e7b67221c20745438596f1cfec059175
glass
pen
clip
papers
heaphones

HSS420 IP4.5

HSS420 IP4.5

PowerPoint presentation 15 slides, not including a title and reference slide, with 200-word speaker notes for each slide and a table (details below). Attached are reports to use as additional resources. APA 7 format, 11 pt. Calibri font., with proper in-text citations. Include two to three (2–3) scholarly references published within the last 5 years to substantiate your work. Please provide a copy of all references, A.I., and plagiarism reports 

Assignment Details: 

Imagine you are a Program Manager or Technical Analyst, working for the World Health Organization (WHO) or Non-governmental Organization (NGO). You have been asked to put together a PowerPoint presentation, about what you learned at the recent World Health Summit.  Be sure to include the following information in your presentation: 

  • Explain your job duties. 
  • Describe the history and development of the Global Health Data Exchange (GHDx), and explain why it was formed. Include the types of services it provides around the world. 
  • Explain how the WHO, GHDx, and the World Health Summit are involved in world health, including information about how new technology is provided for foreign countries. 
  • Provide and describe the types of healthcare technology available in foreign countries. This can include low-income, middle-income, and high-income economies. 
  • Select 5 of the best healthcare organizations in the world and summarize the services they provide. Explain why these are considered the best healthcare organizations in the world. 
  • In a table, outline significant differences among the 4 nations offering the best health care and those providing low-quality health care. 
  • When rating health care around the world, show how the health care rankings for each country can be used to justify the need for health care reform in these countries. 
  • Choose 2 low-income countries that you feel will benefit from health care reform, and explain why you feel this way. 

Title here

Name

Institution name

Program Manager /Technical Analyst Duties

5-7 Bullets (Full sentences rather than short words)

Use the speaker notes area for additional information (200 words)

Remember your citations

Remember to check your grammar

Consider adding some images or graphics to reinforce your message and attract the attention of the audience. 

The Global Health Data Exchange (GHDx)

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember your citations

Remember to check your grammar

The World Health Summit

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember your citations

Remember to check your grammar

WHO, GHDx, and the World Health Summit Involvement in World Health

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember your citations

Healthcare Technology in Foreign Countries

Low-income, Middle-income, High-income

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember to check your grammar

Healthcare Technology in Foreign Countries

You may need more than one slide to discuss the healthcare technologies in the world.

Low-income, Middle-income, High-income

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember to check your grammar

Best Healthcare Organizations in the World

Select the Top 5 Healthcare Organizations in the World

5-7 Bullets

Use the speaker notes area for additional information

Remember your citations

Remember to check your grammar

Best Healthcare Organizations in the World

You may need more than one slide to discuss the top 5 healthcare organizations in the world

5-7 Bullets

Use the speaker notes area for additional information (200 words)

Remember your citations

Remember to check your grammar

Nations Offering High-Quality vs. Low-Quality Healthcare

A table is required here

Use the speaker notes area for explanation and additional details (200 words)

Remember your citations

Remember to check your grammar

Nations Offering High-Quality vs. Low-Quality Healthcare

You may use more than one slide for this question

A table is required here

Use the speaker notes area for explanation and additional details (200 words)

Remember your citations

Remember to check your grammar

References

APA formatted

Alphabetical order

2 Scholarly References are needed

image5.png

image6.png

image3.png

image4.png

,

HEALTH AND ECONOMIC

Health Status and Economic Development

Unit 1 Individual Project

Carlene Baines

HSS 420

Professor Souad Chakib

June 26, 2024

Health Status and Economic Development

Healthcare as a broad concept occupies an extraordinary place in the development of human beings as it impacts the all-round welfare and productivity of people and societies. Around the world, a country's health status has direct consequences for its economic development (Raghupathi & Raghupathi, 2020). As a result, this paper seeks to examine the relationship between health status and economic development in low-income, middle-income, and high-income economies in terms of access to health care, quality of health care, and cost of health care. By exploring these elements, the paper seeks to establish the correlation between health and wealth. The differences in the economic environments show that gaps in the access and quality of healthcare pose risks to a country's or nation's prospects for growth, which stresses the importance of strong health policies for development.

The Relationship between health and economic status

Productivity and workforce participation

A healthy population is productive, which has a direct positive effect on a country's economic status (Raghupathi & Raghupathi, 2020). By missing work or working less efficiently, workers' health affects their work output. Where health indicators are better, workers will be more productive and efficient, making a more significant and influential contribution to the economy (Raghupathi & Raghupathi, 2020). In high-income countries, for instance, the prevalence of chronic diseases is lower due to the implementation of preventive measures that lower sickness incidence rates, leading to lower absenteeism and increased productivity.

Health care expenditures

Spending on health care is a significant factor that profoundly influences a country's overall economic system. Adopting precautionary healthcare interventions reduces the overall expenditure on treating chronic and acute illnesses (Raghupathi & Raghupathi, 2020). Any country that effectively manages health care expenditures can effectively channel more economic resources to other areas of the economy. Poor health, on the other hand, negatively affects spending by consuming a greater proportion of personal income on out-of-pocket spending, reducing savings and investment, which are essential for economic development (Raghupathi & Raghupathi, 2020). For instance, out-of-pocket spending for health has adverse effects, putting some households in low-income countries into poverty and worsening the position of their economy.

Human capital development

There is a strong relationship between health status and human capital development. Healthy children experience less absenteeism from school and rank higher, thus contributing to the development of a more capable workforce in the future (Ridhwan et al., 2022). People widely acknowledge education as one of the main factors contributing to economic growth and poor health, which are significant costs to learning. In this sense, increased longevity implies enhanced human capital because people can be productive for more years and acquire more skills and knowledge (Ridhwan et al., 2022). When it comes to middle-income countries, the quality of health has always been known to be proportional to education quality and future economic prospects.

Foreign investment and economic stability

When considering foreign investment, health care is critical because countries with improved systems attract more investment (Ridhwan et al., 2022). Employers look forward to stability in the health of their employees' health to be stable to run their businesses without much interference. Anticipated performance or a robust healthcare system is typically considered a sign of a well-run economy, thereby improving investor confidence. Furthermore, governments that fund Healthcare will likely have sound economic policies that will lead to growth and stability (Ridhwan et al., 2022). For example, MNCs seeking to set up operations in areas with sustainable, efficient, and healthy employees prefer developed nations with advanced healthcare systems.

Poverty reduction

It is widely known that poor health is part of a vicious cycle that perpetuates poverty. Individual sickness can lead to poverty because of the expenses involved in paying bills and income loss (Ridhwan et al., 2022). However, because of limited access to various healthcare needs, poverty leads to worsened health. This is where efficient health care systems can help change this cycle and develop quality, affordable care that will improve people's quality of life (Ridhwan et al., 2022). For example, in most middle-income countries, the enhancement of health insurance has made a dramatic difference in cutting out-of-pocket expenditure, freeing up cash for savings and future investment.

A Comparative Analysis of Health Care in Different Economic Settings

Health Care Factors

Low-Income Countries

Middle-Income Countries

High-Income Countries

Access

Access to health care facilities and services is often limited (Doty et al., 2021). Rural areas are often underserved.

Although access has improved, there are still disparities between urban and rural areas (McMaughan et al., 2021).

Health services are highly accessible and widely available.

Quality

Low quality is a result of a lack of resources, inadequate infrastructure, and a shortage of skilled professionals (McMaughan et al., 2021).

Although infrastructure and training are improving, there are still gaps in rural and underserved areas due to variable quality (McMaughan et al., 2021).

The service is of high quality, featuring advanced technology, well-trained professionals, and comprehensive care (Moolla & Hiilamo, 2023).

Cost

There are high out-of-pocket expenses relative to income and limited insurance coverage.

We aim to moderate costs by increasing insurance coverage and providing government subsidies

Extensive insurance coverage and government-funded programs offset high costs by reducing out-of-pocket expenses (Moolla & Hiilamo, 2023)

Access to medical care

Healthcare in low-income countries is challenging because there are few facilities and resources to support it. Lack of transport and geographical constraints hinder access to healthcare services among the rural populace. For instance, in many Sub-Saharan African countries, one of the significant barriers is the long distance between the patient and the health facility. In middle-income countries, access increases with economic development, but inequalities persist, especially between the urban and rural sectors (McMaughan et al., 2021). Governments allocate more resources to health care, but there needs to be complete coverage. For instance, the cities of Brazil and India boast highly developed healthcare systems, a fact not applicable to their rural areas. Developed countries especially have an improved and enhanced healthcare system (Moolla & Hiilamo, 2023). Health services' availability depends on a solid infrastructure that makes them accessible to almost everyone. For instance, Germany and Canada have well-developed healthcare systems that guarantee the population's healthcare access.

Quality of health care

Healthcare quality is not constant, but it varies depending on the level of economic development. However, quality is usually a challenge in low-income countries due to limited human resources, a limited supply of medical equipment, and poor physical facilities (McMaughan et al., 2021). Training courses and foreign aid are critical for improving quality. For instance, essential drugs and qualified personnel are scarce in most African rural health facilities. The quality of life in middle-income countries is mixed. There may be well-equipped hospitals in towns, while those in the villages may be poorly equipped (McMaughan et al., 2021). There is a need for constant development in healthcare education systems and facilities. For instance, the government is trying to close the quality divide between different regions in Mexico and Turkey. High-income countries typically possess advanced technologies and skilled personnel who deliver quality care (Moolla & Hiilamo, 2023). Regular maintenance of medical protocols and infrastructure ensures quality. Countries such as Japan and Sweden have sophisticated medical technologies and highly skilled doctors and nurses.

Cost of healthcare

Healthcare costs also differ significantly depending on the economic status of a given region. In low-income countries, health care is expensive for the patient and, thus, has high out-of-pocket payments (Doty et al., 2021). Limited insurance worsens financial barriers, which in turn feeds the cycle of poverty and poor health. For instance, in most South Asian areas, the absence of cheap health insurance exposes families to high healthcare costs (Doty et al., 2021). In middle-income countries, health care has become cheaper, insurance policies have expanded, and governments have provided subsidies. Nevertheless, economic differences imply that certain groups of people are still likely to incur expensive fees. Governments in countries like China and South Africa are expanding their health insurance programs to include more people. High-income countries have high absolute healthcare costs but usually offer individuals generous insurance coverage and government schemes (Moolla & Hiilamo, 2023). Early intervention, preventive care, and effective management of health care services are ways to contain costs. The United States and France, which are among the countries with the highest healthcare expenditures, have ways and means of limiting the out-of-pocket costs for their citizens.

Conclusion

A country's health status is a critical determinant of its economic development. Healthy populations are productive members of the economy, spending less on healthcare and more on attracting foreign investment. To improve the overall health of the population, we must eliminate disparities in healthcare accessibility, effectiveness, and affordability across different economic classes. Improving health facilities, education, and preventive measures is crucial for improving the population's health, which in turn promotes economic growth and development. Holistic healthcare policies that address citizens' physical and financial health are essential to improving the population's health standards.

References

Ridhwan, M. M., Nijkamp, P., Ismail, A., & M. Irsyad, L. (2022). The effect of health on economic growth: A meta-regression analysis. Empirical Economics, 63(6), 3211-3251.

Raghupathi, V., & Raghupathi, W. (2020). Healthcare expenditure and economic performance: insights from the United States data. Frontiers in public health, 8, 538294.

Doty, M. M., Tikkanen, R. S., FitzGerald, M., Fields, K., & Williams, R. D. (2021). Income-Related Inequality in Affordability and Access to Primary Care in Eleven High-Income Countries: Study reports survey results on health status, socioeconomic risk factors, affordability, and access to primary care among adults in the US and ten other high-income countries. Health Affairs, 40(1), 113-120.

Moolla, I., & Hiilamo, H. (2023). Health system characteristics and COVID-19 performance in high-income countries. BMC health services research, 23(1), 244.

McMaughan, D. J., Oloruntoba, O., & Smith, M. L. (2020). Socioeconomic status and access to healthcare: interrelated drivers for healthy aging. Frontiers in public health, 8, 512143.

,

HEALTHCARE SYSTEMS

Healthcare Systems: A Comparative Analysis of Canada, Germany, Japan, and the United States

Unit 1 Individual Project

Carlene Baines

HSS 420

Professor Souad Chakib

June 26, 2024

Healthcare Systems: A Comparative Analysis of Canada, Germany, Japan, and the United States

Healthcare is essential to any country’s development, and healthcare systems vary dramatically worldwide. This dependent variable paper analyzes the quality, cost, and availability of medical services in the US and contrasts them with those of Canada, Germany, and Japan. Further, it explores how WHO (World Health Organization) helps countries respond to health emergencies.

Quality of Care

The United States is renowned for its advanced medical technology, world-class research institutions, and highly skilled healthcare professionals. In the medical sciences, it bears the highest number of inventions proven in American hospitals and research facilities (Ngwa et al., 2021). It demonstrated some of the highest survival rates for certain cancers and performed well in intricate surgery. Thus, the quality of care remains low in some of these areas despite the increasing patient traffic. Despite spending much on health, the US has a lower health status than it should have. This could have happened if it had compared its health to that of other nations.

Canada has the “Medicare” system, where citizens and permanent residents are eligible for coverage. Accessibility is average, but the quality of care offered is good, with significant importance given to promoting prevention and primary care services (Marchildon et al., 2020). So, according to the criteria above for life expectancy and infant mortality, Canada does slightly better than the USA. However, some evident issues with implementing the Bismarck Model include increased wait times for elective procedures and specialist consultations, as well as the absence of some advanced medical technologies due to cost cuts.

The Centers for Disease Control (CDC) and Prevention fact sheet shows that Germany is among the leading countries in terms of an efficient and well-developed system of universal health coverage. In the United States, the study shows that Germany has lower mortality rates from various preventable diseases, reasonable control of chronic diseases, and more contact with medical doctors per population. The country implements enhanced prevention and health promotion measures, as well as extensive campaigns to raise awareness of several diseases and improve people's health status. Germany remains committed to medical research and development. While it may not offer specific procedures that are standard in the U.S., it spends a significant amount on medical research.

According to Ngami & Ventelou (2020), Japan's healthcare system is highly responsive, ranking among the highest for life expectancy and the lowest for infant mortality. It also reports improved health for the population, even at lower healthcare expenditures than in the United States, due to better preventive care, disease screening, and adequate access to technologically advanced medical technologies. However, the number of doctors in Japan's rural areas poses certain challenges, with some of them grappling with a scarcity of professionals in this field or extended work hours.

Cost of Health Care

America spends an enormous amount of money on facilities and services, which is far more than any other developed country. In 2020, healthcare expenditures in the United States were $4 trillion (Rama, 2020). According to the World Bank, this amounts to $1 trillion, or $12,530 per person, which is 19% higher than in 1990, when the proportion of the population living on less than $1 per day was 1. Representing 7% of the nation’s gross domestic product, the funds contribute to healthcare and welfare reform efforts nationwide. However, the annual cost indicates that a significant number of Americans lack insurance or have inadequate coverage, leading to financial difficulties when faced with medical bills.

This inclusive healthcare system in Canada encompasses several components, including the following: Despite being a publicly funded model of the Canadian medical system, it still covers everyone and spends roughly $11; COVID-19-related expenditures will be 5% of the country's GDP in 2020 (WHO, 2022). The cost to individuals is way cheaper, owing to the primary medical treatment that government-funded insurance usually covers. Canadians pay for their health care directly through taxes, with no additional expenses left unreimbursed. However, the health care plans did not include certain services, like prescription drugs and dental care.

Germany has a multi-payer system that includes both statutory and private health insurance organizations, and it spent approximately 11.1% of its total gross domestic product on health in 2020 (Blümel et al., 2020). Both the parent employer and the employees contribute to health care insurance, which is mandatory and paid according to income level. Yearly deductibles also limit some costs by spreading the costs of medication and other services more evenly, preventing people with low incomes from feeling overwhelmed by their healthcare costs.

On their part, Japan can deliver a high standard of care at a comparatively lower price since it spent about 11% of its GDP on health care in 2020. The current health insurance system covers every citizen, and the premium that patients contribute is income-based. Patients must contribute 30% of the hospital bill, up to the monthly premiums (Fukawa, 2023). Summary: The government enforces price restraints regulating medical services, as well as medicines and other drugs, to ensure prices remain affordable.

Access to medical care

The American people wait. The social organization of health in the United States has long reflected individuals' insurance status and financial resources. In this position paper, I describe the uninsured as those who know they have health insurance but cannot afford it or those who cannot due to the Affordable Care Act.

Due to socioeconomic status and geographic location, the system frequently denies people fair access, and as Cooper et al. (2010) point out, high expenses may be another obstacle to health care. However, compared to patients in other nations, Americans wait shorter to see specialists or have elective surgeries performed. The Canadian government guarantees that all citizens, irrespective of age or other prerequisites, have access to these medical treatments. This implies that an MCO provides insurance-covered services at no cost to the insured, enhancing their access to healthcare regardless of their financial status. However, Canada still faces difficulties in providing healthcare to those living in remote areas, as well as lengthy waiting lists for some non-urgent operations and appointments with specialists.

Comparing Access

Unlike Canada, which has been implementing coverage for all its citizens, the U.S. system makes some people uninsured or underinsured. While costs remain relatively low in Canada, they can be a huge factor in the US, even for those with health insurance coverage, as the amount they must pay directly is often high in co-payments or high deductibles. Relatively, access to specialists and elective surgical services has a shorter waiting time in most of Canada. In CRI, there are some common issues related to access to primary care physicians, including insufficient coverage in rural and underserved regions. The United States might receive some new medications faster than others, while the drug formulary available through provincial plans can make many prescriptions cheaper for Canadians.

The World Health Organization's Role

WHO's duties are essential to global health, especially during continued outbreak control. In the COVID-19 outbreak, WHO was mainly involved in managing the growing public health crisis and directed vaccine and treatment research. It also informed countries about measures that could help prevent the spread of the virus and sent professionals and materials to the affected countries. The WHO acts in accordance with disease epidemics that may occur worldwide, such as the Ebola outbreak that occurred from 2014 to 2016 in the West African region. In conflict areas or regions affected by natural disasters, WHO provides necessary healthcare services or helps to maintain access to them, supports the work of moving clinics, supplies medications, and assists in training local healthcare specialists. Some countries control global vaccines, including those of children worldwide, especially from developing countries, through some of their initiatives, such as the Global Polio Eradication Initiative. As the WHO points out, it also assists countries in developing robust and sustainable health systems. For example, it provided support for Haiti's health system reconstruction following the 2010 earthquake, which destroyed many health facilities. Furthermore, it assisted with health worker training and other aspects of implementing a national health plan.

Conclusion

This comparative assessment provides essential findings on the significant quality and price disparities as well as the overall availability of comprehensive care across the contemporary healthcare systems of Canada, Germany, Japan, and the United States. Although each system has advantages and disadvantages, the UCC models indicate superior and fair healthcare affordability compared to the US. Nevertheless, the United States is known to be highly advanced in medical technology and has expertise in treating various diseases. The World Health Organization's provision of healthcare, especially during the COVID-19 pandemic, necessitates a global collective understanding of common health issues. Therefore, it states that refining our existing models and learning from other countries' healthcare systems through international organizations like the WHO can help improve people's health.

References

Blümel, M., Spranger, A., Achstetter, K., Maresso, A., & Busse, R. (2020). Germany: health system review.

Fukawa, T. (2023). Implications from Japan-Germany comparisons on social security. Journal of Future Welfare Research.

Marchildon, G. P., Allin, S., & Merkur, S. (2020). Canada: health system review. Health Systems in Transition, 22(3).

Ngami, A., & Ventelou, B. (2023). Respective healthcare system performances taking into account environmental quality: what are the re-rankings for OECD countries? Health Research Policy and Systems, 21(1), 57.

Ngwa, W., Olver, I., & Schmeler, K. M. (2020). The use of health-related technology to reduce the gap between developed and undeveloped regions around the globe. The Educational Book of the American Society of Clinical Oncology, volume 40, pages 227–236, was published.

Rama, A. (2020). Policy research perspectives. Payment and delivery in. World Health Organization. (2022). Global spending on health: rising to the pandemic’s challenges. World Health Organization.

,

FINANCIAL OFFICERS

1.

Healthcare Financial Professional

Unit 3 Individual Project

Carlene Baines

HSS 420

Professor Souad Chakib

July 7, 2024

Healthcare Financial Professional

Chief Financial Officer

The hospital's chief financial officer (CFO) oversees the efficient management of its funds. It supports healthcare facilities. This study examines the comparative education backgrounds, job functions, and salaries of hospital CFOs in Canada and the USA.

Hospital Chief Financial Officer, Canada

Future hospital CFOs in Canada often start with a formal education. They first earn a degree in Finance, accounting, business, or a related field. This undergraduate program focuses on finance, accounting, and business management. It lays the groundwork for more profound knowledge. A bachelor's degree helps them build the skills needed for financial leadership in healthcare. In addition to the basic requirements for the position, it is still common for hospital CFOs in Canada to hold an additional professional accreditation, in this case, the Chartered Professional Accountant (CPA) designation (Randstad, n.d.). This means finishing the CPA Professional Education Program (CPA PEP). It also means getting practical experience. It shows high skills in fiscal management and legal compliance. For CFOs, advanced education means earning an MBA in healthcare management or finance. This degree teaches them healthcare finance, systems, and strategic financial planning. It prepares them for finance roles in healthcare organizations.

Hospital's Chief Financial Officer, USA

To be a hospital CFO in the United States, you must complete a bachelor's degree in finance, accounting, business administration, or a related field (DigitalDefynd, 2023). This undergraduate education guarantees the student a solid foundation in finance, accounting, and management business administration, or a related field (DigitalDefynd, 2023). This undergraduate education guarantees the student a solid finance, accounting, and management foundation.

A health facility uses these skills to streamline its financial operations. The curriculum covers topics such as financial analysis. It also covers managerial accounting, economics, and business law. These topics provide future CFOs with the needed knowledge and tools. They help CFOs identify the financial conditions of the healthcare organization. They take exams like the Certified Public Accountant (CPA) and Certified Management Accountant (CMA). This boosts their reputation, especially among top hospital CFOs in the United States. To become a CPA, you must pass the Uniform CPA Examination, meet the education requirements, and experience the rules of each state's accounting practices. This ensures deep knowledge of financial reporting, auditing, and industry laws (DigitalDefynd, 2023). Likewise, the CMA certification focuses on accounting, including financial and strategic aspects.

Most candidates continue their education. They get a Master's in business administration (MBA), focusing on healthcare administration or finance (DigitalDefynd, 2023). This program covers strategic fiscal management, healthcare systems, and leadership. It prepares the candidate to tackle health and financial issues. Undergraduate degrees and relevant certifications prepare aspiring CFOs. Master's degrees also help. They help CFOs navigate America's complex healthcare landscape.

Job Functions: Canada

In Canada, a hospital CFO can manage crucial financial and strategic roles for expansion. One of the critical responsibilities includes preparing and monitoring financial statements and formulating strategies, budgets, and predictions of the hospital's finances (Randstad, n.d.). This includes making assumptions when making the budget. It also means doing a break-even analysis. This includes a cost-volume-profit analysis and making backup plans. This is all due to the intense competition in the healthcare industry. Also, the CFO must be conversationally savvy to help the hospital align itself with Canadian healthcare prescriptions and accounting standards (Randstad, n.d.). This includes keeping up with new laws and guidelines. It ensures that the hospital follows the law's rules and ethical practices.

On the other hand, financial reporting is one of the essential activities through which the CFO produces and presents financial statements and reports to the hospital board, government agencies, and other funders (Randstad, n.d.). The institution must do this to establish trust with donors and other stakeholders and secure the necessary funding. Another crucial domain of responsibility is operational efficiency, when the CFO is responsible for managing financial processes to drive consideration of cost reduction and process improvement strategies (Randstad, n.d.). It also requires strategic leadership. The CFO works with other officers. They ensure financial plans fit the hospital's mission, long-term vision, and direction. Thus, the CFO's role is to incorporate financial factors into formulating the hospital's strategic direction and, hence, its profitability.

Job Functions: USA

A hospital CFO in the U.S. performs the main functions and specific tasks. Given the complex workings of the country's advanced healthcare system, they do this. Financial strategies, budgets, and forecasts emerge through comprehensive planning and scrutiny. Essential regulatory functions include understanding and obeying U.S. healthcare rules, acts, and policies. Examples are HIPAA (Health Insurance Portability and Accountability) and the Affordable Care Act (DigitalDefynd, 2023). The CFO also prepares and presents financial statements and reports. They send these to management and other stakeholders.

Operational efficiency means managing financial operations well in an organization. This is to reduce costs (DigitalDefynd, 2023). Strategic leadership involves working with the executive teams. This is especially true when planning the financial aspects that align with the hospital's plans. The United States has a particular focus on revenue cycle management. The CFO manages the organization's revenue cycle. It includes billing, coding, and collection. These are for financial improvement and efficient cash receipt (DigitalDefynd, 2023). This position's comprehensive responsibilities illustrate the CFO's integral role in safeguarding the hospital's financial stability and operational effectiveness.

The size and location of each hospital in Canada's healthcare system affect the CFOs' yearly compensation. Hence, a hospital CFO takes home an average of $126,555 annually, equivalent to $64.90 per hour ( Talent.com, n.d.). The operative positions begin at an annual salary of $106,360 and provide a favorable starting point for individuals entering the healthcare finance sector. Earnings can be substantial, with experienced individuals earning up to $225,000 annually ( Talent.com, n.d.). This variation shows that the healthcare organization's experience and size are decisive factors. They determine the amount of pay.

On the other hand, the payment for a hospital CFO in the United States is higher. In the United States, the average annual salary of a hospital CFO is around $123,586, or $59.42 per hour (ZipRecruiter, 2023). This average annual salary is approximately $2,376 weekly or $10,298 monthly. Staff in the United States earn higher salaries. This is due to larger institutions and higher operating costs. However, salaries can vary. Factors include hospital size, location, and the CFO's experience and certifications.

Comparison Education

Primary education in both countries includes finance, accounting, or business-related courses. The primary distinction pertains to the certification requirements. Canada prioritizes CPA certification, a phenomenon mirrored in the United States. The education levels of professionals in both countries show that most executives have an MBA. This highlights the need for more knowledge in healthcare finance.

Due to state rules, a hospital's chief financial officer's key responsibilities vary between nations. It is unique duties that shape a chief financial officer's role in the institution. Yet, U.S. CFOs have other responsibilities, such as leading the revenue cycle and demonstrating the uniqueness of the American healthcare payment system. Hospital chief financial officers in the US earn slightly more than their Canadian counterparts. This may be because the organization operates on a much larger scale, and healthcare costs in the United States are high. The U.S. broadens performance-based incentives on a large scale.

The CFO role in Canadian and US hospitals is similar. Both require a specific education and have similar job duties. Both also need to be good at strategic fiscal management. Yet, the existing certification requirements, the more roles in the U.S., and the higher pay in the U.S. state that the healthcare systems in the two countries need revision. Since the position requires an understanding of accounting and healthcare, aspiring hospital CFOs must consider these factors.

Canada's hospitals compel CFOs to hold a Chartered Professional Accountant designation. CFOs in the United States often need to hold a Certified Public Accountant certification. Additionally, in the U.S., hospital CFOs may also oversee revenue cycle management and compliance with complex regulations. These regulations include the Affordable Care Act. Understanding the qualifications and responsibilities of hospital CFOs in Canada and the United States is essential. It is vital for those pursuing this career path. Hospital CFOs must follow accounting principles. They must also deal with each country's unique healthcare rules and financial systems. Running hospitals well requires this.

Reference

Bedoll, D., van Zanten, M., & McKinley, D. (2021). Global trends in medical education accreditation.  Human Resources for Health, 19(1), 70.

Dieleman, J. L., Cao, J., Chapin, A., Chen, C., Li, Z., Liu, A., …& Murray , C. J. (2020). US health care spending by payer and health condition, 1996-2016.  Jama323(9), 863-884. https://jamanetwork.com/journals/jama/article-abstract/2762309

Ebrahimipour, H., Houshmand, E., Varmaghani, M., Javan-Noughabi, J., & Mojtabaeian, S. (2021). Investigating the challenges of physicians' participation in accreditation programs from the perspective of physicians in public hospitals. Ranian Journal of Health Education and Health Promotion, 9(4), 383-397. .