Healthcare Finance In Health Care

The role of finance in a healthcare setting includes, both the functions of accounting and finance management. This includes many functions including the measurement of events that reflect resources and operations; as well as the concepts and theories necessary to help managers overcome their goals. In our facility Health Care INC. our primary role of finance is to plan for, obtain, and make use of resources that can help you increase the productivity and value of the healthcare facility. The Finance aspect in a healthcare industry keeps everything on track and in order which will help the facility operate successfully.
The primary reasons for financial stability in the healthcare setting is to provide providers such as medical practices, clinics, hospitals, nursing homes, and home health care agencies with the means and finance to keep serving their patients and make sure that they are being reimbursed so that the care they are giving can continue. There are many users of financial information as it pertains to healthcare facility. When a patient is being seen for a healthcare reason they may be using health insurance. This patient may also have to pay a deductible out their pocket which they may have to pay in increments and the provider and patient must keep track to make sure the payments are being …show more content…
One legal issue is falsifying claims in a way to enhance reimbursement. Or if an individual uses codes knowing that they are not correct. There are ways to help manage and make sure this is not happening. However with the volume a hospital sees and how much coding they do for each patient there is no way to undersee it all. There are companies that you can hire to have an audit come in to just verify what you are coding is correct or a hospital may hire their own auditor. This is just one method that is commonly used to ensure there is no illegal activity under their