Question

n preparation for your funding request, you have scheduled a meeting with the department managers to present your proposal. In this meeting, demonstrate the principles of healthcare finance for revenue management through the intended application of cost reporting and variances. Create a summary for department managers which covers the pros of investing in a new EHR. Include in your summary how the EHR will address topics of cost reporting and the variances seen currently. In addition, include a budget speculation in your summary.

Answer 1

As I am the administrator of a very large healthcare hospital and, I have several responsibilities for being an administrator of a very largest hospital. Also, I'm an involvedin various committee for any organization. In this process, I apply different principals of hospital’s finance for determines the managements’ revenue through different applications of variances & cost’s reporting. In this task, I also implement various processes which describe the revenue for the cycle’s management & reporting. Also, identify different types of illness & severity which provide the greatest impact on the healthcare & also identify different type of services & organization without any complications.

Healthcare’s Finance Principals

In this process, we describe various principles of Healthcare's society. The first principal of any healthcare organization is focused on a patient’s health. The primary objective ofHealthcare's organization is to achieve greater profitability, and that organization will finance by providing proper security and care to all its patients in an efficient manner. Unified & universal is another principal of a health care team. This principle defines that each patient has the right to getting thesame& equal attention of all doctors. Another principle of health care organization is to provides free services of health care. Centered on care is another principle of a healthcare organization which determines that main aim of any healthcare organization is to provide proper care to all its patient and not a coverage because this process is beneficial for rich people only but for poor people it is the greatest issue. Reward quality is also the most important principle of the healthcare organization. By rewarding appropriate quality & care to all patients become very helpful for increasing the financial criteria for that healthcare organization in an easy form without any type of risks (JR Betancourt, 2014).

Revenue Cycle Management

Revenue’s cycle is a process of verifying the eligibility of various patient’s insurance for submitting various claims & receive the payment of health plan and bills of different patients. The different process comes under the concept of revenue cycle, and these methods are clearly determining. The first step is patients’ scheduling & verification which includes verification, preregistration& scheduling of various patients effectively. The second step is provider & patient’s encounter which takes an interview of all patient through various physical examinations. The third step is medical transcriptions which determine various types of functions like macro & template creations & voice recognition. Next step of this process is charge’s entry which determines that each patient properly has a unique account. Through this account, all patients get answers to their various issues & queries related to any concept in an efficient manner. Medical codes are another step comes under this process which determines the requirements of excellent interpersonal, medical, analytical seven comprehensive skills. Another step of this process claims' submission & payment’s posting, and after all these steps one most important step is close to the account when all works are completed (R Baum, 2014).

Severity of Illness

Various steps come under the process named the severity of illness. These steps are determining appropriately. The first step is understanding the risk’s satisfaction. This step determines which candidate is right for any surgery and without any complication. Under this step, various types of risks are identifying and determine an avarious way to fix all the issues that occur. The second step is understood reimbursement methods. This process determines the types of service i.e. whether the service is surgical or medical and according to that various candidates are hired having proper knowledge about that type of surgery. Another step is considering the noncompliant situation in an efficient manner, and it is the most important concept. These severities provide greater impact on the payment criteria. Because a big surgery includes various types of tests and these tests are very costly and poor patients can’t afford this high-cost surgery. Now we determine different impacts of this illness.

• The service fee is a greater impact based on treatment’s quantity and all patients forced to pay this fee.
• Capitation is another impact of this various illness which is a fixed fee for all patients, and these patients are forced to pay this amount of weather these patients are rich or poor.
• Episode’s payment is another impact of this various illness to all patients (DN Kiridly, 2014).

Health Care Delivery

In this process, we determine the types of organization, personnel & services. There are various types of organization related to health or any product, and these different types of organizations provide different types of services to different employees &variouspersonnel in an efficient manner. Two types of organizations determine across the health-related system known as a profit & non-profit organization. Both of these organization having different kinds of services according to the type of organization. According to the capability, various services comes under these organization are gives to various employees. In a healthcare system, different types of treatments are available for surgery & medical treatments, and all this services or work will assign to all the candidates or doctors having proper knowledge about that treatment i.e. medical or surgery. This various type of organizations basically improves the health of various patients also improves the financial criteria of that organization effectively without complications. So, all these three terms are essential in HCD (W Yip, 2014).