Question

MHC 6305 Financial Management

Service line costing and pricing,\\ Opening statement// One of the key resaon to implement the use of managerial accounting pratices in healthcare is to establish rational means to budget for and measure the finanical performance of an organization. Question is Give some examples of how to cut costs while improving care and quality in a healthcare organization service line? Give both pro and cons of some initiatives? Please assits and give some examples of how to accomplish this question.

Answer 1

Solution

Can individuals effectively manage their personal financial affairs? Is there a role for public policy in helping consumers achieve better financial outcomes? And if so, what form should government intervention take? These questions are central to many current policy debates and reforms in the U.S. and around the world in the wake of the recent global financial crises.

In the U.S., concerns about poor financial decision making and weak consumer protections in consumer financial markets provided the impetus for the creation of the Consumer Financial Protection Bureau (CFPB) as part of the Dodd-Frank Wall Street Reform and Consumer Project Act which was signed into law by President Obama on July 21, 2010.

Key components of healthcare organizations in regards to operational planning for developing and implementing the Healthcare Organizational budget are -

• Identifying the services to be purchased, taking into account the population needs and cost-effectiveness
• Choosing the proper service providers - Based on criteria such as service quality and effectiveness
• Determine how the services will be purchased i.e. to buy full machines or contractual arrangements