Insurances and Payment

Financial and Economic Basics

Introduction

The essential theme of Economic Analysis of market is profit maximization under high competitive markets. Medical business professional responsibilities are wide spread and most important thing that they need to check is payment. As we know that there are types of programs sponsored by different bodies and possibilities of their collection might be high or low.

In this paper, the focus would be on projection i.e. prediction on different types of medical payment programs, how they differ in term of billing and collecting, in terms of rules.

Discussion

Government Insurances and Payment Expectations

Government insurances are concern with covering the medical expenses of individuals. There are two kind of insurance programs, one is for people ranging from 65 years old and older and having disabilities, this is termed as Medicare which is run by Federal Government. Beside this, there is a program called Medi-Cal or Healthy Families which is for those people that are low income. As far as payment expectation is concern, healthcare providers are sure that they will receive the amount at the end of month. Doctors and other healthcare provide offer their service on the basis of Government only when person submit an approval given by government (Faruqi, Shakil, Bery, 2012).

Commercial insurances and Payment Expectations

Commercial insurance plans are termed as Private insurance plans. These plans are available for protection against potential loss of life. As fast as their payment is concern, they are paid by and for individuals, employers, unions and clients. This insurance is paid by one or combination of many people. Many companies offer such insurance to their employees and their coverage also varies in terms, premiums, deductibles and benefits. The most common commercial insurance is home maintenance organization (HMO) insurance.

This organization offer a person to select a primary ...