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Finance Revenue and Costs in Health Organizations - Essay Example

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Summary

The paper "Finance Revenue and Costs in Health Organizations" describes that when health care data is recorded and coupled with time stamps, cost can be recorded instantly and bills can be calculated faster. This data is then recorded and will be accessible anytime for auditing…

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Finance Revenue and Costs in Health Organizations

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Subject: Health Sciences & Medicine
Type: Essay
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 3
Author: kertzmannlawren

Extract of sample "Finance Revenue and Costs in Health Organizations"

First and foremost there is a need to understand the billing of health care services. An accurate cost of events, practices, and procedures along with the delivery of services is essential to generate commendable profits. Once this is understood, the organization can accurately assess the profitability of each sector, clinical management, service lines, or provider relationships to ensure growth in revenues and scalability (Glaser & Sett). The performance of each subsector can then be analyzed hence giving room for improvement. To lower costs and enhance efficiency, there is a need to revise networks to enhance coordination across healthcare service delivery. Accessibility of health care records to a greater amount of staff, physicians, and clinicians is vital to ensure the speed of delivery and determine the individual cost of services offered.

All these can be achieved through technology. Over the past, Electronic health records, revenue cycle management, and costing systems have been operating individually, hence the high cost of delivering health care services. Since relevant technology started creeping in, from the integration of data storage facilities with the internet, the flow of information has been quick and accessible at numerous places at one moment (Glaser & Sett). Read More

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