Health Care Finance
Financial analyst Eric Feigenbaum (2009) notes that while we like to think of hospitals in terms of compassion, patient care and dedication to altruistic aims, they are businesses concerned with revenues and expenses like any other business (Feigenbaum 2009, p.2). In today's hectic world of economic downturn and financial struggles felt from individuals of every demographic and social status, revenue and expense accounting are issues that must be addressed carefully by nearly every business in every market. The same holds true for the health care industry and health care providers. With financial uncertainty come threats for health care providers in managing revenue and expenses during the upcoming years. However, with these threats remain certain opportunities for health care providers to take on in order to combat the uncertainty that comes with managing revenue and expenses when the amount of each is not ideal.
With the appropriate management techniques, the flow of revenue -- whatever the amount -- can affect not only how patient care is delivered but how the hospital or care facility itself is viewed by the public. Therefore, hospital administrators in charge of financial maneuvering must work diligently under the radar to ensure that these revenues and expenses are managed properly in order to maintain their hospital's welfare and financial security. In today's market, the uncertainty of the economy has taken a massive toll on industries across the board, including health care. Despite the country's plans to improve its economic status, the economy is still in a state of disrepair. With unemployment up and insurance coverage down, the economy proves to be the health care industry's greatest monetary threat, and it is crucial that health care administrators grasp every opportunity to take in revenue that presents itself.
Managing Revenue and Expenses
Notes that even though the economic recession...
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