MH0054 - Finance, Economics and Planning in Healthcare Services

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ASSIGNMENT

DRIVE WINTER	2013
PROGRAM	MBADS – (SEM 3/SEM 5)MBAN2 / MBAHCSN3 / MBAFLEX – (SEM 3) PGDHSMN – (SEM 1)
SUBJECT CODE & NAME	MH0054 - Finance, Economics and Planning in Healthcare Services
BK ID	B1215
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1. What are the different types of taxes? Explain the procedure of tax implication.

Answer : 1. Direct Taxes and

2. Indirect Taxes

These two broad categories are governed by two central bodies under Ministry of Finance:

1. Central Board of Direct Taxes (CBDT) and

2. Central Board of Excise and Customs (CBEC)

1. Direct taxes are those taxes which we pay directly to the central government and example of direct tax is Income Tax e.g. tax paid on salary by employees.

(a) Tax Deducted at Source (TDS): Income

2 .Discuss the scope of financial management in hospitals.

Answer : Scope of financial management in hospitals :

Inventory Management :

Inventory cost accounting methods are seldom used by medical practitioners. After all, doctors and healthcare organizations provide a service, and generally do not sell things. However, inventory is playing an increasingly important role in the financial viability of procedurally based medical practitioners, clinics, and hospitals. Knowledge of financial management helps its staff to manage various cost-volumes of inventory being and to be procured in/for the short term as well as the long term operations.

3. Define health insurance. Explain the barriers in implementing a social health insurance scheme in India?

Answer : Health insurance :

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central

4. Explain the budgeting process for healthcare services.

Answer : : It is the season for the budgeting process for many medical practices, an essential piece of an effective cost management strategy. While a medical practice's staff may be getting ready for the holidays, practice administrators are hard at work crunching numbers and setting goals for the fiscal year ahead.

Fred Simmons, CEO of Clearwater Cardiovascular and Interventional Consultants, and Lee Ann Webster, practice administrator for Pathology

5. Explain the various healthcare expert committees in India.

Answer : Health expert committee in India :

1. Bhore committee. 1946

2. Mudaliar committee , 1962

3. Chadha committee , 1963

4. Mukherjee committee , 1965

6. Discuss the role of economics and economists in healthcare industry.

Answer : Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and health care. In broad terms, health economists study the functioning of the health care systems as well as health-affecting behaviors such as smoking.

A seminal 1963 article by Kenneth Arrow, often credited with giving rise to the health economics as a discipline, drew conceptual distinctions between health and other goods.[1] Factors that distinguish health economics from other

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