How Financial Managers Can Reduce Their Risk and Insurance-Related Costs
Article Abstract:
This report reviews the expense items that comprise a hospital's risk costs. The Risk and Insurance Management Society (RIMS) defines cost of risk as the sum of the following expenses: insurance premiums, unrepaid loss costs, risk control and loss prevention and administrative costs. An aggregate sampling of healthcare institutions' expenditures is then compared with cost data from the business and industrial arenas. RIMS members, responding to the latest survey in 1982, indicated that hospitals had the second highest cost of risk, of more than twenty-two industries as depicted in tables. A medical facility's management should evaluate cost savings techniques, such as self-insurance alternatives, joining association-sponsored insurance companies and development of joint liability insurance with attending physicians.
Publication Name: Healthcare Financial Management
Subject: Health care industry
ISSN: 0735-0732
Year: 1984
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Medicare Payment of Hospital Capital-Related Costs
Article Abstract:
New Medicare regulations involve repaying hospitals according to scheduled rates rather than for costs incurred. Capital-related expenses are currently reimbursed on a reasonable cost basis, but studies are underway to incorporate capital-related costs into determined rates. Several factors are graphed in five figures including hospital requirements for 1981-1990 under various assumptions, Medicare inpatient capital expenditures, community hospitals distribution by ratio of capital to operating costs, hospital characteristics associated with lower and higher ratios of capital to operating costs and hospital asset age relative to capital/operating cost ratio.
Publication Name: Healthcare Financial Management
Subject: Health care industry
ISSN: 0735-0732
Year: 1984
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Mistakes Healthcare Managers Make When Selecting Personal Computer Software
Article Abstract:
Mistakes made in purchasing software for hospital computers are discussed. These mistakes include: 1) choosing complex programs when simple ones are more appropriate, 2) purchasing software that will need modifications, 3) using general programs for applications that really need their own program and 4) using the wrong type of disk system. It is important to identify needs before purchasing a system.
Publication Name: Healthcare Financial Management
Subject: Health care industry
ISSN: 0735-0732
Year: 1984
User Contributions:
Comment about this article or add new information about this topic:
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