Description
Use your Introduction to Health Care Finance and Accounting e-book to complete the following:
- Read Chapter 1, "The Environment of Healthcare Finance," pages 3–22.
- Read Chapter 2, "Paying for Health Care," pages 23–38.
- Read Chapter 3, "The Rising Costs of Medical Services and Health Care Reform," pages 39–56.
Explanation & Answer
Hello, I'm through with the assignment. I've formatted in APA and it two versions of the same copy. One indicates chapter after chapter and the other one is just a description of what I've learned in my own words. I have put so many details as possible with a quote from each chapter. In case of any question let me know and we work on it together. Thanks pal.
Running head: INTRODUCTION TO HEALTH CARE FINANCE AND ACCOUNTING
Introduction to Health Care Finance and Accounting
Student’s Name
University Affiliation
Date
1
INTRODUCTION TO HEALTH CARE FINANCE AND ACCOUNTING
2
Chapter 1: The Environment of Healthcare Finance
The health system or sector is just like any other business/industry, but it has several twists
for activities control since it is a sensitive sector of the economy of every country. Health sector
as an enterprise has major industries such as the health services, health insurance, pharmaceuticals
and biotechnology, medical equipment and supplies, and others which include but not limited to
consulting firms, educational institutions, private and government research agencies (Gapenski,
2013). The health care industry has several types of medical businesses which include (1) forprofit healthcare organizations, i.e. professional corporations and proprietorships, partnerships and
limited liability partnerships, small corporations, and Large publicly-held corporations. (2) Notfor-profit business-style organizations, (3) Governmental healthcare facilities, and (4) other
healthcare organizations.
The financial management of health facilities is similar to that of a hardware or a hotel.
This means income statements, balance sheets, and debits and credits are the same. Although there
are many similarities in the financial management of health care services and other businesses, it
is notable that most payments for services in health care are made by third-party and not customers
(patients). Secondly, the healthcare services in the United States are provided by a mix of freeenterprise for-profit businesses, government agencies, and not-for-profit corporations.
Additionally, from the chapter, I learn that the health care system is heavily controlled due
to its nature. It is an evolving delivery process. In the United States there very many Acts and laws
regulating the health sector business operations and funding. For example, the author says that
hospital expansion is controlled by the "Certificate of need" (pg. 6). Also, we find that "The Tax
Equity and Fiscal Responsibility Act of 1982 (TEFRA) mandated a change to Medicare program
to control costs” (Carlene Harrison, 2013). The process continues to date with significant changes.
INTRODUCT...