MH0054 – Finance, Economics and Materials Management in Healthcare Services

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Spring 2013

Master of Business Administration in Health Care Services- MBA (HCS) Semester 3

MH0054 – Finance, Economics and Materials Management in Healthcare Services- 4 Credits

(Book ID: B1215)

Assignment Set -1 (60 marks)

Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

Q1.What is financial reporting? Explain the need for financial reporting.2+8=10 marks(350-400 words)

Answer : If “accounting is the language of finance” (Lasher, 2008, p. 9) then financial reporting is the “communication of financial information useful for making investment, credit, and other business decisions” (Wild, Shaw, & Chiappetta, 2009, p. 681) Such communications include general purpose financial statements such as income statements, balance sheets, equity reports, cash flow reports, and notes to these statements. Additionally,

Q2.Define cost accounting? Explain various steps involved in the process of joint products costing.2+8=10 marks(350-400 words)

Answer : 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.[1]

Since managers are making decisions

Q3.What are the different types of taxes? Explain the procedure of tax implication.2+8=10 marks(350-400 words)

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)

Q4.Discuss the scope of financial management in hospitals.10 marks(350-400 words)

Answer :  Financial management is an integral part of district health management. It is made up of a

number of distinct processes that happen in a cyclical way. Service and district managers

receive support from their finance sections to manage the finances.

The Healthcare Financial Management Association (HFMA) is a non-profit membership organization for healthcare financial management

Q5.Discuss the role of economics and economists in healthcare industry.10 marks(350-400 words)

Answer : Issues surrounding the availability and affordability of medical care and health insurance have made health economics one of the most significant specialties in economics. As a result, this has created job opportunities in research, teaching and policy analysis for individuals with a background in health economics and related fields. Just as economics examines the allocation of scarce resources, health economics applies the same principles to the provision of health care.

Health Economist

Q6.Explain different methods of evaluation of healthcare services.10 marks(350-400 words)

Answer : It is conventional wisdom that one needs to start with a logic model and indicators when conducting an evaluation. While logic models can be helpful they are not absolutely necessary as long as there is a clear description of the program and its objectives. More troubling is the trend to simplify knowledge development into creating a list of indicators as a first step in an evaluation. This approach has a high probability of

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