Financial Management and Accounting - Essay Example

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Financial Management and Accounting

69). Such facilities are licensed under state regulatory bodies with approval of either Medicare or Medicaid, or both of them, and can be a simple facility or a complex one under corporate management. The facility’s main purpose is to offer care services to people who cannot maintain sufficient self-care at home, such as the physically challenged, those who are mentally incapacitated and individuals with other forms of disabilities. It, as a result, offers services such as “personal care” and “intensive skilled care” with medical supervision (Evashwick, 2005). Sources of Revenues for the Type of Organization Sources of revenue for nursing homes can be grouped into two categories: private sector financing and public sector financing. “Private financing” and “out of pocket” form the major sources of private sector revenues to nursing homes followed by funds from private insurance companies (W. Cleverley, J. Cleverley, & Song, 2010, p. 269). Direct public funding and Medicaid, however, form the major source of nursing homes’ revenues from public funds. Medicare follows these. Insurance companies are the identified third party payers in nursing homes’ revenues while the other sources are “privity” parties acting as beneficiaries – direct or indirect owners of the facilities (W. Cleverley, J. ...Show more

Summary

Financial Management and Accounting Accounting refers to the recording, organization, analysis, and communication of an organization’s financial information. Financial management, however, defines control of an organization’s financial resources through planning and monitoring of the finance application…
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