Hospital accounting Depertments
Hospital accounting involves the financial management of a hospital, including tracking income and expenses, and ensuring compliance with regulations.
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Responsibilities
- Tracking income and expenses: Hospitals track their income and expenses to manage their finances.
- Complying with regulations: Hospitals must comply with local and national regulations, including taxation and healthcare laws.
- Preparing balance sheets: Hospitals use balance sheets to summarize their financial status at a specific time.
- Billing patients: Hospitals bill patients for their care.
Hospital accounting roles
- Patient Accounts Clerk: Computes, bills, posts, and collects patient accounts.
Importance of hospital accounting
- Effective hospital accounting helps hospitals manage their finances.
- It helps hospitals ensure they comply with regulations.
- It helps hospitals make informed decisions
Core accounting modules
- Accounts payable: Records bills and payments
- Accounts receivable: Records money received
- General ledger: Tracks financial information
- Billing: Creates invoices for customers
- Stock/Inventory: Manages inventory
- Purchase Order: Orders inventory
- Sales Order: Records customer orders
- Cash Book: Records payments and collections
Other accounting modules
- Chart of accounts: Lists ledger accounts by asset, liability, capital, income, or expense
- Financial reports: Generates balance sheets and profit and loss statements
- Cash flow management: Monitors cash flow
- Credit management: Manages credit
- Banking: Manages banking tasks
- Sales analysis: Analyzes sales, product usage, and customer purchases