Competency 2
Apply concepts of financial accounting within the health care industry.
Reflection
Reflect on the following in a minimum of 500 words:
- The Centers for Medicare and Medicaid Services (CMS) implemented a new approach to reimbursement starting in 2011 called value-based purchasing. The goal was to reduce the amount of CMS payments overall and to tie patient satisfaction and quality goals to reimbursement. Has this shift in reimbursement strategy been successful? Why or why not?
- Health care organizations must opt in to accept payment from Medicare and Medicaid, and payment from private insurance companies usually requires a negotiated contract, with reduced reimbursement rates. What is the reimbursement strategy for your own organization? If this information isn’t available to you, research and explain 2 different reimbursement strategies.
