[Answered]: critiques the following- To run a small rural…

critiques the following- To run a small rural facility efficiently it is important to know market dynamics which consist of supply and demand such as services rendered, and equipment needed to provide the best service to compete in the market. Market dynamics also include competition, it is important to remain up to date with the latest news or policies regarding the services that the facility provides, and keeping an eye out for neighboring price changes is key to remain competitive. Knowing how to pay the bills and remain profitable to keep our jobs is important. This consists of which payers we will accept, and the forms of payments such as capitation or fee-for-service. For example, if we have a capitated service then our payments will reflect depending on the volume of patients under that capitation rate as opposed to fee-for-service whereas payments are based on per visit. Also, services rendered rates should be based on the type of policy, the payer, and reimbursement rates. For example, a self-paying patient may have different rates than a patient seen with coverage, billing insurance tends to be based on Medicare reimbursement rates which are higher than what a self-paying patient will pay. It is also important to make sure we are in regulatory, HIPAA, and state policies, and meet technological requirements. Ensuring that our EMR systems and billing systems remain up to date for best patient care accuracy and quality care. Providers’ licensures need to remain up to date, including DEA licenses if prescribing controlled substances and the medical license needs to always be in good standing.