MH0054 – Finance, Economics and Planning in Healthcare Services

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ASSIGNMENT

DRIVE	SUMMER  2015
PROGRAM	MBA (Sem 3), MBADS (Sem 3 / Sem 5), PGDHSMN (Sem 1)
SUBJECT CODE & NAME	MH0054 – Finance, Economics and Planning in Healthcare Services
BOOK ID	B1215
CREDIT & MARKS	4 Credits, 60 marks

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

Answer :  Healthcare sectors in India :

The 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

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  :

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

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:

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

Answer: Cost accounting is the classification, recording and appropriate allocation of expenditure for the determination of the products or services, and for the suitable presentation of data for the purpose of control and management. The cost accounting normally includes the cost of job or contract, batch, process and so on. It normally illustrates the following compartments of the cost aspect of the organisation viz. production, administration, selling and distribution. The cost accounting not only reveals the amount of costs, which are relevant with the product or service, but also establishes the ways and means to control through budgets and standard cost in order to maintain the

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 :

1. Financial reporting is the act of reporting on the financial performance, and the financial handling of a specific corporation, or of government funds. Financial reporting is important because it provides the public with information on how funds are used and allocated. It provides a level of transparency in the government financial system, as well as in corporate financial systems, that is important in building and keeping the public's trust. This is especially important in order to avoid public scrutiny and investigations into monetary expenditures.

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