Replies for peers. Need ONE Response Per Each Discussion Total 2 Responses. Attached Are The Discussions And Rubric Please Follow Them. Posts Will Be A Minimum Of 100 Words, APA Format.One Reference Per Each Discussion

Leebeth (initial response)

What are the key components of a financial statement?

Financial statements are commonly reported by hospital institutions. Financial statements and their analysis enable nurses to assess the financial health of the program or organization. The key components of a financial statement consist of the annual report, income statement, balance sheet, and the statement of cash flow.

An annual report is an overall summary of an organization’s financial performance. income statement, balance sheet, and the statement of cash flow. Income statement discloses the profitability of an organization and the use of any profits. The balance sheet provides information about the organizations resources and how those resources are acquired. The statement of cash flow provides details about the sources of cash and how cash is used (Penner, 2017).

As the manager of a nursing unit, what key financial indicators do you evaluate? What key financial indicators can you influence?

Financial indicators are a measure of monetary value or incorporated with other indicators to measure the associated monetary value. As a manager of a nursing unit the financial indicators I would evaluate would be expenses, revenues, and profit/lost.

Expense indicators is the costs of resources used in producing goods or services. As a nurse manager I can influence my expenses by reviewing how efficiently we are utilizing medical supplies, canceling nurses on shifts where they are not need will help reduce expense. As well as sending staff home if the census drops or float them to another unit.

Revenue indicators is income from reimbursement or payment provided for goods and services. As a nurse manger on a nursing unit, I have no major influence besides making sure the patient does not develop an infection or fall while they are on my unit. Also, making sure nurses are providing proper education and care throughout the patients stay to reduce the number of readmissions which has an impact on revenue. The strongest evidence for the effectiveness of Medicare's Hospital Readmissions Reduction Program (HRRP) involves greater reductions in readmissions for hospitals receiving penalties compared with those not receiving penalties (Hoffman et al., 2020).

Profit or loss is the total expenses that are subtracted from total revenue to determine the extent of profit or loss.

How does U.S. healthcare differ from that in Europe, Canada, or Japan? Which is more effective?

Europe, Canada, and Canada off universal health care coverage. Canada and Europe have used three basic models for structuring their healthcare systems. The national health insurance (NHI), the nation health system (NHS), and a socialized health insurance (SHI). Japan has been providing universal coverage to its citizens through two main health insurance schemes, and employer-based system modeled after the SHI, and a national health insurance program. The United States has a unique system of health care delivery. The United States is not governed by free market principles. The United States has the most effective health care system, it’s not perfect, it can be imperfect to some. However, our system is not dominated or controlled by a single entity as would be the case in national health care systems (Shi et al., 2019).

References

Hoffman, G. J., & Yakusheva, O. (2020). Association Between Financial Incentives in     Medicare’s Hospital Readmissions Reduction Program and Hospital Readmission Performance. JAMA Network Open, 3(4), e202044.                                                         https://doi-org.ju.idm.oclc.org/10.1001/jamanetworkopen.2020.2044

Penner, S. J. (2017). Economics and financial management for nurses and nurse leaders (3rd ed.). Springer Publishing Company.

Shi, L., & Singh, D. A. (2019). Delivering health care in America (7th) – with Navigate 2 Advantage Access. Sudbury, MA: Jones & Bartlett Publishers. ISBN-13: 9781284124491

Gail (initial Response)

What are the key components of a financial statement?

            The key of financial statements include: annual reports, income statements, balance sheet, and statement of cash flows (Penner, 2017). An annual report is a summary of how of an organizations financial spending. An income statement is a summary of the organizations profits and where it is being distributed from. A balance sheet is “information about the organization’s resources and how those resources are acquired” (Penner, 2017, p.375). Finally, the statement of cash flows is a detailed summary that summarizes how cash is used in an organization.

As the manager of a nursing unit, what key financial indicators do you evaluate? What key financial indicators can you influence?

            As a nurse manager of a busy clinic with 7,000 beneficiaries, the key financial indicators that I evaluate include referrals management and how many patients are being seen out in the network. Due to the amount of service members that are currently out deployed or on a COVID mission, access to care for certain specialties are limited. Patients are then given appointments in the civilian sector. This is tracked and managed by myself and my team to ensure that Tricare (not the service member) is being billed correctly.

            Key factors that I am able to influence as a nurse manager would include education to the clinicians, as they do not often submit a correct referral. Often times a referral is rewritten due to an incorrect International Classification of Diseases (ICD) code is inputted into the referral. 

How does U.S. healthcare differ from that in Europe, Canada or Japan? Which is more effective?

United States: Health insurance in the United States is obtained through employers, independently through private-purchase, or government-based programs. There is no universal healthcare in the U.S. “While the U.S. pays for health care for specific groups such as the elderly and verterans through programs such as Medicaid, Medicare, and the Veteran’s Health Administration, overall the government does not sponsor health benefits for its citizens, much less foreigners” (International Citizens Insurance, 2021b).

Europe: I specifically chose France to represent Europe. Europe has been rated as high in healthcare throughout the world. France’s healthcare system is called Protection Maladie Universelle (PUMA). This insurance provides free insurance to members that are low income or are unemployed. It is estimated that 96% of all French residents are covered by this health insurance. Hospitals in France are state-owned and not-for-profit. It takes approximately 8% of salaries which are automatically withheld to pay the system (International Citizens Insurance, 2021a).

Canada: There is no Canadian healthcare system. It is primarily funded and administered by each province and territory (International Citizens Insurance, 2020). There are a total of 13 provinces in Canada and each territory has different health concerns. Healthcare is paid through taxation and public funds. This is available to all Canadians with no out of pocket charge. 

Japan: known as Social Health Insurance (SHI). This applies to everyone who is employed full-time with a medium or large company. If members do not quality, they are covered through the Japan National Health Insurance (NHI) plan. The government will be able to pay 70% of healthcare costs which include: appointments, hospital visits, even prescriptions. Members pay for the remaining 30%

            I believe that the United States does have a more structured healthcare, but I may be biased. Europe does have more affordable and has more access. I cannot say which is the most effective because not every insurance plan is foul proof – none of the systems are perfect.

 

References

International Citizens Insurance. (2020, May 26). Understanding the canadian health care system - health care in canada. https://www.internationalinsurance.com/health/systems/canadian-health-care.php

International Citizens Insurance. (2021b, September 10b). An overview of the US healthcare system and american health options. https://www.internationalinsurance.com/health/systems/us-healthcare.php

International Citizens Insurance. (2021, March 8a). French healthcare system - protection maladie universelle (PUMA). https://www.internationalinsurance.com/health/systems/france.php

Penner, S. J. (2017). Economics and financial management for nurses and nurse leaders (3rd ed.). Springer Publishing Company.