Business Basics for Healthcare

Business Basics for Healthcare

This course was among the most exciting classes I took in this session. The course taught me various skills to start and manage a business, including different business forms. Healthcare Business Basics was an exciting chapter tackling the fundamentals of creating and working in a corporation. It encompassed multiple topics that define a business outlook, different categories of permitted business, systems of taxation in both profit and non-profit-oriented businesses, and objectives while setting up the business. The topic was so crucial to me as an upcoming entrepreneur. I got to learn essential information that will help shape my profession. Any profit-oriented business should run efficiently by generating enough profits to sustain wages and bills (Reiter, K. L., and Song, P. H. 2018).

The concept of a business was another exciting topic. It taught me the basics of starting a business and ensuring its sustainability through a simple profit-generation model. More so, the competitiveness of the business is a measure of its growth (Hodge, K. A., et al., 2016). Since I aspire to become an entrepreneur after my studies, I want to start up businesses by offering my services as a nurse and seeing them prosper.

Legal forms of business also came in handy during this period. I learned of different forms of companies, including partnerships and proprietorships, corporations, and hybrids. A proprietorship is an individual-owned business; the owner is the investor and sole decision-maker. It is thus simple to run and manage. Corporations are owned by shareholders but are run by hired managers. They end up suffering Agency problems since the managers rely not on the shareholders’ guidelines but, most often, on what they think is right. A hybrid form of business combines both the features of partnership and for-profit corporations.

Organizational goals in healthcare finance proved another exciting topic. It is evident that for one to start up a business, one is supposed to have well-outlined objectives that will guide and measure the performance of the company in question. It may be either for-profit or non-profit purposes, whereby small revenue will need to meet owners’ and customers’ needs. In contrast, considerable payment is required to maximize the stakeholders’ wealth. When the business in question is a not-for-profit corporation, it means that most of the services offered are for charitable purposes, and thus, less or no income is generated. Therefore, its sustainability requires external funding sources in terms of grants. With this in mind, I can set clear objectives that will ensure my interests are met and those I offer services to.

Lastly, tax laws in healthcare finance were a very significant area. This topic was very educational since I could understand the tax system and how it influences decision-making in finance. We have two major types of taxes, which are individual and corporate. Personal taxes are taxed from income, while corporate taxes are based on whether they are for revenue generation. If a business is for revenue generation, it incurs double taxation, but non-revenue generation is exempted from tax. As an individual, I understood how to compute my after-tax income through the formulae AT=BT*(1-T), which is essential in guiding me on how to plan for my income and what type of business I should set up.

In summary, the above four topics are crucial in my career and personal life because they equipped me with knowledge on how to start and run my business, choose the appropriate corporation, and set up and meet the required standards to ensure business stability and growth.

References

Lear, J. L., Fleig-Palmer, M. M., Hodge, K. A., Fleig, M. J., & Arensdorf, A. (2016). Business fundamentals for healthcare providers: Ensuring effective practice management and good stewardship. The Journal of Health Administration Education, 33(1), 141. https://www.proquest.com/openview/deee83cd064f337013010be99e05e25d/1?pq-origsite=gscholar&cbl=105455

Reiter, K. L., & Song, P. H. (2018). Gapenski’s Fundamentals of Healthcare Finance. Health Administration Press. https://www.ache.org/learning-center/publications/books/2354I

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Business Basics for Healthcare

In the course, we learned about chapters 1-12 in my required textbook. Review the chapters, then choose any branch and write: What were the most exciting topics you encountered in this course? Utilize and explain How you can utilize any of the knowledge gained in this course for your personal life or career. I have uploaded a screenshot of my required textbook. Please use it so you can answer the questions.