By Dennis D., Stillman, Dennis M. Pointer
"Finally! The ebook that each one healthiness care board individuals wanted yet have been afraid to invite for! these darkish days of observing incomprehensible numbers in the course of board conferences, of worried nodding whilst their financially-literate brethren make reviews or ask questions, of balloting on issues that they don't comprehend are long past! This publication is lengthy late and may be learn by means of each trustee who's now not a finance professional."--James E. Orlikoff, president, Orlikoff & affiliates, Inc. and government director, American Governance & management GroupAccounting for $1.4 trillion in charges (13.7 percentage of gross family product), overall healthiness care is likely one of the nation's biggest and quickest starting to be industries. This concise, expertly written primer on well-being care association finance is a nuts and bolts consultant to what has develop into each hospital's such a lot delicate subject. health and wellbeing care association board contributors needs to own simple monetary competence to control successfully. This publication may also help them gather, simply and painlessly, the elemental monetary literacy crucial for discharging their roles and satisfying their fiduciary tasks.
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Additional info for Essentials of Health Care Organization Finance: A Primer for Board Members
The program ﬁnances provision of health care services to the poor. In a strict sense, Medicaid is not health insurance; rather, it is a welfare subsidy. Beneﬁts are not earned but furnished to recipients in need. In 2000, Medicaid covered forty-one million individuals. It is federally sponsored and supported (overseen by CMS) but state-administered. Fiftyseven percent of its funding is federal, 43 percent from the states. States choose whether to have a Medicaid program; all but Arizona have decided to do so.
What ﬁnancial targets must be achieved, and how will they be monitored and evaluated? MONITORING AND ASSESSING Board-speciﬁed ﬁnancial objectives and approved plans and budgets are the basis for monitoring and assessing the organization’s ﬁnancial performance and outcomes. Four steps are required: 1. Developing key indicators. They are based on ﬁnancial objectives (an example of a measure might be net income from operations), variations in budget projections from actual results, and ratios calculated from the organization’s ﬁnancial statements.
They do not purchase insurance from, or pay premiums to, a health plan; however, they may contract with them to provide administrative services. c03 8/4/04 2:34 PM Page 26 plus self-funded plans. Coverage is generally dependent upon, and linked to, employment. Approximately 50 percent of private sector establishments (employing about 80 percent of the nongovernmental workforce) offer VHI to their employees. SOCIAL INSURANCE (MEDICARE) Medicare is the health care industry’s single largest payer.