Accountability In Healthcare

In today’s economy the main goal of any hospital, community clinic or provider is to have financial viability to be able to produce enough revenue (Koleda & Oganisjana, 2015) to meet debts obligations, operating payments and if it’s possible to allow for development while maintaining quality care services to all patients. Accounting is the act to record of financial transactions to be able to present this information in various reports and analyzes. Finance is the actual management of the money. The good use of finance and accounting opens the possibility of financial viability. Meaning that the two working together and with a good administrator knowledgeable of their work will provide good results. Financial viability in healthcare is reached

Good employees can become trustworthy and therefore provide outstanding services to the facility. A good group of staff members will be knowledgeable and with enough experience (Otte, 2006) to handle any situation. Being proactive in times of needs also very important. The accuracy and transparency that an employee has in his or her work is also essential for the well-being of the hospital. From they’re behaviors, the reputation of a hospital can get better or worse. Not only the overall reputation but also the actual financial stability of it can depend on the doing things right and this will only come from good employees.

In a hospital setting the accounting department is responsible for preparing financial statements, maintain general ledger, pay bills, bill patients, payroll cost accounting financial analysis and among many other functions. Accountants main duties are to record, track and report financial transactions. In this department, it is not only important but essential for employers to hire the right candidates that are able to fulfill expectations and that know what they are

Patients are the ones that give business to a facility. If the hospital is able to provide an outstanding service each time a patient goes to utilize any services, the probability of them coming back is very high and the word of mouth in regarding good services will also bring more patients to a facility. This will mean more business, more compensations and more probability for the hospital to continue its business and hopefully expand. Patients revenue has the potential to boots the facility profitability and make its equity grow. This is why it is so important for a facility to focus in the provision of patient care because at the end, this is crucial to generate higher incomes and to remain financially viable to maintain and expand the hospital or