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Runningi Head:i REFLECTIVEi JOURNALi
1
3-2i Reflectivei Journal:i Minii Casei Study
IHP450
SNHU
Mayi 22,2022
REFLECTIVEi JOURNAL
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Physiciani ownersi cani adopti ai numberi ofi measuresi toi improvei theiri profitabilityi withouti
increasingi thei ratesi ofi thei products.i Fori increasingi profits,i iti isi essentiali toi understandi thei
associationi betweeni costsi andi expenses.i Costi primarilyi refersi toi expenditure,i whereasi expensei
refersi toi thei consumptioni ofi ani itemi ori commodityi thati hasi beeni acquired.i So,i thei costi cani bei
consideredi toi bei thei moneyi thati isi spenti oni acquiringi ani asset.i Oni thei otheri hand,i thei expensei isi
thei amounti thati isi spenti whilei consumingi thei asset.i Thei formulai relatingi toi profiti isi presentedi
below:
Profitsi =i Revenuei i Expenses
Ini thei equation,i profiti isi thei moneyi thati isi remainingi afteri deductingi expensesi fromi
revenuei ori income.i Revenuei isi thei incomei thati isi earnedi byi ani organization,i andi expensesi referi toi
thei moneyi thati isi paidi byi ani organization.i Whilei tryingi toi increasei thei profitabilityi ofi ani entity,i iti
isi equallyi necessaryi toi tryi noti toi leti thei costi andi expensesi rise.i Ani effectivei methodi isi toi ascertaini
thei break-eveni point.i Iti isi thei specifici pointi ati whichi thei revenuei andi thei costsi arei thei same,i andi
thusi therei isi noi profiti ori loss.i
Thei firsti recommendationi toi increasei thei profitabilityi ofi ai physiciani owneri withouti
increasingi thei ratei involvesi ensuringi thei receipti ofi reimbursementi ofi servicesi thati havei beeni
rendered.i Fori maximizingi thei reimbursementi thati isi received,i iti isi necessaryi toi ensurei thati thei staffi
hasi experti knowledgei ofi coding.i Byi makingi surei thati theyi havei thei necessaryi skillsi soi thati properi
codingi cani bei donei andi thei possibilityi ofi leavingi outi potentiali reimbursementsi cani bei eliminated.i
Anotheri recommendationi isi toi upgradei thei collectionsi thati arei madei ati thei veryi pointi ofi
service.i Ini orderi toi increasei profitability,i iti isi essentiali toi collecti deductiblesi asi welli asi copaysi
wheni thei servicesi arei deliveredi toi thei end-users.i Thei staffi whoi sitsi ati thei fronti deski musti havei ai
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thoroughi understandingi ofi whati isi duei fromi whichi customer.i Thei insighti cani helpi themi toi puti ini
consistenti effortsi toi collecti thei moneyi fori renderedi services.i
Anotheri effectivei measurei fori increasingi thei leveli ofi profitabilityi ini thei healthcarei settingi
isi byi reducingi thei expensesi thati arei incurred.i Avoidablei expensesi needi toi bei managedi carefullyi
sincei theyi havei thei potentiali toi erodei thei overalli profitability.i Fori reducingi unnecessaryi expenses,i
thei staffi cani bei giveni properi trainingi soi thati theyi cani carryi outi theiri rolesi andi responsibilitiesi
efficiently.i i i
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References
Nowicki,i M.i (2021).i Introductioni toi thei Financiali Managementi ofi Healthcarei Organizationsi .i
Buyi Introductioni toi thei Financiali Managementi ofi Healthcarei Organizationsi (Gatewayi toi
Healthcarei Management)i Booki Onlinei ati Lowi Pricesi ini Indiai |i Introductioni toi thei Financiali
Managementi ofi Healthcarei Organizationsi (Gatewayi toi Healthcarei Management)i Reviewsi
&i Ratings.i Retrievedi Mayi 18,i 2022,i fromi https://www.amazon.in/Introduction-Financial-
Management-Healthcare-Organizations/dp/156793904Xi
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