Determining Financial Viability
Leilani Turner
HCA-240
8/11/2013
Professor Moiz Determining Financial Viability
Finances and accounting are very similar and work together in a financial organization yet they are different in many ways. This essay is an overview between the differences between the two and how they operate together to determine financial viability. Accounting basically is the way finances are recorded by an organization or entity, to show profit and losses in a given period which is usually over a year’s time. It also consists of preparing a balance sheet to show what the financial position is of the organization at specific time frame. Many refer to accounting as a sub function of finances and is an integral part of how an organization makes financial decision for the treatment of their funds. Finances is a larger spectrum of accounting.
According to the Center for Disease Control and Prevention in 2007, approximately 1 in 10 persons in the U.S. civilian noninstitutionalized population (approximately 30 million persons) were unable to get or delayed in getting needed medical care, dental care, or prescription medicines in the last 12 months. An estimated 5.5 percent of the population were unable to get or delayed in getting needed dental care which was higher than the 4.7 percent of persons who were unable to get or delayed in getting needed medical care and the 3.1 percent of persons who were unable to get or delayed in getting needed prescription medicines(CDC, 2013).Even though the U.S has made great strides in improving healthcare as a whole, there still seems be a substantial amount of individuals that are unable to receive healthcare including children.
Profit and non-profit organizations are affected by the disparities in healthcare. If an individual or family cannot afford health insurance to help cover their medical expenses, the institution that provides care through the emergency room loses money by eating the cost of the person that was treated. For
HCA-240
8/11/2013
Professor Moiz Determining Financial Viability
Finances and accounting are very similar and work together in a financial organization yet they are different in many ways. This essay is an overview between the differences between the two and how they operate together to determine financial viability. Accounting basically is the way finances are recorded by an organization or entity, to show profit and losses in a given period which is usually over a year’s time. It also consists of preparing a balance sheet to show what the financial position is of the organization at specific time frame. Many refer to accounting as a sub function of finances and is an integral part of how an organization makes financial decision for the treatment of their funds. Finances is a larger spectrum of accounting.
According to the Center for Disease Control and Prevention in 2007, approximately 1 in 10 persons in the U.S. civilian noninstitutionalized population (approximately 30 million persons) were unable to get or delayed in getting needed medical care, dental care, or prescription medicines in the last 12 months. An estimated 5.5 percent of the population were unable to get or delayed in getting needed dental care which was higher than the 4.7 percent of persons who were unable to get or delayed in getting needed medical care and the 3.1 percent of persons who were unable to get or delayed in getting needed prescription medicines(CDC, 2013).Even though the U.S has made great strides in improving healthcare as a whole, there still seems be a substantial amount of individuals that are unable to receive healthcare including children.
Profit and non-profit organizations are affected by the disparities in healthcare. If an individual or family cannot afford health insurance to help cover their medical expenses, the institution that provides care through the emergency room loses money by eating the cost of the person that was treated. For
References: http://www.cdc.gov/minorityhealth/CHDIReport.html#Topic Retrieved July 26, 2013