PUBLIC ACCOUNTING IN THE HEALTHCARE INDUSTRY: CHALLENGES AND OPPORTUNITIES
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- NGN 3000
ABSTRACT: PUBLIC ACCOUNTING IN THE HEALTHCARE INDUSTRY: CHALLENGES AND OPPORTUNITIES
The objective of this study is to: 1) Identify the primary challenges faced by public accountants in the healthcare industry, 2) Explore opportunities for improving financial reporting and compliance within healthcare organizations, and 3) Assess the impact of regulatory changes on public accounting practices in healthcare. The research design employed is a survey, which is justified by its ability to gather comprehensive quantitative data from a large sample, providing insights into prevalent issues and opportunities within the industry. The sample size, derived using Taro Yamane's formula, is set at 400 respondents, ensuring a 95% confidence level and a margin of error of 5%. The most suitable case study is Lagos, given its dense population and the presence of numerous healthcare institutions. The reliability coefficient score for the survey instrument is 0.85, indicating high reliability. The findings reveal that the primary challenges include regulatory compliance, complex billing systems, and the integration of financial and clinical data. However, significant opportunities exist in adopting advanced accounting software, enhancing staff training, and leveraging data analytics for better decision-making. The study recommends that healthcare organizations invest in robust financial management systems and continuous professional development for their accounting staff to navigate the complex regulatory environment and capitalize on emerging opportunities.
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