Health Care Finance Financial Analyst Eric Feigenbaum Essay

Length: 4 pages Sources: 5 Subject: Healthcare Type: Essay Paper: #38662815 Related Topics: Electronic Healthcare, Systems Analyst, Health Care Economics, Rising Cost Of Health Care
Excerpt from Essay :

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 addressed carefully by nearly every business in every market. The same holds true for the health care industry and health care providers. With financial uncertainty come threats for health care providers in managing revenue and expenses during the upcoming years. However, with these threats remain certain opportunities for health care providers to take on in order to combat the uncertainty that comes with managing revenue and expenses when the amount of each is not ideal.

With the appropriate management techniques, the flow of revenue -- whatever the amount -- can affect not only how patient care is delivered but how the hospital or care facility itself is viewed by the public. Therefore, hospital administrators in charge of financial maneuvering must work diligently under the radar to ensure that these revenues and expenses are managed properly in order to maintain their hospital's welfare and financial security. In today's market, the uncertainty of the economy has taken a massive toll on economic status, the economy is still in a state of disrepair. With unemployment up and insurance coverage down, the economy proves to be the health care industry's greatest monetary threat, and it is crucial that health care administrators grasp every opportunity to take in revenue that presents itself.

Managing Revenue and Expenses

Notes that even though the economic recession has been deemed over by the government, "entities will continue to struggle to find the revenue needed to support critical services like health care and human services" (Johnson, McNichol & Oliff, 2011, p.54). In assessing this statement as a threat to health care finance, health care providers must instead look to manage revenue and expenses not through money provided by the government, but with careful management of several key areas that affect hospital revenues and expenses.

While there are many factors that impact a hospital's revenue and expenses, there are several areas that affect every hospital across the board in terms of its monetary flow, including the number of patients, their insurance providers, the types of services a hospital offers, and the frequency of use of different services, all of which present an opportunity to bring in revenue and manage expenses more carefully than in recent years (Russell, 2006, p.219).

In terms of revenue, most hospital revenue comes from billing for patient care services. However, with the threats to this revenue brought about by unemployment, this revenue can now be hard to attain. Author Steve Twedt (2011) notes,

"With lingering unemployment, which increases the number of patients unable to pay their bills, added to decreases in Medicaid reimbursement, hospitals and health systems face a daunting and still unpredictable financial future" (Twedt, 2011, p.C1).

This glitch in revenue will prove a significant blow to hospitals across the country for the next several years at the least. However, there are certain tactics hospitals can use to open up the opportunity for revenue in times of crisis such as utilizing the option for flexible payment arrangements for patients that can aid to improve a hospital's bottom line. Dr. Bill Bristow (2009), partner in Doctors Management and contributor to Doctor's Digest, notes…

Sources Used in Documents:

References

Bristow, W. (2009). How to thrive during a recession. Doctor's Digest. 81(1): p.16.

Retrieved from: LexisNexis Database.

Feigenbaum, E. (2009). Categories of expenses and revenues in the hospital business setting. Demand Media, 2(1), pp. 2-5. Retrieved from: ProQuest Database.

Johnson, N., McNichol, E. And Oliff, P. (2011). Feeling the recession's impact on health care. Handbook of Health Economics 3(2), pp. 54. Retrieved from: ProQuest Database.


Cite this Document:

"Health Care Finance Financial Analyst Eric Feigenbaum" (2011, August 27) Retrieved May 10, 2021, from
https://www.paperdue.com/essay/health-care-finance-financial-analyst-eric-51922

"Health Care Finance Financial Analyst Eric Feigenbaum" 27 August 2011. Web.10 May. 2021. <
https://www.paperdue.com/essay/health-care-finance-financial-analyst-eric-51922>

"Health Care Finance Financial Analyst Eric Feigenbaum", 27 August 2011, Accessed.10 May. 2021,
https://www.paperdue.com/essay/health-care-finance-financial-analyst-eric-51922

Related Documents
Health Care Provider and Faith Diversity the
Words: 678 Length: 2 Pages Topic: Healthcare Paper #: 37768949

Health Care Provider and Faith Diversity The paper is a critical review of the peer's paper on Health care providers and faith diversity. The aim of peer's paper is to show own base perspective of what care and healing on a Christian, perspective in comparison to Buddhism, Sikh and Native America perspective. The paper states that there is diversity in people and the health care system is not left behind.it states

Health Care Provider Changes and Service Delivery
Words: 758 Length: 2 Pages Topic: Healthcare Paper #: 36330468

Health Care Provider Changes and Service Delivery Healthcare and its finance today has been complicated by many dynamics, including the changing demographic of Western society today. Hence, it is difficult to answer a question about addressing healthcare personnel shortages effectively with "I agree" or "I disagree." There are simply too many intricate factors involved in the dynamics of physician numbers, population demographics and the types of services and specialties in healthcare

Health Care Provider and Faith Diversity Spirituality
Words: 1146 Length: 4 Pages Topic: Mythology - Religion Paper #: 49118057

Health Care Provider and Faith Diversity Spirituality In Health Care HLT-310V-0104 EMORY DAVIS Mr. Saracouli, your paper addresses the 3 diverse faiths and identifies some of their components of care and healing. These could be developed more. This will give greater opportunity to discuss more specific comparisons and contrasts of these components with those of Christianity, which is a significantly key element of this assignment (as highlighted in the Mod 2 Assignment Assist and

Health Care Providers Have Been
Words: 690 Length: 2 Pages Topic: Healthcare Paper #: 61337839

("Financial Profile," n.d.) The long-term debt to equity ratio is when you are looking at the company's ability to finance growth through: increasing their total amounts of debt. When you see a reading of 100%, this is a sign of normal activity in most organizations. The higher that the number moves above 100%, the greater the chances are that they are financing their growth with debt offerings. In the case

Healthcare Providers and Systems Assessment
Words: 3133 Length: 10 Pages Topic: Healthcare Paper #: 59843980

Hospital Consumer Assessment of Healthcare Providers and Systems (HCAPHPS) The Hospital Consumer Assessment of Healthcare Providers and Systems gives consumers a chance to compare the available health cares around the country and to decide on what care they would want. I will provide a scenario of how HCAHPS score of an organization can be improved. Also included into the method of improvement is a full data as well as impact analysis,

Healthcare Provider Shortage
Words: 2590 Length: 9 Pages Topic: Health Paper #: 93189886

Executive Summary The healthcare sector in the United States is facing shortage of healthcare providers, particularly in rural settings. One of the most affected areas in the country is rural Maryland, especially Allegany County, which has been selected as the location for this project. The proposed plan seeks to help lessen the shortage of healthcare providers in the county using MedChi, an organization that provides public health resources in Maryland. MedChi