discussion board due Thursday only 250 words use citation correct in assignment
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With the amazing advances in health care in recent decades, one question that continues to stir debate within the political arena and from a personal perspective is: “How to pay for health care” Health care managers must be good stewards of their resources to allow the funds available to do the greatest good for the largest number of people. Health care finance information is critical to assessing the financial condition of an organization, as well as accessing whether the resources being spent are achieving the goals of the organization.
To prepare for this Discussion, select a recent (within 5 years) relevant article from the Walden University library and current information from Centers for Medicare & Medicaid Services, U.S. Department of Health & Human Services, and the Healthcare Financial Management Association, Knowledge Center, that addresses the importance of health care finance information in decision making within the health care setting.
Post a comprehensive response to the following:
How do health care managers depicted in the article and website information you selected apply the principles of financial management to decisions, to the assessment of the financial condition of an entity or stewardship, or to the assessment of the efficiency, effectiveness, and compliance with organization directives?
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RESOURCES
Chapter 8, “Budgets and Cost Control”
Managing the financial resources of a health care organization requires careful budgeting. This chapter will introduce the concepts and elements of budgeting for health care managers.
Book: Cleverley, W., Song, P., & Cleverley, J. (2011). Essentials of health care finance (7th ed.). Sudbury, MA: Jones & Bartlett.
Cleverly, W., Song, P., & Cleverly, J. (2011). Essentials of Health Care Finance, 7e. Copyright 2011 by Jones & Bartlett Learning. Used by permission.
Chapter 1, “Financial Information and the Decision-Making Process”
The authors of this chapter discuss the importance of financial information in healthcare organizations. They identify the use, users and function of financial information in health care.
Book: Cleverley, W., Song, P., & Cleverley, J. (2011). Essentials of health care finance (7th ed.). Sudbury, MA: Jones & Bartlett.
Cleverly, W., Song, P., & Cleverly, J. (2011). Essentials of Health Care Finance, 7e. Copyright 2011 by Jones & Bartlett Learning. Used by permission.
Chapter 3, “Financial Environment of Healthcare Organizations”
This chapter describes the factors that influence the financial viability of a health care organization. It includes information about major reimbursement methods, including Medicare, that influences organizational resource management.
Article: Glaser, J., Markell, P., & Stone, J. (2010). The strategic importance of data. Healthcare Financial Management: Journal of the Healthcare Financial Management Association, 64(2), 46-52. Retrieved from http://auth.waldenulibrary.org/ezpws.exe?url=http://search.ebscohost.com/login.aspx?direct=true&db=mnh&AN=20178239&site=ehost-live&scope=site
Health care finance is dependent on accurate data to ensure that revenue is appropriately accounted for. This article highlights the importance of data in strategic health care decisions.
Centers for Medicare & Medicaid Services, U.S. Department of Health & Human Services
Medicare and Medicaid programs were signed into law in 1965. The Centers for Medicare & Medicaid Services website provides up-to-date information on health care coverage and information about payments to health care organizations.
Healthcare Financial Management Association, Knowledge Center
The Healthcare Financial Management Association website contains a knowledge center with information about accounting and financial reporting, finance and business strategy, legal and regulatory compliance, payment, reimbursement and managed care, revenue cycles, and technology.
Optional Resources
Article: For the sake of others: New Year’s resolutions of healthcare finance executives. (2008). Healthcare Financial Management: Journal of the Healthcare Financial Management Association, 62(1), 70-71. Retrieved from http://auth.waldenulibrary.org/ezpws.exe?url=http://search.ebscohost.com/login.aspx?direct=true&db=mnh&AN=18351255&site=ehost-live&scope=site