Financial amd Managerial Accounting of Healthcare - 2200 Words

Financial amd Managerial Accounting of Healthcare (Essay Sample) Content: Financial and Managerial Accounting of Health CareNameInstitution AffiliationDateIntroduction The healthcare sector is perhaps one of the most important sectors in an economy. The manner in which this sector is managed could well determine whether or not the healthcare system thrives. Usually, developed and well organized countries, roughly a fifth of the world population have managed to have health care models in place that have improved their health care system and have managed to make health care accessible to almost their entire populations. Such countries have pretty strong and successful economies and are very well organized. On the other hand, in poor countries, the health sector suffers most. Health care is accessible to a selected few in their populations and even those who can access it suffer considerable financial strain (Simon, 2010). This forms the basis of this essays thesis system, health care accessibility and affordability is one of the most challeng ing issues facing the world today. In this case, 20 doctors who plan to form a new medical group and have adequate financing can come up with an efficient health care model. The models in place all have their advantages as well as disadvantages. One of the complaints lodged against the American health care system is the assertion that American health care is the most expensive one in the world never mind that its quality is as good as that of other first world countries. The main models used do not necessarily make health care cheaper. They do however; make it a bit more affordable and accessible through such means as medical insurance and loaning facilities. In such cases, emergency health issues are promptly dealt with and cases of ill patients unable to receive healthcare due to lack of immediate funds are reduced. The role of a good health care model is to make healthcare as organized and as widely accessible as possible (Arbuckle, 2012).The doctors must choose a specific health care system or model that will govern their service delivery and general operations. It would be prudent then to conduct a research that would among other things advice the implementers on the best health care system or model to adopt depending on factors such as affordability, costs involved, accessibility and viability. One of the best models in the world is the Swiss health care system used in Switzerland. Their system has indeed attracted a lot of attention and the current Obamacare health care system has been said to have borrowed quite a significant number of its principles from the Swiss health care system. One of the main determinants of variations in different health care models is the question on whether health spending should be controlled by governments or individuals. Some health care experts have argued that while it is noble not to make health spending and health care decisions based on money, the government is inclined to base their decisions on money. In some cases , it has been argued that they are objective and therefore better placed to make such decisions in relation to emotional individuals. For instance, when it comes to deciding whether to spend money on some procedures as opposed to other, individuals may make decisions based on their then situation while the government can be trusted to be a bit more objective (Duncan, 2011). For instance the decision to spend more on chemotherapy to extend a cancer patients life by five months as opposed to spending it on health care that will increase an elderly persons life by five years. Individuals with loved ones suffering from cancer will likely choose to spend it on chemotherapy, making the decision purely out of emotion and understandably so (Kronenfeld, 2010).However, the government as many have claimed cannot also be trusted to make this decision perfectly objectively as they are likely to go for cost effectiveness by picking low cost alternatives whenever they have to decide (Cleverly, 201 1). Therefor instead of stopping the practice of health care providers selling their services to the patients, such models only succeed in including a middleman and in many cases increasing the cost of health care. Cost effectiveness, whichever way we look at it is bound to be subjective, and the one size fits all approach would be inhumane since every individual has unique desires and needs. Therefore it appears that the government may not be so objective after all. The Swiss health care systems most admirable trait is its universal coverage, which president Obama has tried to implement through the Obama care system. This they have managed to achieve in spite of the little monies they dedicate to health care every year compared to America. Switzerland only spends about 2.7 per cent of its GDP on health care, compared to Americas 7.4 per cent. Even then, America is yet to achieve universal coverage. In emulating the Swiss health care model, the doctors can have insurance bought by i ndividuals as opposed to having the sponsored by employers or run by government programs just like they do in Switzerland. The government steps in to subsidize packages for the poor so that they spend less than ten per cent of their income on health care. Health insurance acquisition is also a norm in Switzerland, and studies report that the population percentage of individuals in Switzerland with health care insurance is about 99.5 per cent. In the case of the twenty doctors, this approach would be prudent. For one they could require and encourage their patients to acquire health care insurance. Like the Swiss, they could also ensure that the patients are at liberty to choose their doctor as well as their appointed waiting times (Porter, 2012). The model could work towards sustaining low costs in order to make it as affordable as possible. It is important to note that the Swiss population readily invest in healthcare therefore easing the governments burden. The government can cons equently manage to support the poor comfortably. It is also important to note that the Swiss are relatively wealthy and this model is therefore best applicable to financially stable countries.Health care has improved greatly over the last couple of decades and its improvement has brought in its wake new complexities (Hankins, 2014). The health care models that have been developed so far call for increased organization in many areas including Accounting and Finance. Accounting in healthcare is broken down into managerial accounting and financial accounting. The finance department, which is separate from the accounting department basically supervises and manages the acquisition as well as the disposition of the resources and revenues streaming into the organization especially in form of cash. This is especially important for accountability and purposes of monitoring (Matcha, 2013).Besides the Swiss healthcare system which the current Obama Care has borrowed significantly from, there are other common health care models. One of the most common one is the Beveridge model whereby the government regulates and pays for most of the health care through tax income (Simon, 2010). The government in this case owns majority of the hospitals and even the private doctors collect their dues from the government. In this model, the government has control over how much the doctors and general health providers charge for their services. Due to price controls by the government, this model tends to have low costs per capita. The Bismark model is also quite popular as a health care model especially in America. This model entails the use of an insurance system. The original model meant for the insurance to cover everyone without making profits and some Bismark countries such as Germany and Japan make little to no profits on health insurance. This is not the case however in American insurance industry (Burns, 2014). Financial accounting in the health care system basically is a record of the organizations financial history. Financial accountants need to be able to present the organizations financial history in detail to interested stakeholders. These stakeholders include but are not limited to financiers, the organizations analysts, board members, researchers and investors. One of the main objectives of health care accounting is structure and assemble the financial information required in the system in order to have health care providers accountable for the quality of services provided and how much they cost. This method can then be used to ensure that superior quality services receive superior pay. That is, pay would be based on performance and service quality (Buchbinder, 2012). In order to appropriate funds, a sound financial plan is important. A financial plan acts as an organizations skeleton and forms the basis upon which policies and operations structures can be built. The plan must include a well-defined budget for all the costs incurred in establishing a health care centre and must also include a worked out financial projections plan. In addition to this, the plan needs to include the organizations revenue sources as well as the strategies they intend to employ in order to maintain the effective running of the organization over time (Finkler, 2010).The net debt value shall be maintained at less than 3 per cent. The organization will maintain a tight rein on debt and will seek to limit debt as much as possible to assets that produce income. The organization will invest in a lot of financial consulting to ensure that they make prudent budgets and financial decisions in order to improve the organizations financial foundation over time and consequently manage to maintain quality service delivery. Performance measurement will also be a big part of the organization and the organization will take the necessary steps and investmen...

Informed Consent in Counseling - 785 Words

INFORMED CONSENT 3 Since the research materials are provided to you by human beings, and may be based on numerous sources, it is strongly recommended that you conduct independent research to verify that all information is complete and accurate before referencing the material. This reminder does not contain all of the terms and conditions that govern your purchase Q3. According to all codes of professional counseling ethics, when a client enters into a counseling relationship, the counselor is obligated to provide the information necessary for the clients informed consent (Walsh Dasenbrook 2013: 1). These include the counselors credentials and confidentiality policy. The counselor should inform the client that he or she is by law required to release diagnosis and dates of service†¦with the clients insurance company if the client is using insurance to pay for the sessions, along with physical or sexual abuse of children†¦threats of suicide or homicide, and all other data he or she must disclose to be HIPPA compliant (Walsh Dasenbrook 2013: 2). The providers fee schedule and policies should likewise be openly disclosed. If the patient is a minor, the parents must likewise be given informed consent. Some issues which may arise regarding informed consent include the question of the clients ability to be forthright with the counselor. 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Communism And The Berlin Wall - 1883 Words

Europe’s distinguishable – but perhaps not always positive – history has been shaped most monumentally by two events. In 1945, the end of WWII, breakup of the fascist German state, and subsequent plunge into the Cold War makes the year undoubtedly immensely significant. However, I would argue that the other provided date, 1989, holds even greater clout in terms of change upon the European continent, as well as the world. The falls of Communism and the Berlin Wall as well as the thawing of Eastern Europe marked the year 1989. However, it is important to state that I am in no way diminishing the importance of 1945, simply comparing and contrasting with 1989 to show vital differences. I understand a â€Å"turning point† as drastic change that†¦show more content†¦The main problem while trying to do the job was the sides differing views on post-war security. The Western Allies – most prominently Britain and the US – sought a system in wh ich countries would install democratic governments and that this in turn would allow them to peacefully resolve conflicts through the aid of international organizations (such as the UN which was established later that year). However, the Soviet Union held very different desires. Their goal was the control of international affairs for bordering Eastern European countries. However, despite differing ideologies, Stalin also wanted continued peace with Britain and United States. These disparities showed the signs of an international conflict, however at this point that assertion might have been slightly premature. The Allies were still entirely attempting to cooperate and fairly, peacefully, and intelligently reorganize post-war Europe. This was most accurately seen during two noteworthy conferences in 1945 – Yalta and Potsdam. Although Yalta allowed for a successful agreement on the framework of how to handle post-war Europe, the conference established spheres of influence that set a dangerous precedent for the Soviet Union – one that they would exploit in the coming years. Allied

Event Planning Business of Event Planning

Question: Describe about the Event Planning for the Business of Event Planning. Answer: Introduction For many students, this should be the most memorable night of the year therefore; it should be organized to meet the expectations of the people. Because of this, the planning, coordination, organizing and delegating of tasks should be done in such a way that the end results is a spectacular event worth remembering. When organizing this event we should also check on the costs for organizing, a viable project should be profitable hence this paper will analyse the various costs involved to hold a successful Ball Event (Allen, 2002).This is a proposal that will enable the management of M.I.T to analyse the reviewed venues and services that have been chosen to make the event truly a wonderful night to remember. Objectives of the project The objective of this project is to help organize, fund, advertise and run an excellent and memorable event. The project will help the organizers to put in use the management skills and principles. Additionally, the event should be run at a profit or break even. Another objective of this event is to bring people together; this is the most memorable night of the year for most students. Therefore, a fantastic environment should be created to bring together friends, good food and entertainment at friendly price. The proposal seeks to persuade the management of M.I.T that this is the project is the most viable in terms of profitability by establishing alternative venues for the event which is the C.B.D. Project stakeholders When organizing and planning for this event, there are various stakeholders whose input in terms of ideas will be invaluable. This includes: Committee (organizers) The committee comprises of Chairman who is the leader of the ball committee, who approves everything and has the last say on every decision but he also will bear responsibility should anything go wrong. The responsibilities of the chairman also are to delegate jobs, motivate the team, set action plan and set deadlines (Dalal, 2012). The treasurer is a member of the committee who is in charge of the money, create budgets that are accurate and manageable, track ticket sales and ensure budget is adhered. The secretary is another important member of the committee who ensures that all team members are communicating in an effective manner. The responsibilities of the secretary is to organize team meetings, h handle minor problems, take minutes and keep records of plans and ideas that are accurate (Daniels Loveless, n.d.). The committees ensures that the management principles and doctrines such as delegation, planning and organization among others. Entertainers The entertainers will include a live band and a disc jockey to provide entertainment. Food will be served by an outside caterer; we will buy food and drinks from a local hotel which provides best quality at affordable rates. Security personnel In order to cut cost, the security will be provided by the institution, who will give guidance on how to organize security for the event. We are projecting to use at least three guards. Staff and students This are the people that will attend the ball, hence we will get information from on how they would love the event to be staged, how much they would be comfortable to pay for the tickets, the best mode of transport and many other issues relating to the event. Communication is key for the success of the event. Ideally, meetings will be scheduled twice or thrice a month in the months leading to the Ball, this will also be supplemented to by regular emails communication. This will enable us to organize a fantastic ball. Tasks It is critical to adhere to a chain of command once the tasks are assigned for each member. The chairman ensures that team members do their tasks and adhere to the set deadlines (Jones, 2010). The most critical member of the team is one who is supposed to ensure that the venue is well arranged, lighting is set up, all the service providers are ready to give service. The chairman will definitely ensure that the venue is all set up to hold the event. Venue There are two alternative venues that offer a good place for hosting the Ball. One of the venues is a hotel at the Melbourne C.B.D and the other venue is the m.i.t hall. The factors that we will compare to select the venue include, security, cost, parking availability among others (Kilkenny, 2006). A hotel hall is quite expensive to hire considering that this will be financed by the ticket sales only. However, the hotel will offer food and drinks for the attendants and security but the cost may be more than the revenues collected. The hotel venue cost is $20-$50 per person. On the other hand, M.I.T hall will be provided for free, the security and parking at the hall are guaranteed. However, the costs involved when we select this alternative is set up cost, lighting cost and the food and beverage cost will be more considering that this will be provided by an outside caterer. Comparing the two, the latter is definitely the cheaper option. Therefore, for the venue we will use the institutions hall. Developing a project plan The project parameters in this spring-ball event are, the prices of the tickets, number of people gracing the event, the venues chosen for the project, the time of the event, the performing live bands and entertainment at the spring ball (Jones, 2010)l. The prices of the tickets should not be very high since the people attending the ball are M I T students and staff. Melbourne Institute of Technology (MIT) has a lot of students and it is expected that the number of students will turn up to the numbers. With the number of students being large, the parking space and the venue should be spacious enough. The ball is to be held at Melbourne CBD, and the school compound. To manage the spring ball, there is need to have several project management tools in place. First, for an effective project it will need proper planning. Hiring a project manager, to manage the project in different phases of implementation, to coordinate various functions that that will streamline the project until it is undertaken. There are different phases to be implemented while developing the project. There are various timelines for implementation of the project. First, the ball venue should be identified and realize its capacity to be able to accommodate the project. Tables, Chairs and the entertainment system should be brought three days before the event is conducted. This is especially good for testing the entertainment system and the layout of the venue place. Advertising is not really required since it is a school based event. Bands and Djs should be hired two weeks before for them to prepare in advance. School buses should be hired to transport the students with no cars to and from the balling venue (Raj Musgrave, 2009). Lastly, food and drinks which take a chunk of the budgeted money should be bought in time from different caterers. For implementation of the budget, key personnel are required for the success of the project. This includes; the project manager, who is the coordinator of all functions related to the planning of the ball. He is also the head of the steering committee planning the project. Caterers are also an integral part of the project that includes the waiters and waitresses. Transport manager to coordinate the transportation of students, staff, the band and the entertainment system. The transport manager will also be responsible for relocation of tables and chairs to and from the venue. There are several risk management plans for the event. There should be a fire exit door in case of fire outbreak. Fire brigades, engines and fire extinguisher. There should also be ambulances and paramedics available in case of any medical situation and security personnel to put the place in order in terms of security. Telephone contacts for area police should also be available in case of fights at the event which would require the input of the police. Project budget Venue Hire -$20-50 per person Foods - Inclusive in venue hire Drinks- Inclusive in venue hire Bands-$200-1000 DJ-$200-500 Venue Security-inclusive in venue hire Cloakroom services -$1-5 per person Transport-$2-5 per person Tickets printed -10 per person Others Magicians -$100-$250 Light show -$2000 From the budget at the initial stages, these are the costs after consulting from other members of the ball committee (Wolf Wolf, 2005). The plan for implementation of the project is set in the program of the spring ball day. Conclusion Project management and implementation of MIT spring ball will require adequate preparation for the event to be successful and worth remembering. An event of this magnitude and stature that is usually conducted once a year should be thorough. Program manager and the steering committee will be tasked to coordinate, plan and organize the smooth flow of activities in the final day. There are various phases and timelines for implementation (Wolf Wolf, 2005). With every piece in place, the ball should be better than the previous years balls. References Allen, J. (2002).The business of event planning. Toronto: J. Wiley Sons. Allen, J. (2005).Time management for event planners. Mississauga, Ont.: J. Wiley Sons Canada. Dalal, A. (2012).The 12 pillars of project excellence. Boca Raton: Taylor Francis. Daniels, M. Loveless, C.Wedding Planning and Management. Hardina, D. (2012).Interpersonal social work skills for community practice. New York: Springer Pub. Co. Jones, M. (2010).Sustainable event management. London: Earthscan. Kilkenny, S. (2006).The complete guide to successful event planning. Ocala, Fla.: Atlantic Pub. Group. Kinicki, A. Williams, B. (2008).Management. New York: McGraw-Hill/Irwin. Raj, R. Musgrave, J. (2009).Event management and sustainability. Wallingford, UK: CABI. Render, B. Heizer, J. (2004).Principles of operations management. Upper Saddle River, N.J.: Pearson/Prentice Hall. Wolf, P. Wolf, J. (2005).Event planning made easy. New York: McGraw-Hill.