ACC-502: accounting practices course is designed for students who are preparing for more advanced coursework in business but who have not had accounting in undergraduate work. During this course, learners cover topics such as the principles and practices of financial accounting. Additionally, they also explore the fundamentals of revenue recognition, the components of the balance sheet, and financial statement analysis. Moreover, this course also explores accounting theories using publicly traded companies and case studies. With our ACC-502: accounting practices homework help, students get assistance from expert writers who have 5+ years of experience. Additionally, our writers are competent at what they do. Thus, students can be guaranteed to receive well-written assignments that will score high marks and propel you towards your academic and career goals.
What is accounting practice?
Accounting practice is the process and activity of recording the day-to-day financial operations of a business entity. This practice is needed to produce the legally required annual financial statements of a healthcare organization.
Who is a healthcare accountant?
A healthcare accountant is an individual who has specialized in several positions. These positions include bookkeeping, internal accounting and auditing, budgeting, and managing finances in a healthcare facility. Additionally, they also balance the financial records in a range of healthcare settings such as hospitals, private care facilities, health insurance companies, and other health-related organizations.
What is the role of accounting in healthcare?
Accounting in health care is so vital because health care facilities cannot operate smoothly without well-allocated resources and an accurate and timely billing department. The following are some of the reasons why accounting is crucial in healthcare:
Medicine and other health-related services.
Medical providers/Doctors prescribe medicine and provide certain healthcare services. However, they need to refer patients to different locations, such as labs, for testing and other needs. On the other hand, health care accountants keep track of the exact medical services provided to patients and the costs accrued so no party is charged incorrectly.
Physicians have the power of deciding what services a patient requires. They also need to get paid for providing those services. Thus, the health care industry has been criticized for this aspect because it incentivizes physicians and other health providers to instruct services for patients.
Insurance companies can deny requests from hospital billing departments that they deem unnecessary. Therefore, accountants in health care facilities ensure to learn the appropriate amount to charge for services that will be covered by the patient’s insurance.
The health of the patient.
Accounting in health care is critical because the risks/stakes are so high. Not only do accountants ensure that hospitals are operating cost-efficiently but also bill for potentially lifesaving procedures. In these situations, accountants need to be creative and resourceful in finding ways for these patients to pay their bills, such as offering reduced rates or setting up payment plans.
Skills necessary for effective accounting in healthcare.
Analytical and math proficiency.
Health care accountants should be able to analyze and compute numerical data. They utilize key performance indicators to analyze a hospital’s financial stability. Some of the key performance indicators include beds filled in a hospital and the cost of labor. Their analytical ability could be tested by studying insurance policies and records and looking for anomalies indicating potentially fraudulent charges.
Health care accountants must work with numbers and monitor all financial data, from insurance payouts to hospital maintenance costs. Whether accountants work in a large hospital or a small private practice, their ability to organize and maintain all financial documents is crucial to their success.
Health care accountants must come up with creative ways to battle increased labor costs, flat insurance payouts, and other factors, such as by reducing spending on redundant hospital machinery.