).  Data come from previous budgets, estimates, experience of others and public available statistics. I was also able to identify the main uses of accounting and these are as follow:  Information All organizations need to keep records of their financial transactions so that they can access Information about their financial position, including: summary of income and expenditure, the outcome of all operations, assets and liabilities.

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