Health Care Financial Manager Essay
Health Care Financial Manager Essay
The health care financial manager become more critical in determining the strategic direction of health care. The health care manager must be able to understand and use the basic skills of financial management. The Health care manager should have the analytical skills with respect to the health care needs. The manager will examine since initial level i.e. no. of staff members, treatments received, frequency of treatments, amount expended on medicine etc. Based on the information, the manager should prepare budgets on health care products, cost estimations of treatments. After calculations, the manager will analysis and take steps like to take policies, to establish possible health care units at different levels and to provide medicine and other benefits.Health Care Financial Manager Essay
The use of financial information to make decisions in health care organization would be linked with some of the following topics: The health care manager should be capable of dealing, which is related with the financial management. The tools and techniques mentioned below:Health Care Financial Manager Essay
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1. Use of financial statements
2. Preparation and monitor of an organization’s budget
3. Pricing, rate setting and reimbursement in health care
4. Capital budgeting and long term financial decisions
5. Health insurance
6. Health care accounting
7. Financial statements
8. Managing cash
9. Billings and collections
10. Making major capital investments
11. Determining cost
12. Using cost information in decision making
13. Budgeting
14. Performance measurement
15. Pricing
Besides, the health care manager should know the Patients’ Bill of Rights, which was linked with Federal Employees Health Benefits program. The consumers have the right to a choice of health care providers and more 300 plans available, which inclusive of following services like
Managed fee-for-service
Preferred provider organizations
Health maintenance organizations and point of service products
The manager also educates the employees who are under FEHB. The employees under FEHB have certain consumers’ rights and encourage the consumers to assume reasonable reasonability. The manager should concentrate by giving the following information to the employees so that they will be involved
Become involved in care decisions
Working with providers in developing and carrying out agreed upon treatment plans
Disclose relevant information and clearly communicate desires and needs
Show respect for other patients and health workers
Make a good faith effort to meet financial obligations
In every organization, the health care financial management is a part of other duties of the manager. In some organizations the duties will be separated and exclusively allotted one manager to look after the health care and financial relations of health care. The other financial transactions and management will be looked after by the regular financial manager. In small organizations both duties will be allotted to same manager.Health Care Financial Manager Essay
While selecting the different plans, which are suitable to the staff, the manager should consider the following points.
Participation of doctors
Deductible amount, which should be paid to the insurance company
Referral doctors by insurance company
Net work providers i.e. doctors, hospital or other provider of medical services who agreed to participate in insurance company’s network and the negotiated rates.
Actual charges by health care providers for services and treatments
CONCLUSION
The health care financial manager should analyze the available plans and to choose the plan which is most favorable to the employees. Based on the decision, the organization’s image and capabilities would depend. Besides when the manager taking the policies in respect of the staff, written copy of the policy of the insurer should be provided to the employee. It is immaterial whether the employee have enrollment information book is available. Since the regular contacts with the insurance company, the health care financial manger would be in a position to negotiate the payments of the bills to the insure persons. Hence the manager should have thorough knowledge about taking token number, billing of the medicines, coverage of causes, submission of bill claims, final settlement, negotiations with insurance companies etc so that the manager in commanding positing to negotiate with the insurance companies.Health Care Financial Manager Essay
There may be so many plans offered by different providers, and the consumers or insured persons will not be in a position to easily understand the terms and process of payments etc. In this regard, the health care financial manager should provide sufficient assistance to the insured persons. Of course, it is not possible to provide assistance to each and every person in the big organizations. Therefore the heath care financial manager first abreast with the policies and procedures and then educate the insurers by arranging conferences, inter-personal meetings etc. The financial decision-making is one big issue in the organizations. Because while taking the policies on behalf of the organizations for the employees, there will be matching grant which will be basic and social, contractual and constitutional responsibility. Hence every organization wants to make only minimum contribution as matching grant for the insurance premium. The health care finance manager should analyze the past details of the employees and their health records, age and then the manager should recommend the lower or higher premium, which implicates financial burden to the organization. But in order to overcome the situation, it is inevitable to expend the higher amounts. Health Care Financial Manager Essay
