Difference Between Healthcare Finance Terminology And...

The major difference between healthcare finance terminology and business finance terminology is that these terms focus on factors unique to the health services industry. For example, the provision of health services is dominated by not-for-profit or ¬ganizations (such as ours), which are inherently different from investor-owned businesses. Also, the majority of payments made to health ¬care providers for services are not made by patients—the consumers of the services—but rather by some third-party payer (e.g., a commercial insurance company or a government program). Even the purchase of health insurance is dominated by employers rather than by the individuals who receive the services. These terms emphasize ways in which the unique features of the health services industry affect financial decisions. The healthcare industry is a service industry. It is not in the business of manufacturing, say, widgets. Instead its essential business is the delivery of healthcare se rvices. It may have inventories of medical supplies and drugs, but those inventories are necessary to service delivery, not to manufacturing functions. Because the business of healthcare is a service, this overview of key healthcare terminology will focus on the practice of financial management in the services industry. A. An overview of the terminology differences between business and healthcare finance Gross Charges (Revenue) – Total Patient Revenue generated (price x quantity) Capitation - Method of payment forShow MoreRelatedMajor Difference Between Healthcare Finance Terminology And Business Finance Essay1480 Words   |  6 Pages Overview of Healthcare Finance Final Project â€Æ' The major difference between healthcare finance terminology and business finance terminology is that these terms focus on factors unique to the health services industry. 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