Assignment Details in Discussion Board (TOPIC: Financial Management in Healthcare) (250 WORDS) Time Value of Money (TOPIC) (1) Economic uncertainty and financial instability affect the ability of...

Running Head: TIME VALUE OF MONEY                         1
TIME VALUE OF MONEY         2
TIME VALUE OF MONEY
Table of Contents
Financial Management In Healthcare    3
Bad debt collection strategy form patients    4
Communication of financial responsibility    4
Saving Credit card on file    4
Self pay policy    4
Part 2: Individual project    5
Need for working capital    5
Option to measure rate of return and optimise financial performance    5
Profitability analysis    7
Feasibility of the project    10
Effects of change in policy    10
Reference    12
Financial Management In Healthcare
Medical care administrators face a steep challenge today; understanding and executing monetarily and financially steady choices in the unpredictable medical services climate of the world. The objective to be beneficial administrators is more noteworthy than at any other time. The significance of this present reality is the use of bookkeeping and financial matters in medical care.
Nobody can contend against the way that the essential job of the executive or chief in the medical services industry is to deal with the resources of the office under their consideration. Key to their part as supervisors and pioneers is the arrangement and utilization of monetary and monetary rules that administer all types of business. Despite the fact that medical care experts, they are accused of dealing with the business led in their office; so it is the assumption for these administrators' managers that they stay productive and effective, and in the medical services industry this ends up being incredibly troublesome (Yeager et al. 2018). This is especially obvious in long haul care organization. With the undeniably straightforward nature of medical care and the interest for greater quality consideration at less expense, it is likewise in light of a legitimate concern for directors to offer types of assistance at their office that are less expensive, safe, and of good quality. The powerlessness of an overseer to adjust and keep up these obligations would definitely prompt the disappointment of the medical services office, harm its standing, harm the standing and employability of the actual director, perhaps in any event, sinking their vocation, and to top it all off, from the businesses perspective, a monetary misfortune. As the supervisors of their particular offices and activities, capable administration of their organization's resources is of main concern
Bad debt collection strategy form patients
Communication of financial responsibility
One of the most important aspects of collecting debts is communication. The patients need to be advised and their financial responsibility must be made clear to them beforehand. Other than this the staff and executives who are related to the financial structure of the company or organisation must be aware of the payment structure and policies laid down by the authority (Provenzano, Sitzman, Florentino & Buterbaugh, 2020). This shall help them take necessary steps in order to achieve the best.
Saving Credit card on file
Saving the information of patients from past records is another way to collect debts from the patients. This will help in mitigating a on file program which will again improve the speed for collection and the cash flow in the system. If the patients are allowed multiple ways to pay the bills drastically improve the chances to avoid late payments (Harris & Tayler, 2019). A recent report published by InstaMed shows that almost 85% of the paints pay their bills using the credit cards. It is also observed that the patients have been using the mobile phone for transferring their payments which is estimated around 11%.
Self pay policy
In recent times with increase in the hospital bills and surge in the insurance and coverage most of the people do not have insurance coverage. Thus self payment policies can be a good instrument to collect debt. Having a clear process and coordination with staff would make the follow up easier and the debt can be collected...