My course is Financial Management of HealthCare Organizations.
Discussion Board-Module 4:
Class, Based on the outside reading of the Pennsylvania Health Care Cost Containment Council Report (PHC4) latest report, please comment on the purpose of the annual report and how it may be utilized by a consumer and a financial executive. Also, what section of the report did you as a student find most interesting.
Respond to at least 2 classmate (appx. 50 – 75 words).
My first classmate :
The purpose of the PHC4 is to report and analyze information that can be used to improve the quality and restrain the cost of healthcare in the state of PA. Businesses, stakeholders, use this information to improve quality and restrain cost. A 25-member board of directors governs the PHC4. The PHC4 reports on net patient revenue, patient A/R, operating margin, total margins, and uncompensated care. The report focuses on a statewide and regional analysis of PA general acute care hospitals. This report can be utilized by consumers and financial executives to determine if hospitals have positive or negative income and hospitals can make improvements as necessary. I found the hospital data section very interesting because the report shows the averages for all operating and total margins for each hospital in the state and region. This report shows critical data for any consumers and purchasers in making more informed health care decisions and can also pinpoint areas of opportunities for quality improvement and costs.
My second classmate :
The annual reports help to know the beneficial and profitable acts that have been adapted the whole year. An annual report is like a summary of all tasks, activities, roles, and responsibilities being followed the preceding year. It can be helpful for consumers and financial executives. Consumers who need to invest their money to utilize the services of a company can understand it through its annual reports. Annual reports are true and prÃ©cised to make everyone clear about the companyâ€™s standings. Pennsylvania Health Care Cost Containment Councilâ€™s reports give comparative information and knowledge about the effective and efficient ways that are being used by health care providers. I think the report focuses on collection on several types of Councilâ€™s data. Procedural records as per expenses are recorded for every patient. Consumers can get an idea about their budget and financing. Finance executives can use the data to reduce costs and make more effective services for consumers. It is the most useful part as it lets the reader know about the pattern of health care providerâ€™s work and the techniques they use in their finances. My favorite part of the report in the hospital income. It lets consumers and executives understand the costs and expenditures of hospitals and health care centers (PHC4, 2018).
PHC4. (2018). Financial Analysis. Pennsylvania Health Care Cost Containment Council, 1-26. Retrieved from http://www.phc4.org/reports/fin/17/docs/fin2017rep…
Just I need respond to them I like …… great job …. I agree.