What is a healthcare finance? Through reading chapter one we can understand that healthcare finance is depending upon the terms, which has been made by the policy maker, manger, educator, or influencer from different types of organizations. The basic purpose of healthcare finance is to serve the accounting and financial management functions. The importance of healthcare finance is to provide health services through planning, organizing, acquiring and using the resources to enhance the effectiveness of the organization. The importance is of financial services that are based on 4 Cs known as costs, cash, capital and control. Also, the chapter explains the importance of health services settings, legal issues, regulatory issues and current challenges faced by healthcare managers.
Chapter two is about basics of doing healthcare business. Explaining the concept behind business i.e. capital investment, assets, funds, and selling of products and services. Further, this chapter describes the legal forms of business that include proprietorship, partnership, corporation and hybrid by providing the advantages and disadvantages of such terms that are affiliated with the legal business terms. Also, through reading this chapter we can understand the organizational goals based on profit and non-profit corporations. Through it, we are able to understand the importance of stakeholders who have bigger interest in financial elements of the business. Moreover, legal financial terms are also explained through the chapter relating to the personal tax, corporate tax and tax laws.
After reading the chapter three we come to know all the basic concepts that are affecting the paying services in the healthcare business. These concepts have based on insurance, adverse selection, underwriting provisions, moral hazard, third party payers, medical reimbursement, healthcare reforms and risk management that are explained through this chapter.
The pricing decisions and profit analysis is explained in the chapter five. The financial formulas for calculating marginal and full cost pricing are explained in the chapter. Also, effective and valuable knowledge is provided that is relating to the pricing strategies, target costing, profit analysis, breakeven analysis, future forecast through making a Profit and Loss Statement.
While reading chapter six and seven, we are able to understand the importance of budgeting and planning as well as ways to manage financial operations. By defining steps to implement strategic, operating or a long term plan procedure. Whereas, chapter seven defines the financial operations, procedure of revenue cycle, managing receivables and calculating accumulation and carrying cost of receivables by providing detail information about the basic financial strategies and its importance towards the healthcare business.
Whereas chapter eight, nine, eleven, twelve and thirteen are describing cost management and financial operations. How to calculate cost of capital? By explaining the benefits of using right strategy when it comes to decision making involving the investment in the business and make profitable benefit for the corporation. Although, these chapters have defined the ways of using an accurate strategy towards the both aspects of finance and investment towards your own business. Also, ways of calculating and knowing the revenues, expenses, non-operating income, net income and operating income of your business is explained in the great detail.
Also, these chapters explain about how you can organize your financial things. These financial things can be assembled through making Balance Sheets based on assets, liabilities and equity with the statement of cash flows. These chapters summarizes the steps of creating a financial report of your business progress based on profit and loss for the year ended.
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Type of paper: Essay
Topic: Business, Health, Finance, Investment, Commerce, Taxes, Services, Health Care
Pages: 2
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Published: 2020/03/02
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