Financial and Economic Basics 1 answer below »

Part 1
You work for the local hospital. In a meeting, your boss mentioned that profit margins were declining.
The hospital’s board of directors’ future vision is to raise the target profit, expand the facility size, and increase the amount of beds and emergency room spaces offered by the hospital. You are a staff member in the finance department, and your sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.
Health care organizations obtain revenues through multiple funding sources. Unlike consumer products, health care organizations do not rely on the consumers of their services as the primary sources of revenue.
Discuss the following with your colleagues:
• Three identified sources of revenue that may assist you in the financial forecasting for the organization
• The grant-writing process, including the following:
o Three grant resources that can be included as additional revenue to ensure the success of the hospital’s financial future. Explain your reasoning in choosing the grant resources listed in your answer.
Please Cite References
Part 2
Governmental sources (public programs) and private payers are just a few examples regarding sources of health care revenue. Medicare, Medicaid, and managed-care programs are some types of payers that make up the revenue source for health care organizations.
In a 3–4-page paper, you are to compare and contrast the characteristics of the following reimbursement sources:
• Medicare
• Medicaid
• Managed care
• Commercial
For each reimbursement source above, you are to also include the following information:
• A summary of the program
• Purpose of the program
• Eligibility
• Benefits of the program
Please cite references

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