One of the distinctive aspects of health care and financial management is risk reduction, which in this case entails investing in long-term services and resources (Chowdhury et al., 2021). Another distinguishing feature is improved financial management within the healthcare system, which is all about ensuring that finance is used effectively in achieving the firm’s objectives while also improving overall patient outcomes.
There are a number of unique factors relating to the health services sector:
The existence of the insurance market, which plays a significant role in the financial budget of the patients, is one of the unique factors relating to the health service sector. Patients with healthcare insurance can obtain treatment at lower costs than those who are not insured. However, there are still flaws in this insurance because some of them are overpriced and those that are manageable do not cover all types of diseases (Nyugen, 2021). Another distinguishing feature is technology, which plays an important role in achieving high quality services not only in the treatment process but also in the services provided by healthcare workers.
Compare the two types of accounting functions.
Inventory management and payrolls are two types of accounting functions. When it comes to how resources are used within the healthcare system, inventory management requires visibility and transparency. This process also entails overseeing all orders placed, as well as the storing and
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distribution of goods (Chowdhury et al., 2021). This makes it easier for the manager to identify the changes that need to be made in order to improve overall healthcare outcomes and reduce anticipated risks. Payroll is another function that involves the calculation and timely distribution of salaries. Payroll systems aid in tracking employee attendance and working hours, among other
things, making it easier to determine their exact pay.
Describe how the accounting functions affect operational oversight.
Accounting functions play a significant role in ensuring there is better analysis of all the financial matters, which makes it easier to understand how money is being used on different tasks. This financial transparency is effective in analyzing the profits and losses made within the firm, allowing management to suggest and implement effective changes that can be used to improve the outcomes (Nguyen, 2021). In other words, accounting functions aid in the direction of all operations within the organization, increasing the likelihood of achieving various goals and objectives.
How do these unique features affect the financial management of the sector?
Accounting’s distinctive features have a direct impact on financial management in the healthcare system. When we consider healthcare insurance, for example, we must consider the amount of
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money that patients must pay for an infinite number of healthcare services. This makes it easier for healthcare systems to calculate the additional funds required to ensure patients receive high-quality healthcare services (Gardi, et al., 2021). The distinctive features also facilitate the organization’s collaboration with the government in order to develop policies that can aid in the financial balance of the healthcare system. All of these processes are intended to improve the quality of healthcare provided while also ensuring workers are fairly compensated.
References
Chowdhury, S. R., Sunna, T. C., & Ahmed, S. (2021). Telemedicine is an important aspect of healthcare services amid COVID?19 outbreak: Its barriers in Bangladesh and strategies to overcome. The International journal of health planning and management, 36(1), 4-12.
Gardi, B., Abdalla Hamza, P., Sabir, B. Y., Mahmood Aziz, H., Sorguli, S., Abdullah, N. N., & Al-Kake, F. (2021). Investigating the effects of financial accounting reports on managerial decision making in small and medium-sized enterprises. Bawan Yassin and Mahmood Aziz, Hassan and Sorguli, Sarhang and Abdullah, Nabaz Nawzad and Al-Kake, farhad, Investigating the Effects of Financial Accounting Reports on Managerial Decision Making in Small and Medium-sized Enterprises (April 28, 2021).
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Nguyen, Q. K. (2021). Oversight of bank risk-taking by audit committees and Sharia committees: conventional vs Islamic banks. Heliyon, 7(8), e07798.
this is was qoustion
Unique Aspects of Health Services & Financial Management
There are a number of unique factors relating to the health services sector:
Compare the two types of accounting functions.
Describe how the accounting functions affect operational oversight.
How do these unique features affect the financial management of the sector?
Expert Solution Preview
Introduction:
The health services sector and financial management are unique in their own ways, particularly when it comes to risk reduction and financial transparency. This article will discuss the distinctive features of health services and financial management, compare two types of accounting functions, describe how the accounting functions affect operational oversight, and explore how these unique features affect financial management in the sector.
1. What are the unique aspects of health services and financial management?
The health services sector is unique due to the presence of the insurance market, which plays a significant role in the financial budget of patients. The existence of technology also sets it apart, which improves the quality of services provided by healthcare workers. On the other hand, financial management in healthcare is all about ensuring that finance is used effectively in achieving the firm’s objectives while improving patient outcomes.
2. How do inventory management and payrolls differ in accounting functions?
Inventory management requires visibility and transparency to oversee orders, storage, and distribution of goods. On the other hand, payroll requires the calculation and timely distribution of salaries and is useful in tracking employee attendance and working hours.
3. How do accounting functions affect operational oversight?
Accounting functions aid in better analysis of financial matters, improving financial transparency to understand how money is used on different tasks. This allows management to implement effective changes that can improve outcomes and direct all operations within the organization.
4. How do unique features affect the financial management of the sector?
The distinctive features of health services and financial management affect financial management in various ways. For example, healthcare insurance requires an infinite number of healthcare services, making it easier for healthcare systems to calculate the additional funds needed to provide high-quality healthcare. The unique features facilitate collaboration with the government to develop policies that aid in financial balance while ensuring fair compensation for workers. Overall, these processes intend to improve the quality of healthcare provided.
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