HMGT 322 ASSESMENT 2
This assignment will be submitted to Turnitin®.
Assessment #2: Health Care Financial Concepts Paper Requirements
From the list of financial concepts, pick
financial concepts to discuss.
Search for a healthcare finance related article on the concepts.
In a 3-5 page paper, describe how you can apply the selected financial concepts from the article to your current health care organization or a health care organization of your choice.
Some examples of financial concepts are:
· Revenues or revenue cycle
· Fixed and variable costs
· Contribution margin
· Breakeven Analysis
· Income statements
· Balance sheets
· Cost value analysis
· Cost allocation methods
· Auditing process
· General knowledge of health care laws and regulations
· Time value of money
· Financial statement analysis
· Cost of capital
· Financial risk
· Insurance and risk
· Ratio analysis
· Budgeting (operational and capital)
· Lease financing
· Cost control
· HIPAA privacy act
· Affordable Care Act (ACA)
· Profit vs. non-profit
· Best practices
Be sure to include the following:
1. Provide a summary of the article (must be healthcare related). Articles should be within the last 5-10 years for current articles.
2. Provide an explanation of the financial concept(s) found in the article.
3. Provide an example of how you can apply these financial concept(s) to your current health care organization or to the health care organization of your choice (i.e. John Hopkins Hospital, Mayo Clinic)*.
4. Include the source of the article in the paper and include another source above the current article (a minimum of 2 sources are required).
Principles of Accounting, Volume 1: Financial Accounting (2019; OpenStax
Chapter 1: The Role of Accounting in Society
Chapter 2: Introduction to Financial Statements
Chapter 3: Analyzing and Recording Transactions
Chapter 4: The Adjustment Process
Chapter 5: Completing the Accounting Cycle
Chapter 6: Merchandising Transactions
Chapter 7: Accounting Information Systems
Chapter 8: Fraud, Internal Controls, and Cash
Chapter 9: Accounting for Receivables
Chapter 10: Inventory
Chapter 11: Long-Term Assets
Chapter 12: Current Liabilities
Chapter 13: Long-Term Liabilities
Chapter 14: Corporation Accounting
Chapter 15: Partnership Accounting
Chapter 16: Statement of Cash Flows
Principles of Accounting, Volume 2: Managerial Accounting (2019; Open Stax
Chapter 1: Accounting as a Tool for Managers
Chapter 2: Building Blocks of Managerial Accounting
Chapter 3: Cost-Volume-Profit Analysis
Chapter 4: Job Order Costing
Chapter 5: Process Costing
Chapter 6: Activity-Based, Variable, and Absorption Costing
Chapter 7: Budgeting
Chapter 8: Standard Costs and Variances
Chapter 9: Responsibility Accounting and Decentralization
Chapter 10: Short-Term Decision-Making
Chapter 11: Capital Budgeting Decisions
Chapter 12: Balanced Scorecard and Other Performance Measures
Chapter 13: Sustainability Reporting
Running head: HEALTHCARE FINANCIAL CONCEPT 1
HEALTHCARE FINANCIAL CONCEPT 5
Healthcare Financial Concept
DO NOT POST MY PAPER ON A HOMEWORK PAPER SITE , IT SHOWS UP AS PLAGIARISM WHEN I SUBMIT AND I AM WATERMARKING MY PAPERS FOR COPYRIGHT.
Healthcare Financial Concept
Its objective is always to offer quality care to the patients in the healthcare sector. Offering quality care is possible when a suitable payment plan is in place that makes it efficient and affordable. Some pay for services through their income and those that use insurance cover. The government has imposed rules and policies that govern the healthcare industry.
The article was written by Courtemanche et al. (2018) titled “Effects of the Affordable Care Act on Health Care Access and Self-Assessed Health After 3 Years”. It discusses the Affordable Care Act (ACA), a policy introduced and enforced by the government to regulate the access of healthcare insurance to low-income earners in the country. The primary components of the ACA include the individual mandate in looking for access to healthcare, subsidized marketplace coverage, access to care, and self-assessed care. ACA is a financial concept that changed how healthcare insurance organizations would handle clients including subsidizing the cost of getting insurance coverage, and this led to more low-income earners getting insurance that guarantees them quality access to healthcare (Courtemanche et al., 2018). In addition, the policy requires the insurance firms to make sure that it offers insurance in equity without discriminating against those with pre-existing conditions. The article has highlighted that ACA has led to the Medicaid expansion, which influenced health-related outcomes, and this includes the gain in those that access health insurance coverage and an increase in access to quality of care.
Financial concepts found in the article
President Barack Obama signed the Affordable Care Act (ACA) into law in March of that year. In order to help millions of Americans who are now uninsured, the Patient Protection and Affordable Care Act (often known as Obamacare) was enacted. Health insurance exchanges were set up, expanded Medicaid eligibility was mandated, and insurance companies were forbidden from rejecting coverage or charging more because pre-existing diseases were all part of the law. Allows children to stay on their parent’s insurance plans until they become 26. It was the goal of the ACA to lower the cost of health insurance for those who qualified for it. Individuals and families on a tight budget will benefit from premium tax credits and cost-sharing reductions included in the plan. Your monthly health insurance costs will be less expensive thanks to tax benefits. Reduced out-of-
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