Essay on "Health Care Finance Financial Analyst"

Essay 4 pages (1202 words) Sources: 5

[EXCERPT] . . . .

16). He goes on to note that in the long-term, helping those in financial need stirs a lot of good will and loyalty that will not be forgotten, bringing in more revenue in terms of repeat-business within a hospital (Bristow, 2009, p. 16).

While there are certain expenditures that must remain nearly intact, such as labor costs and liability costs, there are several ways to alleviate other hospital expenditures with the utilization of outside help. In this sense, there are other opportunities that can be utilized in order to beat the recession. Where expenses are often made within hospitals for research and teaching to improve and deliver services to their respective communities, these endeavors can be paid for in full or in part through the application of federal state and private grant funding.

Further, as supplies and capital expenses account for about 15% of the average community hospital's expenses, hospitals often receive donations and fund capital-expense budgets for expansions and facility renovations, keeping expenses separate from their general operating budgets (Feigenbaum 2009, p.2). There are also initiatives like the "pay-for-performance" system that promotes improvements in quality of care through the providing of bonuses to hospitals that go beyond compliance with standards and strive for excellence.

The implementation of such programs has proved beneficial in the areas in which it has been utilized. In 2005, Medicare paid $8.85 million in performance bonuses to 123 hospitals through its pay-for performance initiative with Premiere, Inc. (Wiliams, 2006, p.79). Such programs reward institutions for their excellence, which works as a supreme motivator for hospitals that seek to profit from such programs. Further, this profit is not only monetary, but comes with profit in terms of recognition from hospitals' respective communities, bringing in more business, notoriety, and often media attention. In terms of pay-for-performance initiatives, the implementation seems to be win-win, with the hospital improving in terms of care and revenues improving in terms of financial rewards.

Conclusion

Though a struggling economy has brought on hardships for the health care industry in terms of revenue and expenses, and as the allotted sums of money hospitals are given in order to function seem to continuously diminish, the chance for improving matters internally for hospitals does exist. As seen, there are several tactics that can be utilized in order to alleviate the monetary burdens that the economic crisis has placed on hospitals. While the hope remains that order will be restored in the upcoming years, the reality is that the current situation cannot be ignored, and in utilizing the aforementioned tactics and opportunities, health providers can assert themselves in order to exemplify excellence even in the face of instability.

References

Bristow, W. (2009). How to thrive during a recession. Doctor's Digest. 81(1): p.16.

Retrieved from: LexisNexis Database.

Feigenbaum, E. (2009). Categories of expenses and revenues in the hospital business setting. Demand Media, 2(1), pp. 2-5. Retrieved from: ProQuest Database.

Johnson, N., McNichol, E. And Oliff, P. (2011). Feeling the recession's impact on health care. Handbook of Health Economics 3(2), pp. 54. Retrieved from: ProQuest Database.

Russell, S. (2006). Ability to pay for health care: concepts and evidence. Health Policy

Plan. 11(3), pp. 219-237. Retrieved from: LexisNexis Database.

Twedt, S. (2011, March 22). Health care faces downward revenue pressure. Pittsburgh Post-Gazette (Evening ed.) pp. C1. Retrieved from: ProQuest Database.

Williams, J. (2006). Making the… READ MORE

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