HSM340 Discussions Week 1

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HSM340 Discussions Week 1
Are there any other types of information besides financial that may be useful in making financial…

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HSM340 Discussions Week 1

HSM340 Discussions Week 1

All Students Posts 80 Pages 

Finance and the Regulatory Components – 41 Pages 

Are there any other types of information besides financial that may be useful in making financial decisions?  Identify the major components of a corporate compliance plan, including the establishment of internal controls relating to the finances of an organization. How does legal and regulatory issues shape and define good financial management of a health care organization? What about compliance and internal control? What are they important? Why does financial management need to be conscious of various legal issues?

What defines a well-written compliance plan? nternal control is a key focus of financial management. Things will be out of control and chaotic if there are no compliance rules and information to the staff . Also, healthcare is a very delicate industry and the welfare of employees is at stake here. The government is also the biggest insurer and it must look after the welfare of its citizens. Does the government have too many rules which make it harder on providers to meet all the requirements and stay in business?…

Reimbursement and Payment Determination – 39 Pages 

Discuss the major reimbursement methods used in health care. Discuss the major aspects of Medicare benefits. List some of the important considerations when negotiating a health plan contract. We know in healthcare there are various reimbursement methods. One major payer is Medicare which is a government entity that is a major player in the reimbursement field. What about commercial plans and how do they negotiate with providers? Fee for Service.

This method has pros and cons, but we see that fewer reimbursement methods use this type of payment.  Why do you see that happening? Reimbursement is a major financial task as it determines the revenue coming in to keep the doors open.  Looking at other financial aspects, management needs to establish internal control principles and abide by them to protect the assets and ensure the firm is running efficiently. All these rules and regulations must be established and followed by managers and employees. But who is in charge of ensuring that these rules are being followed? Does management really have to do that? As we see now, bundled payment is becoming popular.  What does that mean and how is is going to help, the provider or the insurer?…