US is known for providing a variety of services such as general surgery, internal decline, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services and behavioral health services. The company’s hubs can be found in South Carolina, Nevada, Texas, Pennsylvania and Wyoming. I-IIS headquarters is in King of Prussia, the US with a subsidiary Media-Parterres Group located in France. There numerous amounts of accounting principles utilized. They set the standard rules necessary in creating financial statements and accounts.
Financial statements provide knowledge of a Meany’s financial health. Learning the differences in financial statements and their uses are important in understanding how a company competes within its market and becomes successful. Financial statements allow investors, creditors, and managers to analyze the health, risks, and profits of a company. Two principles that come into play when discussing financial statements are revenue recognition principles and expense recognition principles.
The principle of revenue recognition shows that under the accrual basis of accounting states you would only record revenue after a company has fully gone through a revenue generation process, however most revenue is recorded as it is earned.
The expense recognition principle recognizes expenses at the same time as they relate to revenues. If this did not apply, expenses would then be recognized as incurred, which might predate or follow the period in which the related amount of revenue is recognized (http://www. Accounting’s. Com/revenue-recognition -principle).
After discovering which transactions are applicable, the information is entered into the financial statements. The applicable information is then written in a journal with explanations. Sometimes changes occur and when this happens, it is necessary to understand the situations requiring adjustment journal entries. The health care industry is about more than the just financial aspect of what I’ve learned working in Revenue Cycle management. The lack of quality in health care affects access to health care, which increases spending and health care cost.
Increased knowledge and innovation of technology in health care is changing the future of health care systems. As the SCOFF, I would align goals between our payers, individuals and the organization. Desired results can be seen through metric improvements, employee satisfaction and absenteeism. Happier staff are less likely to call in and more likely to provide great patient care. This creates revenue growth, consumer loyalty and increased productivity. Alignment is a step by step easier process designed to promote employee participation in organizational goals, while, enhancing individual knowledge and learning.
You begin by intensifying and teaching the organizations core ales, key roles and critical success factors for both the employees and patients. Encourage employees to form team objectives, metrics and improvement actions. They need to be the kick-starter rather than the end point when it comes to performance improvement. Objectives should be developed from the Vision, Mission Statement and Core values of the organization. From this the improvement actions are aligned with the team’s personal objectives as well as the organizations.
The alignment approach described above can be successfully applied in both private and public-sector organizations. As for performance tracking, it is discussed a great deal as it serves as our company report card. Senior managers can sometimes appear to pay a great amount of attention to performance or not. Many times in unrecognized settings, there is minute to no seen advances in high-performance results. This is because many performance-improvement programs seem to lose focus on improvement actions, becoming complacent with measurement programs only.
The Coffs role has traditionally focused on tracking metrics with measurement continuing to be the primary focus in many organizations. Measuring metrics seem to focus on financial measures, such as revenue and costs. In an aligned setting, metrics measurement is just the beginning, a precursor so to speak in developing improvement task are effective. In support of a continuous performance- improvement program, the required qualitative business metrics should include patient profitability, total spending of the patient also known as share of wallet and retention.
As the SCOFF, would also determine the usefulness of recommendations of proposed patients and recognized compatibility of frontline Taft with patient expectations. Employee metrics might focus on motivational measures such as attendance, production, leader qualities, and employee satisfaction. In managing such metrics, I would determine remedial actions by identifying how well employees are functioning as teams, to what level their personal goals are in sync with the direction of the facility, identifying how to rapidly move the organization into the world of information sharing between the organization and employees.
Cite this Creation of Financial Statements and Accounts of Health Services
Creation of Financial Statements and Accounts of Health Services. (2018, May 28). Retrieved from https://graduateway.com/creation-of-financial-statements-and-accounts-of-health-services/