Homework: Healthcare Financial Management and Decision Making
Topic: Financial Management in Health Care
Length: 5 to 6 pages of content excluding Information and Reference Pages.
This homework will require you to consider several influences to the budgeting process of a health care institution. Here, you will review payer mix and other influences to revenue as you consider revenue factors for the budget. Complete the following for this homework:
1. For a health care organization of your choice (real or hypothetical), describe the type of organization, and determine the payer mix of patients served (percentage of Medicare, Medicaid, private insurance, managed care, and private pay).
2. Take into consideration that reimbursement can be affected by the claims process, out-of-network payments, denials, audits, and legislation.
3. Assess the differences in health care budgeting as a result of these potential changes in the payer mix and payment methodologies as an outcome of the Affordable Care Act.
4. Take into consideration that while more patients may have insurance coverage, the out-of-pocket expenses will continue to create a potential uncollectable liability.
5. Evaluate how you would strategize to keep a balanced budget for all 12 months in a year using a flexible budget rather than a static budget and provide rationale and justification.
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.