Accounting Authorities
Through the years health care has evolved from paying cash to the physician at the time of the visit, or the visit in the home, to the progression of insurance covering the visit. The timing on payment is different from most industries, for example, when you go to the store to buy lumber and supplies for a weekend project you pay at the time of check out in the form of cash or credit card. For healthcare, the patient receives services and leaves the facility and the hospital or provider bills the insurance company several days later and waits for payment up to 45 days or longer. This process requires the healthcare administrator to be well versed in healthcare finance and general accounting principles.
Instructions:
Define and describe five different accounting authorities that the health care finance team should be well versed in.
What one authority do you feel is the most important and why?
