WHY
THESE
THESE
PROCESSES
PROCESSES WHY
ARE NEEDED IN ARE NEEDED IN HEALTHCARE INDUSTRIES
FINANCIAL MANAGEMENT
Healthcare organizations must efficiently handle their financial assets It must have a list of all the accounts used in all its financial transactions This may include accounts such as patient revenue, insurance reimbursements, salaries and wages, rent, utilities, supplies, and other expenses specific to the healthcare industry
DECISION-MAKING
For healthcare organizations to make educated decisions, reliable and current financial information is provided by these processes
Companies in the healthcare industry work in a highly regulated environment that is characterized by stringent compliance standards
Healthcare providers must charge patients, insurers, and other parties for the services they provide
These requirements include the Health Insurance Portability and Accountability Act (HIPAA) as well as other industry-specific laws
Businesses in the healthcare industry are subject to a number of taxes, including sales tax, payroll tax, and income tax Bookkeeping and record-keeping allow healthcare companies to keep abreast of all tax-related obligations, deadlines, and accurate documentation and reporting of all transactions
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