Discussion Post: Healthcare Financial Management and Decision Making
Part I
Topic: Financial Management in Health Care
There are several advantages and disadvantages of various revenue sources as payment for services rendered in health care (e.g., managed care, prospective, retrospective).
o What do you believe are the primary advantages and disadvantages of having multiple revenue sources for health care services offered by an organization for planning and reporting purposes?
Part II
Topic: Time Value of Money
Economic uncertainty and financial instability affect the ability of patients to pay debt arising from medical bills not covered by insurance, leading to questions of medical account resolution. Health care providers are on the opposite side of this equation because patient payments affect the revenue cycle, which can vary in length depending on the size and type of organization. In reality, some patients are unable to pay the portion of their medical bills not covered by insurance, adversely affecting the organization's bottom line. Discuss the following in regard to this:
o What options and procedure would you consider acceptable for collection of bad debt?
Part III
Topic: Capital Budgeting and Projections
Based on your past experiences and the knowledge gained during your coursework, consider the following question and post a substantive initial post:
o The success or failure of hospital profitability in the coming years will depend on a continued fluctuation between revenues and costs. What are your thoughts about the impact of cash flow forecasting in hospitals based on utilization, physician competition, technology, cost of providing care, and hospital spending on organizational success?.
Part IV
Topic: Risk Analysis and Capital Structuring
Based on your past experiences and the knowledge gained during your coursework, consider the following question, and post a substantive initial post:
o Health care is undergoing significant change on a continual basis, evidenced by recent trends in the industry such as the Affordable Care Act, technological advances, and patient-centered care. Provide your agreement or disagreement with the following statement, and explain the rationale for your position:
"Healthcare is growing-in some ways more like a new industry than like a long-standing one" (Moore, Eyestone, & Coddington, 2014, p. 3).
Part V
Topic: Special Topics in Healthcare Financial Management
Finance is the study of how businesses allocate money over time. With the implementation of the Affordable Care Act, it is posited that financial management will become more complicated.
o Do you agree or disagree? Explain the rationale for your response.
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.