...Health Care Economics Issues HMO Simulation Name University of Phoenix Economics: The Financing of Health Care HCS440 instructor date Health Care Economics Issues HMO Simulation Castor Collins is a health insurance company that offers health maintenance organization (HMO) to organizations. This health insurance company was founded in 1999 in Pantome. Two organizations are trying to seek coverage for their employees and have chosen to see what Castor Collins has to offer them. The two companies are Constructit and E-editor that are seeking policies for their employees. Each one of these companies has provided the demographics, health risks and maximum premiums they are willing to pay. The insurance company has three different plans they have to offer for these two companies .Castor Collins will review the company’s information and decided which plan is best for which company to see if they will be able to meet the companies’ needs. Castor Collins will also make sure their financial liability will not be too high. The three insurance plans Castor Collins has to offer is castor standard, castor enhanced, and castor enhanced minor. The castor plan and the castor enhanced plan offer the same type of services with little price different. The biggest difference between these two plans is the castor standard plan does not cover pre-existing conditions and the castor enhanced plan does cover pre-existing conditions. The castor enhanced minor plan is different from...
Words: 860 - Pages: 4
...Health Care Financial Accounting Simulation Kanisha Wilson HCS/405 October 20, 2013 Adrian Parker Health Care Financial Accounting Simulation Health care organizations are cutting back on expenses in order to continue to provide quality health care to the community. Cutting back can cause layoffs, the number of patients that who are treated in the health care facility, and how funds are used to keep the organization running. The Elijah Heart Center, located in New York is to have financial difficulties maintaining its hospital’s 140- bed cardiac care unit. I have been selected by the Consulting Firm of Huber and Guizot as the senior consultant to help develop and implement a turnaround strategy. Decisions made during the simulation will be discussed to help Elijah Heart Center on their financial situation. In the simulation reducing agency staff and changing the skill mix were chosen as cost –cutting options. “Whether you as a manager must either review or prepare required data, your responsibility is to recall and apply the elements of consistency, because such data will typically be used for decision making” (Baker & Baker, 2011 p. 152). Reducing agency staff was chosen because by reducing the number of agency staff would help reduce cost by saving money on premiums and contract fees paid to the staff. Changing the skill mix was chosen because it allows the health care organization to hire unlicensed assistants to help the nursing to focus on more important...
Words: 1015 - Pages: 5
...Marketing Simulations: Patient Engagement Lauren Phillips, Latonya Miles, Kelli Lee, Daline Castillo, Larry Henson HCS/490 January 17, 2016 Marketing Simulations: Patient Engagement The goal for this marketing team is to determine how to market the use of the new personal health record system to various age groups of patients within the organization. Through the patient engagement simulation we were able to determine both short and long term goals to help better serve our potential clients, and the steps that were necessary to allow these goals to be achieved. This paper will show how this simulation is relevant to our potential future careers, and the importance of engaging future health care consumers. In this simulation it was to goal to be a part of a marketing team to determine the best solution to make their current PHR system, or personal health record system more useful to patients and see more patients use them. Currently personal health records are used at this facility to help patients access their records, this can be beneficial to both caretakers and patients because it can keep their health information up to date. The problem this facility is seeing is that there has been a drop off in use from the younger demographic that uses it currently as well as baby boomers and geriatrics hardly use the program. The goal of the simulation is to understand the situation fully and find the best course of action to increase use of the personal health records. Once...
Words: 1308 - Pages: 6
...Simulation Review Paper Shunna Billops HCS/457 Marjorie Romano July 25, 2011 The simulation review paper will address the summary of my findings of the financial accounting of the Elijah Heart Center Hospital, according to the financial indicators in the simulation: Capital shortage, Funding options for equipment, Funding options for capital expansion, summary and the conclusion. Capital Shortage The cost cutting options I selected was reducing agency staff and changing the skill mix for Elijah Heart Center. The reason why I chose this option is because we can reduce some cost by not hiring so many contracting nurses to save on payroll and increase the unlicensed staff to be used in some areas more than others to save some revenue and not jeopardize the quality of care for the patients first. I picked loan option 1, which the loan is 1.5 million at 9.45% interest rate, monthly installments of 131,490 for 12 months and no prepayment limitation, so we put nothing up front initially (University of Phoenix, 2011). My outcome was making a smaller loan at a higher rate to defray cost while reducing contracting nurses and utilize the unlicensed staff to be diverse in multiple skills in the hospital and not cut quality of the patient’s care at this health facility. Funding Options for Equipment You do not have to buy a new CT scanner...
Words: 1092 - Pages: 5
...University of Phoenix 12 Economic Issues Simulation HCS/440 Lisa Christopher Economic Issues Simulation Paper The simulation review paper will address the summary of my findings of the financial accounting of the Elijah Heart Center Hospital, according to the financial indicators in the simulation: Capital shortage, Funding options for equipment, Funding options for capital expansion, summary and the conclusion. Capital Shortage The cost cutting options I selected was reducing agency staff and changing the skill mix for Elijah Heart Center. The reason why I chose this option is because we can reduce some cost by not hiring so many contracting nurses to save on payroll and increase the unlicensed staff to be used in some areas more than others to save some revenue and not jeopardize the quality of care for the patients first. I picked loan option 1, which the loan is 1.5 million at 9.45% interest rate, monthly installments of 131,490 for 12 months and no prepayment limitation, so we put nothing up front initially (University of Phoenix, 2011). My outcome was making a smaller loan at a higher rate to defray cost while reducing contracting nurses and utilize the unlicensed staff to be diverse in multiple skills in the hospital and not cut quality of the patient’s care at this health facility. Funding Options for Equipment You do not have to buy a new CT scanner because this machine is the least expensive in the hospitals and it can be upgraded if need be for the life...
Words: 1093 - Pages: 5
...Natural Sciences HCS/405 Version 5 Health Care Financial Accounting Copyright © 2012, 2010, 2007, 2005, 2004, 2002, 1999 by University of Phoenix. All rights reserved. Course Description This course provides an understanding of the general principles of accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the student website. Week One: Overview of Health Care Finance Details Objectives...
Words: 2212 - Pages: 9
...Complete the following tasks before beginning the simulation: Save and print the Simulation Aid document. You will need to reference it as you complete the simulation. Review the assignment instructions and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. In the simulation, you are in charge of a fictitious health care organization facing financial difficulties. You must complete the following tasks: Phase 1: Capital Shortage - Analyze the working capital shortage presented in the simulation Phase 2: Funding Options for Equipment Acquisition - Evaluate funding options for acquiring medical equipment Phase 3: Funding Options for Capital Expansion - Evaluate funding options for capital expansion Write a 1,050- to 1,400-word paper analyzing the decisions you made in the simulation. Include the following in the paper: Phase I: Capital Shortage Analyze which cost-cutting options you selected and why. Analyze which loan option you selected and why. Analyze the outcome of your capital shortage decision. Phase II: Funding Options for Equipment Acquisition Evaluate which cost-effective equipment selections you made and why. Evaluated the outcome of your cost-effective equipment acquisition decision. Phase III: Funding Options for Capital Expansion Evaluate which source of funding for capital expansion you selected and why. Evaluate the outcome of your source of funding for...
Words: 284 - Pages: 2
...Phoenix Material Simulation Review Complete a simulation and then write a paper that analyzes the decisions you made. You are in charge of fictitious health care organization facing financial difficulties. In the simulation, you will complete the following tasks: Bridge a working capital shortage. Evaluate funding options for acquiring medical equipment. Evaluate funding options for capital expansion. Part I below explains how to successfully complete the simulation and prepare for writing the paper. Part II explains the paper requirements. Part I Complete the following tasks before beginning the simulation: Save this document to your desktop. You will need to reference it as you complete the simulation. Print this document before beginning the simulation for easy reference. Review the paper requirements listed in Part II and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. The simulation can be access by clicking on the ‘Simulation’ tab under the ‘Healthcare Accounting – Financial Indicators simulation’. To get the most out of the simulation, consider the following tips: The minimize icon ( ), shown in the upper-right side of the simulation may not function on your computer. Once you begin the simulation, you may not be able to access your desktop or other applications without ending the simulation. To end the simulation, click on the exit icon...
Words: 489 - Pages: 2
...Complete a simulation and then write a paper that analyzes the decisions you made. You are in charge of fictitious health care organization facing financial difficulties. In the simulation, you will complete the following tasks: • Bridge a working capital shortage. • Evaluate funding options for acquiring medical equipment. • Evaluate funding options for capital expansion. Part I below explains how to successfully complete the simulation and prepare for writing the paper. Part II explains the paper requirements. Part I Complete the following tasks before beginning the simulation: • Save this document to your desktop. You will need to reference it as you complete the simulation. • Print this document before beginning the simulation for easy reference. • Review the paper requirements listed in Part II and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. A link is provided on the student website. To get the most out of the simulation, consider the following tips: • The minimize icon ( ), shown in the upper-right side of the simulation may not function on your computer. Once you begin the simulation, you may not be able to access your desktop or other applications without ending the simulation. To end the simulation, click on the exit icon ( ), shown in the upper-right side of the screen. • The decision-making portion of the simulation begins on the...
Words: 472 - Pages: 2
...Simulation Review Paper Vicky Davis HCS/405 September 12, 2011 Kristin McFarland Simulation Review Paper Financial Accounting from a Cardiac Care Hospital’s Perspective In 1975, the first hospital that was constructed in Kelsey is Patton-Fuller Community Hospital. They are most often dedicated to provide quality customer care; they specialize in programs that can maintain the health and welfare of the local community and other population. Patton-Fuller Health Care is a not-for-profit Community Hospital that services care such as emergency medical care, labor, delivery, physical therapy, radiology, cardiology, and surgery for all adults and children. In this paper I will be analyzing financial indicators for decision-making to understand the strengths and weaknesses of a Cardiac Care Hospital. In addition, I will be implementing strategies to improve the cash flow at Elijah Heart Center (EHC). At the same time, I will also be evaluating the funding options for obtaining medical equipment, and also the funding strategies for the success or failure of capital expansion (Apollo Group, 2011). On behalf of the summary and conclusion, I will need to explain what I learned from this simulation, what I would do differently if I performed the simulation over again, and following how I would apply what I have learned at my current or future job (Apollo Group, 2006). Phase I: Capital Shortage The board members at Elijah...
Words: 1591 - Pages: 7
...Before this simulation exercise I had little to no idea how home care health and hospice care was regulated by health insurance companies and Medicare. They both have different goals. Home health care aids at improving the patient’s condition through administration of treatment and other services, which must be covered by Medicare. According to Stanhope & Lancaster (2014), Hospice care can be either “home-based and/or in-patient…focus on comfort, pain relief, and mitigation of other distressing symptoms.” The simulation was focused on three different scenarios; home health care, transition to hospice and hospice care. This paper will discuss my experience with each scenario, the debriefing process and how the experience changed my nursing practice....
Words: 499 - Pages: 2
...Simulation Review University of Phoenix HCS/405 Health care organizations, particularly hospitals face increasing problems managing cash flow due to changes in billing procedures and the economic climate. Research quoted in Fierce Healthcare Finance showed that hospitals are using investment cash flow, normally reserved for capital expenses, to pay for operating expenses. In a study quoted by Fierce Healthcare Finance (Ziegler, 2008) the depth of the problem becomes apparent “Between 2004 and 2007, the 170 hospitals studied by Best allocated a steadily greater portion of their invested assets to cash and short-term investments, climbing from 27 percent in 2005 to 31.1 percent in 2007.”With reduced funds available for capital expenses, it becomes difficult for hospitals to keep up with technology and to thrive. Elijah Heart Center is facing the financial dilemma common in specialized health care organizations, the combination of the need for improved technology, reduced income, and the demand for expansion. Without the needed technology and expansion, there little the hospital can do to improve income. The financial situation requires a combination of strategies to reduce costs and to make the wisest choices regarding acquiring needed technologies and expansion. Phase I: Capital Shortage The goal is to save $900,00 for the first year and to help improve the cash flow problem that Elijah Heart Center is experiencing. The hospital can select two cost cutting options...
Words: 1415 - Pages: 6
... | | |College of Natural Sciences | | |HCS/440 Version 5 | | |Economics: The Financing of Health Care | Copyright © 2010, 2007, 2005, 2004, 2002, 2000 by University of Phoenix. All rights reserved. Course Description This course provides an overview of the economics of health care. The various payers are examined, including private, state, and federal entities. Issues such as the cost effectiveness of prevention, the management of patients and their diseases, as well as the cost of treatment settings are discussed. Third party reimbursement from various sources, ranging from for-profit insurance carriers to charitable donations, are reviewed. The health care system's use of grant funding and research dollars is described. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change...
Words: 1808 - Pages: 8
...Title of Paper Health care is defined as being one of through goods that consumers demand. A study reveals that rational consumers make choices to maximize utility. For example if the Americans chooses to eat more chocolate even though it is bad for his or her health, it means that Americans perceives more utility in the joy of eating chocolate than developing good teeth. However, the market for health care is different from markets for other goods in many ways, which complicates “decision making” in these markets. This simulation paper deals with decision making issues from the perspective of Castor Collins, which is a health maintenance organization. The history Castor Collins health plan continues to provide health insurance and health services to its enrollees throughout the state of Pantone. Since “the year of 1999”, Castor Collins health plans provide its enrollees with statewide network of physician and hospitals by using a capitation model to pay its network providers. Currently the company has 100,000 enrollees and is currently looking to increase this number. However, to increase enrollment numbers it will take the dedication of the chief vice president of strategy and financial planning to interact with new clients as well as formulate a health plan. The chief vice president along with colleagues Helen Feuerman (Chief Financial Officer), Jonathan Wilkes, MD (Chief Medical Officer) ,and Adam Hunter (Executive vice President of planning and development)...
Words: 1085 - Pages: 5
...Phoenix Material Simulation Review Complete a simulation and then write a paper that analyzes the decisions you made. You are in charge of fictitious health care organization facing financial difficulties. In the simulation, you will complete the following tasks: Bridge a working capital shortage. Evaluate funding options for acquiring medical equipment. Evaluate funding options for capital expansion. Part I below explains how to successfully complete the simulation and prepare for writing the paper. Part II explains the paper requirements. Part I Complete the following tasks before beginning the simulation: Save this document to your desktop. You will need to reference it as you complete the simulation. Print this document before beginning the simulation for easy reference. Review the paper requirements listed in Part II and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. The simulation can be access by clicking on the ‘Simulation’ tab under the ‘Healthcare Accounting – Financial Indicators simulation’. To get the most out of the simulation, consider the following tips: The minimize icon ( ), shown in the upper-right side of the simulation may not function on your computer. Once you begin the simulation, you may not be able to access your desktop or other applications without ending the simulation. To end the simulation, click on the exit icon...
Words: 489 - Pages: 2
