Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Healthcare Finance
Effectiveness refers to hitting targets that are set. When an organization is reaching its goals, it is effective. Efficiency is the level of effectiveness divided by the effort to get there. In essence, how much does the organization get out of its resources. Both can be applied to operations, financials and any other organizational metric.
The four phases of management control are programming, budget preparation, execution and evaluation (Barnat, 2014). The programming element involves choosing what programs or lines of business an organization will pursue, i.e. the strategic direction. The budget is how the resources will be allocated within the organization. . The execution refers to the operating tactics used to implement the strategy. Lastly, evaluation is a control process where management examines what worked, what didn't, and whether or not the organization hit its objectives.
A forecast budget is typically built on the previous budget, where estimates are assumed to be similar to past performance, with some basic adjustments. A flexible budget allows for the budget to vary depending on the activity levels. One of the ways a flexible budget manifests, therefore, is when a company notices after one quarter than business is higher than usual. At that point, the flexible budget system allows for the subsequent quarters to assume that this increase will continue. . Building flexibility into the budget allows for...
If all of our cardiovascular surgeons are departing, this will clearly affect the volume. We will lose the bulk of our cardiovascular work. We will not only need to budget what that means for that department, and the organization overall, but what amount of business for other departments those surgeons contributed to. The organization therefore needs to look at the opportunities to invest some of that capital might be, to replace that revenue. But yes, the forecast volume would have to take into account that evisceration of the cardiovascular department, which would not be yielding very much revenue at all.
5. The cost would be $11,577.50 based on the assumption of 80% cost for routine services and 75% for ancillary.
6. Based on the different departments, the costs would be as follows:
Routine Charge
0.8
Operating Room
0.8
Anest.
0.8
Lab
0.7
Radio
0.75
Supplies
0.5
Pharma
0.5
Other Anc.
0.8
10153.05
So $10,153.05 would be the cost based on the department-based breakdown of costs.
7. If medical supply charges are reduced by $2,000, and the supply ratio is…
References
Accounting Tools (2016). Flexible budget.. Accounting Tools.com. Retrieved April 15, 2016 from http://www.accountingtools.com/flexible-budget
Barnat, R. (2014). Strategic control: Formulation and implementation. Strategic Control.com. Retrieved April 15, 2016 from http://www.strategic-control.24xls.com/en135
Healthcare Finance Cases Cases in Healthcare Finance Front Street Hospital: Uninsured Charges and Collections The underlying issue in this case deals with discriminatory medical pricing strategies. Although these types of pricing structure are common in other industries, such as the hotel industry, the implications on society exceed that of any other industry imaginable. For example, of all the bankruptcies filed in the United States, it is estimated that sixty percent of them
Health Care Finance Financial analyst Eric Feigenbaum (2009) notes that while we like to think of hospitals in terms of compassion, patient care and dedication to altruistic aims, they are businesses concerned with revenues and expenses like any other business (Feigenbaum 2009, p.2). In today's hectic world of economic downturn and financial struggles felt from individuals of every demographic and social status, revenue and expense accounting are issues that must be
Healthcare Finance What is the difference between simple interest and compound interest? Simple interest is gauged on the basis of the loan's principal amount while the compound interest is derived on the basis of the principal amount and also the accumulated interest. Simple interest has been attained when one multiplies the principal amount with both interest rate as well as the payment period with in a loan. On the other hand, compound
Health Care in the U.S. And Spain What Can the U.S. Learn About Health Care from Spain? In 2009, Spain's single-payer health care system was ranked the seventh best in the world by the World Health Organization (Socolovsky, 2009). By comparison, the U.S. health care system ranted at 37 (Satiroglou, 2009). The Spanish system offers coverage as a right of citizenship that is constitutionally guaranteed. Spanish residents pay no expenses out-of-pocket, with
Health Care Management Obstacles to change in Health Care management. There are a nearly infinite number of things that can go wrong for a health care manager, and out of the two major problems that can arise, staff relationship problems and stresses over financial constraints, the more trying of the two managing the financial interests of the facility within the constraints from senior staff and management. The health care facility is in
(Menzel, 1990, p. 3) Fisher, Berwick, & Davis alude to the idea of integration in health care, with providers linking as well as creating networks of electronic medical records and other cost improvement tactics. The United States and other nations over the last twenty or so years, have begun a sweeping change in health care delivery, regarding the manner in which health information is input, stored and accessed. Computer use