Introduction
Chapter 3 explains how the landscape for health care and finance can be changed not only in response but also in anticipation of the emerging trends. First, the use of high tech and high touch approaches; where modern technology is applied in health care. The use of digital social media is another way of improving health care and financing (Antheunis et al., 2013). Improving electronic health records (EHR) and the electronic medical record (EMR) also helps in the transformation of health care and finance. Chapter 4 explains the meaning and examples of assets, liabilities and net worth. It explains further why financial recording operations is essential. This chapter also highlights the relationship between assets, liabilities and net worth, including the equation of their relationship. Different types of organizations and how their network is expressed is also explained. Finally, chapter 4 shows a balance sheet for an organization. Chapter 5 shows how organizations, including health care originations, get their revenue (revenue streams). It also shows various types of deductions and how they are deducted from the taxes. Different types of allowances and how they are catered for. This chapter also explains how revenue can be grouped for planning and control in the various sections within the health care institutions.
I have mixed reactions regarding the chapters. Use of modern technology in health care is one of the most significant improvements(Paaske et al., 2017). With high tech and high touch approaches, health providers will have access to the best diagnostic tools and minimally invasive procedures. This will fasten healing with minimal pain. I was also pleased with the use of social media to improve the landscape of health care. A study in 2011 (Quontia MD survey) shows that 87 per cent of health care providers use social media personally, while 67 per cent use social media for professional use. Physicians can reach a broader community in minutes by the use of mobile apps. I am pleased with the improved health information system and better resource allocation. I loved how Chapter 4 explained the difference between assets, liabilities and net worth. It is vital in every health care setting. It was interesting how chapter 5 distinguished the different sources of revenue.
An asset is an item or property that is owned by either an organization or an individual have. It has future economic benefits to the person or the organization. Examples of the asset include land and building, inventory, cash and accounts receivables. Liabilities refer to financial debts and obligations that arise during the business. Responsibilities include loans, mortgages, accounts payable, accrued expenses, etc. ( Dohr, 2015). Net worth refers to the owner’s equity or the claim that the owners of business hold for the business. I learnt that companies and institutions should account for all the assets, liabilities and net worth.
Health care revenue is funds that are collected from the delivery of health services to the citizens. The income obtained is usually used to pay health care providers and develop the health care instructions, e.g. by buying better equipment and facilities. Sources of revenue include government aid (e.g. Medicare and Medicaid), payment by commercial insurers and retired pay. I also learnt that Health care revenue planning and control entails the grouping revenues in an effective way and the information used by managers. Classification of the groups should be consistent with the current structure of the organization. Disease management, service lines, revenue centres and care centres are among the many ways that can be used in classification for planning and control.
In the delivery of services, I can apply the knowledge gained from the assignment. First, I can mobilize and advice the management to adopt modern technology where necessary. I will also use social media to reach my clients via mobile apps. This will contact very many people at a time and its very convenient. In my health care setting, I will adopt a better health information system to maintain better records in the health facility. I will also record financial transactions in a much better way.
Health care administration needs to know that grouping revenue for planning and control should be consistent with the structure of the organization. The administration should also know the various ways of grouping revenue. During the previous lessons, I did more research on expenses and revenues. These chapters increased minimal knowledge to mine.
Health care is critical and improving its landscape with modern technology is good. Accounting assets, liabilities, net worth and revenues are also essential and should be done in the best way in all health care institutions. This chapters increased my insights to the meaning and importance of assets, liabilities and net worth. Application of these developments will improve health care settings.
References
Paaske, S., Bauer, A., Moser, T., & Seckman, C. (2017). The benefits and barriers to RFID technology in healthcare. On-Line Journal of Nursing Informatics, 21(2).
Dohr, J. L. (2015). What is an Asset?. Journal of Accountancy (pre-1986), 73(000003), 213.
Antheunis, M. L., Tates, K., & Nieboer, T. E. (2013). Patients’ and health professionals’ use of social media in health care: motives, barriers and expectations. Patient education and counselling, 92(3), 426-431.
Judith J. Baker, R. W. Baker. (2000)Health Care Finance: Basic Tools for Nonfinancial Managers, (5)
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