From Top to Bottom Case Study, Final Assignment ACC 281   Within accounting there are, Essays (university) of Financial Accounting

Download From Top to Bottom Case Study, Final Assignment ACC 281   Within accounting there are and more Essays (university) Financial Accounting in PDF only on Docsity! From Top to Bottom Case Study, Final Assignment ACC 281 Final Assignment Within accounting there are a multitude of different accounts, as with any industry there are numerous ways of analyzingthese accounts.In regard toCalifornia Sutter’s Health, they too needed a new way to assess their accounts receivable account. These tasks required their financial department to come together and identify new process of processing bad debt. Within the case study we are demonstrated the range of continuous process improvements on behalf of California Sutter Health’s team of frontline patient financial services, registration teams, and front-line managers. Within the lines of this literaturethe following topics will be discussed; a critical summary analysis, a breakdown of California Sutter Health methodologies to mitigate collection issues, a synopsis of accounting practices used in solving their accounting problems, alternative solutions to problems found within the literature, and finally a review of the approached used. To understand the case study and the magnitude of the effects posed by California Sutter Health, one must understand who they are. Without understanding the size and influence of this organization, understanding the figures and accounts would pose impossible in understanding the strategic reasoning behind their decisive accounting practices. We begin by introducing California Sutter Health. According to their website California Sutter health is a network for medical care spanning 3 million Californians. Within the case study we are introduced to a precarious situation they face. We are also introduced to the company’s central business office; they are charged with creating methods of collection that will improve the rate of collections. Knowing their deficit using traditional methods the organization set out to change its account and administrative practices to better suit them for the initial encounter with patients. They are first drawn to change the methods in which they encapsulate payment plans from their patients. Understanding that not all patients are insured and a rise in unemployment could spell a rise in Final Assignment can control the flow of and performance of other staff. Their newfound abilities were instrumental in tackling the key accounts that proposed the greatest effects to billed and unbilled account receivable. Likewise, the registration team wastransparent in their new duties as revenue collection points of contact. The conventional way failed and thus created an opening for them to have transparent objectives that led to patients paying their accounts upon initial contact. This front-end collection proved detrimental in managers and leaders being able to make decisions from transparent data. Cost reduction is key in the overall lifespan of any organization, and this accounting practice serves as a platform for Sutter Health to create a level of effectiveness and efficiency. This is clearly demonstrated when according to the literature, “Sutter's system is designed to support the existing PFS and registration staff without the need to hire a more formally educated staff or to increase wages beyond the current average of $10 to $20 an hour” and” [CBO] staff are more used to asking people for money, but are not used to taking stewardship of their assigned accounts. So in addition to time spent learningtouse the tools and perform the functions, the first hour of the CBO staffs three-hourgroup training session focuses on the concepts and principles of effective receivables management—e.g.(Souza & McCarty, 2007). Additionally, this took the form of adhering to proper accounting principles, primarily that of the principle of prudence. Within the literature we are exposed to the defining methodologies posed by Sutter Health in respects to their dynamic shift, hindsight is naturally always 2020, but there are minor changes which should have taken place.Within the next few paragraphs, the concepts that will be primarily focused upon is patient collection, trends and gaps with data collection, ethical practices, and reimbursement policies coupled with new technology. These concepts are of Final Assignment course objective and would require process improvement events to take place in order to secure the wanted results. Beginning with patient collection, there are a number of different options that I would have considered. Among them was the classification of services, this shift in operations would allow for leaders in the organization to put more emphasis on elective medical services. The similarities between the recession in 2006 and 2020’s COVID pandemic are compatible in terms of the economic effects placed across a majority of socioeconomic groups. Therefore, in order to prioritize and stratify accounts managers must be able to ensure that prior to analyzing accounts they must have the added variables. A study done in 2020 found the following data, “according to an Eliciting Insights study of about 100 hospitals. The study found 83 percent of survey respondents said these limitations are the top negative effect to revenue this year. Additionally, 84 percent reported a reduction in patient cash collections during the pandemic” (Gooch. 2020). If were to compare data 84% of the surveyors realized that setting limitations and aggressively focusing on these types of accounts would be their top drivers. The next concept I would have done is, trends and gaps within data collection. In addition to anincrease in staff training I would have surged the capabilities of mobile technology. This coupled with the new strategies of registration, staff could spend less time in obtaining data and more time ensuring data is correct, this in turn would allow the patient to be seen faster and raise the number of potential patients that could be seen, and the amount of revenue increased. Additionally, there would be less mistakes with standardized forms that patients could do at home in their own preferred language. According to Johannes Schobel and his team of associate from the Institute of Databases and Information Systems, University of Final Assignment Ulm, using smart mobile devices (e.g., tablets and smartphones) in healthcare scenarios has become increasingly important during the last years. To overcome the drawbacks of traditional paper-based instruments (e.g.,questionaries), mobile applications specifically tailored to specific healthcare scenarios shall enable experts from various domains . . . to collect patient data more effectively” (Schobel, Schickler, Pryss, & Reichert, 2015). This is clearly indicated in Fig 1, in the depiction of “Effectiveness of Medical Tech, (Free et al., 2010). The technology that would be used would not only be limited to the staff in the patient financial service staff and the registration team, rather the entire operation would be updating their medical technology. Fig1. Effectiveness of Medical Tech Note: The depiction of the graph shows a variety of different stages in care and beyond that would be affected with the implementation of technology. Reprinted from: The effectiveness of M-health technologies for improving health and health services: a systematic review protocol, by Free et al, 2010.