Based on what you learned from your weekly reading, lectures and personal experiences. What could happen to a medical office if the accounting practices are not accurate? Post your response using personal experiences and a quote or two freom your weekly reading to support your opinion.

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12-07-2022
Health

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Based on what you learned from your weekly reading, lectures and personal experiences. What could happen to a medical office if the accounting practices are not accurate? Post your response using personal experiences and a quote or two freom your weekly reading to support your opinion.

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adioabiola adioabiola · Answer 1 · 2022-07-12T18:47:10+02:00

A health organization or industry may sink or callapse if the accounting practices are not accurate.

From my personal experience, I can boldly say without any fear of contradiction that when a clinic / hospital no matter how small or big it is lacks the right and balanced way managing it accounting office, it leads to:

Uneccesary spending
Low returns
Bankruptcy
Inability to satisfy patients care and needs
Inability to pay the staffs as at when due
Inability to get or provide adequate medical facilities

What is medical accounting?

Medical accounting simply deals with the process of collecting and reporting financial information of patients in the organization accurately.

In conclusion, a health organization or industry may sink or callapse or even go bankruptcy if the accounting practices are not accurate.

Learn more about medical or healthcare accounting:

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