Healthcare Planning: A Financial Analysis of Palmetto Health

This report provides a comprehensive analysis of Palmetto Health's healthcare planning strategies, focusing on financial aspects, accounting information, billing and coding, and revenue determination. It includes a competitor analysis, quality of services assessment, and a detailed financial analysis revealing the company's aim for a 10% return on its annual bottom line and significant investments in health products and services. The report also covers accounting practices adhering to US GAAP, costing for disease prevention outcomes, and billing processes integrated with the ERP system. Pricing strategies are examined in relation to industry standards, treatment expenses, and insurance costs. Furthermore, the document includes a comparative financial benchmark against Greenville Health System, an operating benchmarking analysis, a cost-finding process, a breakeven analysis, working capital management details, and budget forecasts. The report concludes with a list of references used for the analysis. Desklib provides students access to past papers and solved assignments.

HEALTHCARE PLANNING
Palmetto Health

Concepts of healthcare:
Some of the concepts of healthcare have been provided below:
■ Chronic diseases: : It refers to disease, illness, or any similar
condition which increases the risk of long term disability.
■ Accessibility: It refers to that aspect of health services or health
facilities which increases the health capabilities of people by reaching
any health care expert, in terms of ease of location, time, and approach.
■ Population health: It includes the deliberation of the kind of the
circulation of health systems across the population.
■ Primary care: It refers to that aspect of any health service system
which promises a person due care over time

Competitor Analysis:
Residents of South Carolina receive most of the healthcare services from
the three main healthcare givers of that area:
■ South Carolina Department of Healthcare and Human Services
■ Palmetto Health
■ Greenville health Systems

Quality of Services for
Medical Provider:
The Medical Providers at Palmetto Medical Group are dedicated to
providing to its patients the utmost quality of healthcare services.
It chiefly provides the following:
■ 24/7 support services of medical experts
■ Assistance in managing the appointments and prescriptions of the
patients
■ Hassle-free organisation of the medical records of the patients
ding its patients with the utmost quality of healthcare services

Quality of Services for
Patients
■ Palmetto Health Richland is dedicated in improving the physical,
emotional as well as the spiritual health of all individuals and
communities which are being served by them
■ At Palmetto Health, top quality services for patients and their doctors
are persistently followed
■ The company’s commitment towards community health and well-
being leads the way the company, its services, partnerships and
investments are done

Financial Analysis
The financial analysis reveals the followings significant developments
from the annual report of the company
■ Palmetto Health aims to provide a return of 10% on the annual
bottom line of the business
■ The company has made significant investments in health products
and services offered by the business
■ There has been an improvement in performance of the business in
comparison with previous years

Accounting Information
■ The accounting information is seen to be maintained as per the standards
which are shown in form of the US GAAP
■ Accounting information cost for the disease prevention outcomes and
diagnosis costs
■ As per the annual report published by the company in 2017 it can be also
discerned that the company has been publishing the accounting
information related to the factors as per the smoking cessation program
outcomes
■ These costs are depicted to be considered as per the number of smoking
cessation program participants, patients who have completed the program
and the total percentage of the individuals who have quit smoking

Billing and Coding
■ The billing and coding aspect of the company is depicted to be
performed in terms of the maintaining the information in the ERP
system
■ This information is seen to be based on the storing the linking of the
information in the among different departments in the ERP software
■ The generation of the purchase order is further seen to be depicted as
per MIGO and MIRO functions.
■ The billing of the healthcare system is depicted to include the fees of
the patients, cost of the equipment’s, diagnosis charge and fees of
various types of the treatment of the disease

Pricing
■ The main aspect of the pricing factor is depicted in terms of the
relating the various nature of the information with the industry
standards
■ The pricing information has been further depicted with the pricing of
the services which are relevant to the expenses for the treatment
■ It needs to be also discerned that the all the various types pricing
decisions of the company are also considered with the cost of the
insurance
■ It has been seen that in general there has been several factors which
have led to the increasing trend of the prices

Revenue Determination with
Third Parties
■ The third-party account determination is also based on maintaining
the data in the various types of the ERP integration
■ This information is seen to be stored and maintained as per the G/L
account determination
■ The revenue information is further gathered in terms of the details of
the sales revenues which are taken in form of the information which
are gathered in form components of the healthcare industry

Healthcare Accounting
Terminology
■ The accounting terminology is determined in terms of the accommodation
of the recording of the transactions which are related to the specific
amounts and the full or partial payment
■ The information of the account is seen to include the evidence as per the
accountability
■ This information is seen with the obligation of the agent and employees
and the person are seen to include the information which are satisfactory
with the financial character and depiction of the financial information
■ Some of the various types of the other information are further seen with
the accounting manual, accounting period, accounting policy and
accounting principles

Comparative Financial
Benchmark
■ The benchmarking of the business is done with a close competitor of
Palmetto Health services which is Greenville Health System.
■ It is identified that there is a similarity in the services which are
offered by both the business.
■ The financial performance of Greenville Health System is better than
Palmetto Health Services.