Explain the differences between finance, accounting, and financial reporting structures, and describe how the structure and rules of each department are related to auditing
Health care organizations typically make money through a few main revenue streams: out-of-pocket payments from patients, insurance claims and reimbursements, capital investments, and Medicare or Medicaid via government billing. The organization’s income or revenue is then used to cover operating expenses, employee salaries, and other administrative costs. Financial viability is achieved when an organization has more financial revenue than expenses.
Write a paper (900-1,100 words) that describes the following points related to organizational financial viability:
1. Explain the differences between finance, accounting, and financial reporting structures, and describe how the structure and rules of each department are related to auditing.
2. Explain how they work together towards the objectives of a strategic plan to meet financial viability in a health care organization.
3. How might a scarcity of resources affect an organization’s budgets and, consequently, its ability to meet financial viability?
Cleverly, W.O., Song, P.H., & Cleverly , J.O.(2011). Essentials of Health Care Finance(7th ed).
Sudbury, MA: Jones & Barlett. BibliU – Reader – Essentials of Health Care Finance
Include references to your textbook and two additional scholarly sources.
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