A medical office is entitled to various responsibilities that it has to carry out for the benefit of its clients. There are exemplary critical issues and responsibilities that have to be at the forefront in every plan that a hospital management endeavors in. as far as a medical institution is geared in helping people overcomes their daily problems, it also may involve itself in business transactions. This will help the hospital to stay open to the outside society. Moreover, it will help the hospital to be in a continuous process of producing and serving the people who make use of the hospital in one way or the other. A medical office might be helped by a disparity between receivables and collections. The disparity is one of the ways through which a medical office can relate an asset designation to the available assets and the unsettled transactions, with the set of depository assets that are all serene to a universal source. The disparity is of more use that demerit in this case. Moreover, the disparity can be a hindrance to the medical office procedures. In this case, the office will not be in a position to strike a helpful comparison between the two issues that are of importance in the business field. Moreover, the office won’t be in a position to improve on the services that it offers to its customers (University of Michigan, 2008).
There are various advantages and disadvantages of using computerized banking for a medical office. The advantages are as follows:
- Computerized banking makes it easier for bank transactions to be made at any time and in any place depending on the arisen need. This takes an example of an automated banking technique.
- Computerized banking enables many business transactions to be done at the same time for instance it makes use of the sophisticated systems that make all the transactions, records, and also can be used to make all the office payments.
- Through computerized banking, the office will be able to make loans, set up new accounts and also solve daily problems that may be of effect to its priorities.
- Within the medical office, computerized banking will enable electronic funds transfer, electronic data conversion for billing information and other financial undertakings that are worth being done by the office.
There are however disadvantages of computerized banking within a medical office. They include the following:
- It will be hard for the office to make particular claims that are crucial to the functionality of the office. This is because of the fact that they are electronically manipulated.
- Computerized banking can be competitive to small and new establishing medical offices. They cannot be in a position to make used of computers and data systems that are necessary bin the world of information and communication technology.
- Computers are generally prone to errors and technical problems that can hinder a medical office from accessing its financial information.
Standardized banking is less important than computerized banking. This is because of the fact that taking physical handling of checks can be risky and security-prone. It can lead to losing of crucial information in the medical office.
It is a common act to find discrepancies in that accompany any financial transaction. It is therefore very important to take into consideration measures that will work against these acts. In the example that has been given in the medical office, I regard this as a discrepancy of the highest order. This is a huge amount of money that seems to have been an intended transaction. As regards to the nature of discrepancy, I would suggest that computerization be involve as it has the ability to track and get all the records of transactions that have been done on behalf of all then patients and the administration of the medical office. Electronic skills should be applied involving software that will be used to ensure timely payment; otherwise the extent to which the discrepancy operates in exemplifies some kind of embezzlement (Pavlock, 2000).
Timely billing is one of the strategies that can be involved for the betterment in offering services to the clients in a medical office. Cash flow refers to a condition in which the financial transactions of an institution are operated in such a way that it exemplifies the work of a system. There is an increasing demand for the medical services. The companies that are concerned with medical billing will therefore be forced to increase their cash flow aspects as factoring. This is a clear indication of the relationship that exists between the medical office and cash flow.
Economic crisis is one of the aspects that have nagged the brains of many all over the world. It is a global aspect that is getting dealt with by many intellectuals. This is therefore the main reasons that enabled me get the insight of the document. It captured my mind and within a short period of time, I was able to bring the all issue into hand so that I could handle it in a self-point of view. It appears unstoppable, ever changing and challenging, and also nagging. This created curiosity that put my intellect in a state of searching and inquiring for the truth in the whole matter.
I therefore had to carry out vehement research on issues that have arisen as concerns to the recent economic crisis in the world. I had to search into books and many other documentaries that have been peer reviewed and recommended for every academic study. Moreover, I had to inquire intellectuals who have had more experience in handling this problem. From them, I was able to get fist hand information that shed light on what I was actually attending to. In addition to this, the attachment epitomized the present issues that are taking place in the world, and which are the exceptional causes of the crisis (Frewen, 2010).
In conclusion, a medical hospital has a number of issues that it has to keep in practice. These are mainly for the daily and smooth running of every institution. All the organs that make up the institution have to operate like a system in order for the office to exemplify excellence in all that it does. This will assist in getting rid of the discrepancies that may be in existence.