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Compose a 750 words essay on Methods of Payment. Needs to be plagiarism free!Below are the detailed analyses.Some session of healthcare recipients finance the cost of their healthcare by themselves. a
Compose a 750 words essay on Methods of Payment. Needs to be plagiarism free!
Below are the detailed analyses.
Some session of healthcare recipients finance the cost of their healthcare by themselves. as and when they receive healthcare. This is commonly referred to as self-pay. Pretty (2008) explains that “self pay is simply the payment for a one-off surgery directly and is also becoming popular with a wide and diverse cross section of society.” There are two major financial impacts of the self-pay method. First, it does not guarantee bulk pre-determined working capital for the organization. Second, it is a sure way of being assured that healthcare services given will be paid for. For this reason, the organization is challenged to spend within its means. The method does not favor healthcare recipients who do not have guaranteed source of income on a regular basis. For this reason, it is good and favors people who have a means to give out payment as and when it becomes necessary. In terms of long term planning, this method does not influence sustainability of the healthcare provider positively because of the absence of a pre-assured source of capital.
Contrary to paying for healthcare service on the reception of healthcare, other people get insured for their health such that they do not have to pay money ‘hands-on’ when they receive healthcare services. To this end, the Investorpedia (2011) explains that the commercial healthcare insurance is “a type of health insurance that covers medical expenses and disability income for the insured.” The impact of this method on organization’s financial viability is that it provides a platform for advanced capital amassment for the planning of the organization. The commercial healthcare insurance favors people who are not in a position to give out money any time they have to receive healthcare. It however does not favor people who may be having
