Healthcare organizations typically make money through a few main revenue streams: out-of-pocket payments from patients, insurance claims and reimbursements, capital investments, and Medicare or Medicaid via government billing. The organization’s income or revenue is then used to cover operating expenses, employee salaries, and other administrative costs. Financial viability is achieved when an organization has more financial revenue than expenses.
Write a paper (825 words) that describes the following points related to organizational financial viability:
- Explain the differences between finance, accounting, and financial reporting structures, and describe how the structure and rules of each department are related to auditing.
- Explain how they work together towards the objectives of a strategic plan to meet financial viability in a healthcare organization.
- How might a scarcity of resources affect an organization’s budget and, consequently, its ability to meet financial viability?
Include references to your textbook and two additional scholarly sources.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.
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