MH0054 - Finance, Economics and Planning in Healthcare Services

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ASSIGNMENT

DRIVE WINTER	2014
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.

Q.1 Give an account of incentives available to healthcare sector under the income tax act.  

Answer :  Healthcare sectors in India :

he healthcare industry in India is experiencing gradual transition from paper files to electronic mediums. The Indian healthcare assisted by IT market has been growing tremendously over the past few years. It is expected to grow at a CAGR of around 22.7 per cent during the period 2013-2015.The hospital and diagnostics centre in India received foreign direct investment (FDI) worth US$ 1,914.28 million, while drugs & pharmaceutical and medical & surgical appliances industry registered FDI worth US$ 11,318.32 million and US$ 653.45 million, respectively during April 2000 to June 2013, according to data provided by Department of Industrial Policy and Promotion (DIPP)

Q.2 What do you mean by health economics? Discuss the role of economists in healthcare industry.

Answer: Meaning of health economics  :

Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behaviour in the production and consumption of health and health care. In broad terms, health economists study the functioning of health care systems and health-affecting behaviours such as smoking. Health economists evaluate multiple types of financial information: costs, charges and expenditures. Uncertainty is intrinsic to health, both in patient outcomes and financial concerns. The knowledge gap that exists between a physician and a patient creates a situation of distinct advantage for the physician, which is called asymmetric information. Externalities arise frequently when considering health and health care, notably in the context of infectious disease. For example, making an effort to avoid catching the common cold affects people other than the decision maker.

Explanation of role of economists in health care industry  :

4 roles for trained health economists

Q. 3 Discuss the importance of financial information in healthcare organisations.

Answer : Financial information :

Data such as credit card numbers, credit ratings, account balances, and other monetary facts about a person or organization that are used in billing, credit assessment, loan transactions, and other financial activities. Financial information must be processed in order for business to be conducted, but it must also be carefully handled by businesses in order to ensure security for customers and to avoid the litigation and bad publicity that can stem from negligent or improper use

importance of financial information in healthcare organizations  :

1.One of the many definitions of

Q.4 Explain different methods of evaluation of healthcare services.    

Answer :  Different methods :

1. Types of Quality of Care Measures :

2. Outcome Measures :

3. Process Measures :

4. Structure Measures:

5. Comprehensiveness of Measures:

1. Types of Quality of Care Measures :

Process measures assess whether a patient

Q.5 Define cost accounting. Explain the various categories of costs. 

 

Answer: Cost accounting :

Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Unlike the accounting systems that help in the preparation of financial reports periodically, the cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles.

Various categories of costs  :

1.Fixed Cost

Q.6 What is financial reporting? Explain the need for financial reporting.

Answer : Definition of financial reporting :

Financial reports are the documents and records you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business. If someone else is supporting part of your business, financial reporting must be part of the essential contract between you and them. Your lenders and investors have the right to know if their money is being spent wisely and returning a profit.

Need for financial reporting :

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