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Finance

Annotated Bibliography on Final/Health Care Finance MHM 599

Business Owners Toolkit (2007).  Payback period Analysis.  Retrieved on August 10,

2007 from
http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P06_6510.

This article the author clearly defines payback period as a simple measure of the time spent in recovering money spent on a healthcare investment. According to the author, the payback period should be calculated by the use of a required return that is not less than zero that is i>0. The article is useful since it clearly indicates that after one year the cash flows will recover the investment with a return of i%.

Finance Scholar (2008) Payback period rule. Retrieved on May 20, 2008 from

http://www.financescholar.com/payback-period-rule.html

This article precisely outlines the amount of time taken in the recovery of original cost of a venture that is being undertaken. In this case, the article clearly indicates that an investment is satisfactory if the reimbursement that results from it falls under a prearranged number of years. I found this article helpful because it assists in calculating how much reimbursements’ will be realized from an investment under a preplanned number of years.

Fridson, M. & Alvarez, F. (2002). Financial Statement Analysis: A Practitioner’s Guide,

3rd edition. New York: Wiley Publishers

This book guides physicians and hospitals on how to analyze their financial statements. In this case, it provides a good guideline in the attempt to derive quantitative measure or guides relating to financial health and profitability of investments.

Griffith, J. & White, K. (2006). The Well Managed Healthcare Organizations, 6th edition.

New York: Health Administration Press

This book is a definitive resource that outlines how healthcare should be provided to patients and how the payments of these healthcare services should be done. In this book, the author describes various ways of calculating payments for the services provided to the patients in hospitals and healthcare organizations.

Kaufman, K. (2002). Finance in Brief: Six Key Concepts for Healthcare Leaders, 2nd

edition. New York: Health Administration Press

This book includes information on the main concepts which leaders of healthcare organization should use in allocation of capital to healthcare services. Throughout the book, the author describes how finance-budgeting processes which are based on decision scrutiny assist healthcare organizations apportion capital efficiently when meeting requirements for capital expenditures.

Kramer, A. K. and Ellertsen, R. J.  Using PCs for effective case-mix based budgeting.

Healthcare Financial Management, 47 (6), 52-55. Retrieved on May 3, 2004 from Proquest.

Kramer and Ellertsen in this journal describe how precise statistical budgeting is applied in the cost control technique in the healthcare organizations. According to the authors, the application of precise case-mix based statistical budgeting in the reduction of unit costs is a strategy used by financial managers in ensuring profitability. This article therefore helps in ratio analysis in the assessment of financial health of an organization.

Kleinmuntz, C. E. and Kleinmuntz, D. N. (1999).  A strategic approach allocating capital in healthcare organizations.  Healthcare Financial Management, 53 (4), 52-57.  Retrieved on May 3, 2004 from Proquest.

This journal clearly outlines how funds are allocated in healthcare organizations and by what proportions. The author precisely indicates strategies and approaches which need to be followed when allocating funds to healthcare organizations. Throughout the journal, the author describes how finance-budgeting processes which are based on decision scrutiny assist healthcare organizations apportion capital efficiently when meeting requirements for capital expenditures. I found the journal useful as it outlines eight-step method instituting assessment principles, categorizing proposals by area of reserves, and making certain that these suggestions are complete and easy to comprehend.

Masoud, H. (1996). Strategic Analysis for Resource Allocation Decisions in Healthcare

Organizations. Retrieved on Sep 17th, 2010 from:

http://www.allbusiness.com/human-resources/employee-development-problem-solving/553794-1.html

This article clearly indicates how resources should be allocated in hospitals to cater for Medicare services offered to patients. Additionally, this article outlines the strategic planning for the allocated capital in these healthcare organizations to avoid misappropriation of funds.

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Finance

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Finance

Three Ways To Finance Long Term Care

Long term care is often the heat of debate among seniors. Who will provide care among my children or relatives? Where should I stay? How much will I need? Those are just some of the questions that linger on a persons head when he or she becomes a candidate for long term care.

Most medical and life insurance are limited to long term care services, so people have no choice but find alternative or resources to pay for those expenses and mitigate the problem. It is quite impossible to rely on our family members to provide us with care over extended period. And even if thats possible, we often feel the guilt and burden we might give to our loved ones.

Most of us want to ensure our golden years will be as memorable as the previous years we have had. After knowing that our family members will not provide the help we have expected, we should have clear long term care plans to keep us on the right track and insure our health in later years.

There are three ways we can avail long term care services without becoming a burden to our loved ones, but remember the following options have accompanying use and risks

1. Self-insuring
2. Purchase long term care insurance.
3. Get help from Medicaid

Self-insuring: To self-insure or not is a big decision. This is eventually the first option everyone considers, wherein you may use your savings and personal resources to pay for long term care. In fact many financial experts do not recommend this option if you dont have more than enough because it is impractical to pay the costly medical or non-medical services for two or more years. Realistically, if you dont have millions of dollars, you might not want to spend your savings and resources for your stay in a facility. And even if you have lots, you surely want to save for your heirs and loved ones.

Long Term Care Insurance: Whether you agree or not, this is the best product we have in the market so far. Now you know the disadvantages of self-insuring, then you might have understood why you need to protect your assets against the sweeping cost of care. You have to consider the future consequences not only on your finances, but the people around you as well. This insurance also allows you to keep everything in shape stay in a facility where you find comfortable, receive care and assistance be it medical or non-medical, and maintain independence.

Medicaid: Many people thought that Medicaid would save them from paying nursing home bills, but they are wrong: Medicaid will cover the costs only if they are poor or after their assets meet certain limits. If you dont have assets to cover and your resources are qualified for Medicaid, then you may use the programs benefits for your care., but dont expect quality services than LTCi covers.

Determine the options in financing long term care to protect your assets and secure your golden years. Visit our website for more advice and guide on long term plans.