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Revenue Generation and Management: Nightingale Home Care Inc. in La Mesa.
The main source of daily operation in the health care facilities is the revenue since almost all the services provided are dependent on the revenue generated hence it is important to understand the sources of the revenues and the way should be are managed. This paper will delve into the various sources that hospitals and Nightingale Home Care in La Mesa in specific often use as their reliable sources of revenue, it will also find out how the money is managed and any possible loose ends that predisposes the revenue to mismanagement. Patients are seen to contribute immensely to the health care revenue which ultimately takes care of the hospitals and the services provided whenever they cover the costs of their care without the help of a third party. The revenue quantities that a facility generates largely depend on the rates that the facility has set for their services.
Government aid is seen as one of the most significant source of revenue for hospitals including Nightingale. The government provides revenue in form of grants and subsidies for health care programs which helps in the running of hospitals. Though the main foundation of these grants and subsidies are the taxes that are generated from the citizens, the government also often borrows some money which forms part of its annual budget, part of which goes to the health care system. The government funding often comes in form of Medicaid and Medicare, where Medicare revenues include Medigap, Mdicare advantage and Medicare prescription drug plans (PDP)
Insurance premiums are yet another reliable source of revenue for hospitals including Nightingale. Health care insurance often operates on the presumption that the clients will be well more than they will fall ill and need medical attention hence the insurance gaining from the paid premiums than they will have to pay for the medication. The cover money that the insurers often pay to the hospitals to cover their clients often forms one of the biggest sources of revenues for the hospital.
There are individuals or organizations that choose to channel their regular funds or one off funding to particular projects or programs within their chosen hospitals. Such donations form significant part of sources of revenue for many hospitals since the donating organizations or individuals strongly believe in the services that are provided in those hospitals and would like to make them even better through their donations, or believe that through their financing, the bad services in the institutions will be made better. It is instrumental to note that such funding seldom comes by chance but the hospital administration often engages in lobbying for them within the community. It is a very unstable source of revenue since the hospital administration is not assured of…
References
Barnet S. et.al, (2014). 10 Challenges and Opportunities for Hospitals in 2015. Retrieved April 23, 2016 from http://www.beckershospitalreview.com/hospital-management-administration/10-challenges-and-opportunities-for-hospitals-in-2015.html
Florida Hospital, (2013). Hospital Finance Basics: Part 1 Revenue. Retrieved April 23, 2016 from https://www.floridahospital.com/sites/default/files/finance_part_i_revenue_hib_november_20131.pdf
Patrick M., (2015). How the Health Insurance Industry manages Risks. Retrieved April 23, 2016 from http://marketrealist.com/2015/02/need-health-insurance-industry/
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