Unit 2 Assessment.docx - Unit 2 Assessment 1 Describe the various sources of funding beyond third-party reimbursement from which the various types of

Unit 2 Assessment.docx - Unit 2 Assessment 1 Describe the...

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Unit 2 Assessment 1.Describe the various sources of funding beyond third-party reimbursement from which the various types of healthcare facilities can benefit.Some health care facilities may benefit from additional sources that are beyond third party reimbursement such as grants, government programs, commercial loans and private investments and endowments. Grants are available from government and/or private sources that meet very specific terms. Grants usually are money that do not have to be paid back and opportunities for grant money will be offered across the board. Grants are very much business plan, in which explains why certain services are needed and what the money will be used specifically towards. There are government programs created specifically to help physicians and hospitals with state-of-the-art services. Commercial loans are available for those facilities that have good relationships with banks and other lending institutions. With a good relationship means they can borrow money necessary for expansion, purchase of equipment, pay it back at a predetermined schedule. Private investments and endowments are other ways in which health care facilities maybenefit as wealthy individuals can be used to ask for donation. There are also wealthy induvial that want to donate or involved with a cause in which they would raise money to donate to that specific cause, disease, or illness as we can see in the different events, commercials, or program that is done every year.2.Discuss the process of creating a budget for a healthcare facility. Why is budgeting in health care different from many other industries?The biggest thing when it comes to creating a budget for a health care facility is breaking it down. The two main things that are very important for when creating any budget is revenue and expenses. Revenues are monies that are owed to the facility for the care that they provided while expenses are the money that the facility need to pay such as mortgage payments, utilities, and other services that are used. Both sections have fixed and variable aspect, so the best way to
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  • Fall '19
  • Christopher Earle
  • Health Care Management

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