Managing The Finances Of Health Care Systems - 899 Words

Managing the finances of Health Care Systems, Inc. has taken center stage in enhancing the efficiency and success of this vast enterprise. The healthcare industry as a whole has changed dramatically since the evolution of the Affordable Care Act. The adoption of Medicare’s coding system for efficient billing coupled with the use of Electronic Medical Records are examples of the major transformation taking place within Health Care Systems, Incorporated. Moreover, the role of finance at Health Care Systems Inc. has received a new face to focus on basic functions such as Pooling of Resources, Revenue Collection as well as Purchase of Interventions. Pooling of resources entails accumulation and proper management of revenues in order for members of the pooled funds to share a combined health risks, hence shielding the individual member from vast unprecedented health expenditures. Payment allows the pool members to settle their average expected costs before due, consequently relievi ng them from uncertainty in addition to assurance of compensation in case of occurrence of a loss. Pooling combined with payment aids in developing insurance structure and redistribution of health spending among high and low-income individuals and high and low-risk individuals. Revenue collection is all about raising money from households and businesses as well as external sources while purchasing is all about sourcing for goods and services from private and public providers. These three financialShow MoreRelatedFuture Challenges for Healthcare Management716 Words   |  3 PagesFuture Challenges for Health Care Management The scope of health care management encompasses administrating how services get delivered to patients, persons delivering services, locations to which services get delivered, and the financing of all involved procedures. 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