Healthcare is a business, and a business cannot run without finance.

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Healthcare is a business, and a business cannot run without finance. All businesses need to have a financial budget that uses existing resources and plans for and acquires revenue (Gapenski, Reiter, 2016). The cost of healthcare has been steadily increasing as more life saving technologies are invented and used. For a healthcare facility to run smoothy there are many resources that must be in place including buildings, equipment, and people.

I currently work in a retail pharmacy which has caused me to learn quite a lot about healthcare finance. Working with insurance companies can be complicated, especially Medicare because they require the prescriptions that they cover to be written with specific guidelines that if not met mean the pharmacy will not be reimbursed and may even lose their contract. It is vital to send the correct information to the insurance company just to keep a good contract with them. Walmart lost their contract with Tricare which has been difficult for the customers and sad for the staff as we form relationships with our patients and look forward to greeting them.

As a consumer I have dealt with frustration at receiving medical bills when I thought I had already paid my portion. I don’t like how confusing medical billing is and that the patient obligation is not straightforward. As a consumer I want to know exactly what my portion is before I choose to buy a service, but with insurance and contracts, coding, and everything else related to billing it seems that no one can ever give a clear answer.

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