Healthcare Financial Management Research Paper

Pages: 4 (1064 words)  ·  Bibliography Sources: ≈ 4  ·  File: .docx  ·  Level: Master's  ·  Topic: Healthcare

SAMPLE EXCERPT . . .

Due to the extremely complex nature of healthcare management, which involves constantly shifting pricing structures, regulatory and legislative oversight, and interaction with pharmaceutical conglomerates and medical device manufacturers, knowing how to pursue productive negotiations with third party-payers is an essential skill. The lessons found in Negotiating Skills: An Imperative When Contracting are directly applicable to the demands of modernized healthcare management, covering the most successful methods through which to learn the art of effective negotiating tactics. Personally, I found the sensible advice given by David Wilson in his article 3 Steps to Profitable Managed Care Contracts, which identifies "key business items as claims submission and payment provisions; protection against catastrophic cases; procedure-based carve out payments; stop loss payment structures; and payment for exceptionally costly items such as implants" (2004) to be especially relevant given the current uncertainties pervading the healthcare finance industry. The concept of developing and using a quality set of business practices when contracting has never been more imperative than it is today, with a major restructuring of the health insurance market on the horizon. I also agree wholeheartedly with the recommendation to use intensive preparation as the foundation to future success in the field of negotiation, because the amount of circumstance-specific knowledge one possesses prior to a bargaining session is directly correlated to their chances of securing the most optimal parameters for a deal.

7.) Considering the processes used in the management of the revenue cycle by your organization, or an organization of which you are familiar, how well do you feel the organization is taking a system view when managing the revenue cycle?

What is the one thing you would recommend to make it work more like a system?

TOPIC: Research Paper on Healthcare Financial Management to Quote Assignment

Recognizing that all components of a large organization like a medical center, from the intake desk to the nursing staff to managerial administrators, are inextricably linked to one another is a major advancement in the structuring of health care delivery. The systems-based approach to healthcare management has proven to be particularly beneficial for healthcare managers tasked with controlling their hospital's Revenue Cycle (Seddon, 2008), because this methodology streamlines the entirety of critical processes without diminishing the capabilities of other sectors of an organization. I have personally observed the consequences of adhering to the outdated model of divisionally structured organization hierarchies, as my hospital continues to utilize an obsolete billing and coding system. This antiquated arrangement fails to account for the constant state of flux most medical patients experience while receiving care, and whenever a case is shifted from one specialization to another their charts are not automatically updated. By using a more systems-based approach, one which actively integrates all specializations in the hospital to expedite the treatment process, the overall delivery of high-end medical services could be made more efficient and more effective.

References

Clark, J. (2008). Strengthening the revenue cycle: a 4-step method for optimizing payment. Healthcare Financial Management, 62(10), 44.

Hammer, D.C. (2007). The next generation of revenue cycle management. Healthcare Financial Management, 61(7), 49.

Seddon, J. (2008). Think system. Management Services,… [END OF PREVIEW] . . . READ MORE

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"Healthcare Financial Management."  Essaytown.com.  November 21, 2012.  Accessed December 1, 2021.
https://www.essaytown.com/subjects/paper/healthcare-financial-management-quote/7870273.