Fiscal Management Discussion prompt

Fiscal Management Discussion prompt

Explain how the revenue cycle influences the building of the new hospital.

The revenue cycle influences the building of the new hospital because it is one of the critical success factors that the company has to consider. Essentially, revenue cycles determine the life of any for-profit making organization (Raghuvanshi & Raghuvanshi, 2020). In the case of Krona healthcare centre, the revenue cycle comprises clinical and administrative functions that are utilized in collecting revenue for services ordered. The clinical function entails the actual provision of services, while the administrative function plays a role in the amount to be charged for services provided and when they should be considered. Shorter revenue cycles are generally preferred because they ensure the company is liquid to pay its maturing obligations as and when they fall due. Therefore, the revenue cycle should be a concern for the new hospital to ensure no delays are made in any maturing obligations. Additionally, the revenue cycle should be a concern to ensure the efficient running of operations within the new facility. Need help with your assignment ? Reach out to us. We offer excellent services.

The new hospital should consider various aspects within the revenue cycle, including collections, remittance processing, claim submissions, and point-of-service registration counseling collections. Notably, these aspects contribute to the revenue collected in the cycle. When all of them are working smoothly, the revenue cycle will be termed to be efficient and lead to the profitability of the new hospital.

Discuss why increased outpatient services will be required to improve revenue in a bundled care, accountable care, and value-based environment.

The need to reduce the cost of healthcare services is of prominence to healthcare providers. Notably, this is one of the achievements targeted through tolling out the bundled care, accountable care, and value-based payment systems under the Medicare and Medicaid programs (Agarwal et al., 2020). Essentially, the programs help increase revenue from outpatient services because the services are less costly compared to other services that are offered in a healthcare facility, such as inpatient services. Also, outpatient services form a primary ground for healthcare facilities to improve revenue because patients under bundled care, accountable care, and value-based systems help cut costs incurred by health centers. The programs offer incentives for various outpatient services more easily than inpatient services. As a result, revenue will be saved, which will contribute to the organization’s revenue savings.

Discuss 3 ethical concerns in the new billing environment.

Ethical concerns are important because they reflect the correct way of handling things within the billing environment. The first ethical concern identified related to the confidentiality of personal information. The billing environment often encounters patients’ medical information to correctly calculate and finalize the bills. It is ethically right to ensure that personal information relating to patient bills is kept private. Even without considering it an ethical concern, healthcare facilities must protect confidentiality by avoiding any discussion that will expose patients’ personal information(Stoll et al., 2020). Another ethical concern for the new billing environment is maintaining neutrality and fair treatment of all patients. Notably, this is an ethical issue because the conflict of interest often occurs when workers in the billing environment handle cases of friends. However, the new facility should enforce an ethical code of conduct to ensure fair treatment of all patients. The final ethical issue of concern relates to honesty. The billing environment includes handling financial resources, which can tempt workers to steal. However, with honesty, the billing environment will be successful.

References

Agarwal, R., Liao, J. M., Gupta, A., & Navathe, A. S. (2020). The Impact Of Bundled Payment On Health Care Spending, Utilization, And Quality: A Systematic Review: A systematic review of the impact on spending, utilization, and quality outcomes from three Centers for Medicare and Medicaid Services bundled payment programs. Health Affairs, 39(1),  50-57.

Raghuvanshi, V. P., & Raghuvanshi, S. P. (2020). Implications and future strategies on cost management for hospitals during and after COVID-19. Int J Community Med Public  Heal, pp. 7, 2405.

Stoll, J., Müller, J. A., & Trachsel, M. (2020). Ethical issues in online psychotherapy: A narrative review. Frontiers in psychiatry, 10, 993.

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Response is due by Thursday (11:59:59pm Central), and Peer Responses are due by Saturday (11:59:59pm Central).

You are a staff member in the finance department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management. The chief executive officer (CEO) of Krona has asked that you complete the following:

Explain how the revenue cycle influences the building of the new hospital
Discuss why increased outpatient services will be required to improve revenue in a bundled care, accountable care, valued-based environment
Discuss 3 ethical concerns in the new billing environment
Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about his or her Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

What did you learn from your classmate’s posting?
What additional questions do you have after reading the posting?
What clarification do you need regarding the posting?
What differences or similarities do you see between your posting and other classmates’ postings?