Financial Analysis In Health
Financial Analysis In Health
Describe international standard diagnosis classification use in the US health care reimbursement and billing system.
Imagine you were appointed the Chief Financial Officer of your hospital, and you have a new crisis to confront. Your hospital received an unannounced visit from a CMS (Centers for Medicare and Medicaid Services) surveyor following a serious patient billing complaint. Your hospital is well-known both regionally and nationally for quality and safety, but the complaint threatens the hospital’s CMS enrollment, accreditation, and reputation. The surveyor determined that violations did occur, and the hospital has 90 days to resolve the issue or lose its Medicare funding. The violations include upcoding, duplicated and phantom charges, unbundling, and incorrect quantities.
You will create a plan for dealing with this crisis. The plan should consider current business processes, strategy, and communication processes to make the plan a reality. Also, consider how the crisis affects the staff and how you can reduce the amount of stress and pressure on them. Resolving the issue is just the beginning of the process. You need to determine if there was a process or system failure and figure out the solution to that failure. You should also develop a contingency plan for the future so the hospital will be prepared in the future for similar crisis events.
You need to explain the concepts of diagnosis classification, care reimbursement, and the billing system used in the hospital and by insurance companies for reimbursement for care received. You will explain how the hospital will meet patients’ needs, priorities, and expectations in a manner that exemplifies the values of respect, compassion, justice, and community pride. You need to explain the hazards of insurance, who pays for services, and the payment methods and plans available. Lastly, include the importance of proper medical billing and coding.
Financial Analysis In Health
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