Within the health care system there are several different aspects to take into consideration to keep the facility running smoothly. One of the major aspects that plays a large role in the way a facility runs, is the financial aspect of things. That being said, the financial documentation for Patton-Fuller 's facility 's financial documentation was reviewed and evaluated. The questions answered were; how do the audited and unaudited financial statements differ, what is the effect of revenue sources on financial reporting at the hospital and how are the hospital 's revenues and expenses grouped for planning and control. For starters we will look at how the audited and unaudited financial statements differ. The 2008 financial statements
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The effect of revenue sources on financial reporting depends on many factors which are the source where the revenue comes from. The hospital work very hard behind the scene to ensure that patients are getting very good care and service. One of the main sources of revenue for the hospital is the insurance billing, Medicare, Medicaid and private insurances are the ones that pay the hospital for the patient’s and they play a major part on the hospital revenue. Other sources are granted fund, test, and donation. Hospital received grant fund for researches and sometimes for their good service which also fall in the same category as the donation. Patton Fuller Community Hospital financial statement balance sheet did match for both audited and unaudited with a total of $462,982 in 2009 and $421,314 in 2008. They have high patient net revenue which reflects to the insurance payments compare to the amount for other revenue which would be granted fund and …show more content…
It was concluded that revenue source reporting from year to year can make a difference as to how much funding is actually needed to run the facility. If not given the correct amounts the facility may not get the appropriate funding needed in the next year. Lastly, how are the hospital’s revenues and expenses grouped for planning and control? They are broken down into several different categories such as supplies and capital expense as well as debt and expenses. This was just Patton-Fuller 's facility 's financial information however each and every facility has to take these things into consideration to be able to have a smooth running facility and to be able to stay open for
The effect of revenue sources on financial reporting depends on many factors which are the source where the revenue comes from. The hospital work very hard behind the scene to ensure that patients are getting very good care and service. One of the main sources of revenue for the hospital is the insurance billing, Medicare, Medicaid and private insurances are the ones that pay the hospital for the patient’s and they play a major part on the hospital revenue. Other sources are granted fund, test, and donation. Hospital received grant fund for researches and sometimes for their good service which also fall in the same category as the donation. Patton Fuller Community Hospital financial statement balance sheet did match for both audited and unaudited with a total of $462,982 in 2009 and $421,314 in 2008. They have high patient net revenue which reflects to the insurance payments compare to the amount for other revenue which would be granted fund and …show more content…
It was concluded that revenue source reporting from year to year can make a difference as to how much funding is actually needed to run the facility. If not given the correct amounts the facility may not get the appropriate funding needed in the next year. Lastly, how are the hospital’s revenues and expenses grouped for planning and control? They are broken down into several different categories such as supplies and capital expense as well as debt and expenses. This was just Patton-Fuller 's facility 's financial information however each and every facility has to take these things into consideration to be able to have a smooth running facility and to be able to stay open for