INNOVAR.

Revista de Ciencias Administrativas y Sociales

Universidad Nacional de Colombia
revinnova_bog@unal.edu.co
ISSN (Versión impresa): 0121-5051
COLOMBIA

2006
Iván Darío López López / Joaquín Urrea Arbeláez / Diego Navarro Castaño
APLICACIÓN DE LA TEORÍA DE RESTRICCIONES (TOC) A LA GESTIÓN DE
FACTURACIÓN DE LAS EMPRESAS SOCIALES DEL ESTADO, ESE
INNOVAR. Revista de Ciencias Administrativas y Sociales, enero-junio, año/vol. 16,
número 027
Universidad Nacional de Colombia
Bogotá, Colombia
pp. 91-100

Red de Revistas Científicas de América Latina y el Caribe, España y Portugal

Universidad Autónoma del Estado de México

http://redalyc.uaemex.mx
+ZVSMKMSÕX
NO
VK
>OY\ÏK
NO
<O]^\SMMSYXO]
>9-
K
VK
QO]^SÕX
NO
PKM^_\KMSÕX
NO
VK]

/WZ\O]K]
=YMSKVO]
NOV
/]^KNY
/=/
?XK
MYX^\SL_MSÕX
KV
=S]^OWK
NO
=OQ_\SNKN
=YMSKV
OX
-YVYWLSK

,YiQ'DUtR/ySH]/ySH] -RDTXtQ8UUHD$UEHOiH] 
'LHJR1DYDUUR&DVWDxR  

\O]_WOX
,OSHOSPITALESPÞBLICOSDE#OLOMBIADENOMINADOS%MPRESAS3OCIALESDEL%STADO%3%0RESTADORASDE3ERVICIOSDE3ALUDMANTIE
NENCONmICTOSCONLAS%NTIDADES0ROMOTORASDE3ALUD%03 YLAS!DMINISTRADORASDEL2ÏGIMEN3UBSIDIADO!23 DEBIDOALASFACTU

RASDECOBROQUELASENTIDADESHOSPITALARIASENVÓANAESTASINSTITUCIONESYSONDEVUELTASPORINCONSISTENCIASENSUDILIGENCIAMIENTO
%STEHECHOACARREADEMORASENELPAGOPORSERVICIOSMÏDICOSPRESTADOS%NESTEARTÓCULOSEDESCRIBELASITUACIØNACTUALDELOS

&217$%,/,'$'
HOSPITALESPÞBLICOSENESTAMATERIASEENUNCIALAESTRATEGIADESOLUCIØNALPROBLEMADETECTADOYSEFORMULAUNAAPLICACIØNPRÉCTICA
YSISTEMÉTICAPARACORREGIRLOBAJOLOSPRINCIPIOSDELATEORÓADERESTRICCIONES

:KVKL\K]
MVK`O$
INSTITUCIONESDELSECTORSALUDHOSPITALESPÞBLICOSFACTURACIØNTEORÓADERESTRICCIONES

K L]^\KM^

-AGÓSTEREN!DMINISTRACIØN0ROFESORCA

<),1$1=$6
+ZZVcSXQ
<O]^\SM^SYX
>ROY\c
^Y
WKXKQSXQ
]^K^O
]YMSKV
MYWZKXc
LSVVSXQ$
K
MYX^\SL_^SYX
^YaK\N]
TEDRÉTICODELA5NIVERSIDAD.ACIONALDE
^RO
]YMSKV
]OM_\S^c
]c]^OW
SX
-YVYWLSK
#OLOMBIASPUBLICHOSPITALSCALLEDSTATESOCIALHEALTH SERVICE PROVIDING #OLOMBIASEDE-ANIZALES
COMPANIESCOMEINTOCONmICTWITHTHEHEALTHPROMOTINGENTITIES%NTIDADES0ROMOTORASDE3ALUD ANDTHESUBSIDISEDREGIMEADMI
NISTRATORS!DMINISTRADORASDEL2ÏGIMEN3UBSIDIADOn!23 ASTHEBILLINGSENTTOTHESEINSTITUTIONSBYHOSPITALSISOFTENRETURNEDDUE #ORREOELECTRØNICO
TOINCONSISTENCIESWHENBEINGlLLEDININCURRINGLONGDELAYSINPAYMENTFORMEDICALSERVICESPROVIDED4HISARTICLEDESCRIBESTHE IVANLOPEZ YAHOOCOM
PUBLICHOSPITALSCURRENTSITUATIONGIVESASTRATEGYFORMRESOLVINGTHEPROBLEMSODETECTEDANDFORMULATESAPRACTICALANDSYSTEMATIC
APPLICATIONFORCORRECTINGIT

0H$0ROFESORASOCIADODELA5NIVERSI

DAD.ACIONALDE#OLOMBIASEDE-ANIZA
5Oc
aY\N]$ HEALTHSECTORINSTITUTIONSPUBLICHOSPITALSBILLING2ESTRICTION4HEORY
LES

#ORREOELECTRØNICO
\Ë]_WË JURREAA UNALEDUCO

+ZZVSMK^SYX
NO
VK
>RËY\SO
NO
<O]^\SM^SYX]
Â
VK
1O]^SYX
NO
0KM^_\K^SYX
NO]
/X^\OZ\S]O]
=Y 

%SPECIALISTAEN&INANZAS0ROFESORASO
MSKVO]
NO
V–«^K^
$
?XO
MYX^\SL_^SYX
K_
]c]^ÊWO
NO
]ËM_\S^Ë
]YMSKVO
OX
-YVYWLSO
,ES(ÙPITAUX CIADODELA5NIVERSIDAD.ACIONALDE#O
0UBLICSDE#OLOMBIEAPPELÏS%NTREPRISES3OCIALESDEL|³TAT&OURNISSEUSESDE3ERVICESDE3ANTÏMAINTIENNENTDESCONmITSAVECLES LOMBIASEDE-ANIZALES
%NTITÏ0ROMOTRICESDE3ANTÏn%03nETLES!DMINISTRATRICESDU2ÏGIMEDE3UBSIDESn!23nENRAISONDESFACTURESQUELESHÙPITAUX
ENVOIENTÌCESINSTITUTIONSETQUILEURSSONTRENVOYÏESENRAISOND|INCONSISTANCESDANSLEURFORMULATIONCEQUIPRODUITDESRETARDS #ORREOELECTRØNICO
DANSLEPAIEMENTDESSERVICESDEMÏDECINERENDUS#ETARTICLEDÏCRITLASITUATIONACTUELLEDESHÙPITAUXPUBLICSDANSCETTEMATIÒRELA DNAVARROC UNALEDUCO
STRATÏGIEDESOLUTIONAUPROBLÒMEDÏCELÏESTÏNONCÏEETUNEAPPLICATIONPRATIQUEETSYSTÏMATIQUEESTFORMULÏEPOURLECORRIGER 
7Y^]
MVË]
$ )NSTITUTIONSDU3ECTEURDELA3ANTÏ(ÙPITAUX0UBLICS&ACTURATION4HÏORIEDE2ESTRICTIONS

\O]_WY
+ZVSMKÉÅY
NK
>OY\SK
NO
<O]^\SÉ×O]
Â
1O]^ÅY
NO
0K^_\KÉÅY
NK]
/WZ\O]K]
=YMSKS]
NY
/]^KNY$

?WK
MYX^\SL_SÉÅY
KY
]S]^OWK
NO
]OQ_\SNKNO
]YMSKV
XK
-YVÖWLSK
/S(OSPITAIS0ÞBLICOSDA#OLÙMBIA
DENOMINADOS%MPRESAS3OCIAISDO%STADO0RESTADORASDE3ERVI OSDE3AÞDEMANTÏMCONmITOSCOMAS%NTIDADES0ROMOTORASDE
3AÞDE%03 EAS!DMINISTRADORASDO2EGIME3UBSIDIADO!23 DEVIDOÌSFATURASDECOBRAN AQUEASENTIDADESHOSPITALÉRIASEN
VIAMAESTASINSTITUI ÜESEQUESÎODEVOLVIDASPORINCONSISTÐNCIASNASUATRAMITA ÎOACARRETANDOADEMORANOPAGAMENTOPELOS
,ØPEZ)$5RREA*.AVAR
SERVI OSMÏDICOSPRESTADOS.ESTEARTIGOÏDESCRITAASITUA ÎOATUALDOSHOSPITAISPÞBLICOSQUANTOAOTEMAÏPROPOSTAAESTRATÏGIA
DESOLU ÎOAOPROBLEMADETECTADOEÏFORMULADAUMAAPLICA ÎOPRÉTICAESISTEMÉTICAPARACORRIGI LO RO$ !PLICACIØNDELA
4EORÓADE2ESTRICCIONES4/# A
:KVK`\K]MRK`O$ )NSTITUI ÜESDO3ETORDE3AÞDE(OSPITAIS0ÞBLICOS&ATURA ÎO4EORIADE2ESTRI ÜES LAGESTIØNDEFACTURACIØNDELAS
%MPRESAS3OCIALESDEL%STADO
%3%5NACONTRIBUCIØNAL
SISTEMA
-VK]SPSMKMSÕX
4/6$
) DESEGURIDADSOCIALEN#OLOMBIA
)NNOVAR XX XX
<OMSLSNY$
DEAGOSTODE
+Z\YLKNY$
DEMARZODE
 9RO1R(1(52$-81,2'( 

3
3X^\YN_MMSÕX
PRVWUDUVXVLPSOLFDFLRQHV\SURSRQHUODVDOWHUQDWLYDV
GHPHMRUDPLHQWR6HH[SRQHODVLWXDFLyQSUREOHPiWLFD
¢3RGUtDVXEVLVWLUILQDQFLHUDPHQWHXQKRVSLWDOFXDQGR \VHSUHVHQWDQORVFRQFHSWRVEiVLFRVGHOD7HRUtDGH
LQYLHUWHFXDQWLRVRVUHFXUVRVSDUDSUHVWDUVHUYLFLRVPp 
GLFRV\KRVSLWDODULRVFX\RVSDJRVOHVRQUHWULEXLGRVWDU
GtDPHQWHVHLVPHVHVGHVSXpV"
$OJRWDQVHQFLOORFRPRSURSRUFLRQDUODLQIRUPDFLyQ
5HVWULFFLRQHV72&SRUVXVLJODHQLQJOpV PHWRGR
ORJtDGHVGHODFXDOVHHQIRFyHVWHHVWXGLRFRQVLGHUDGD
XQDQXHYDSHUVSHFWLYDSDUDHODQiOLVLVGHSUREOHPDV
REMHWLYRV\FRPSRUWDPLHQWRVGHHVWDVRUJDQL]DFLRQHV
0DELQ\%DOGHUVWRQH)LQDOPHQWHVHSUHVHQWD
H[DFWD\RSRUWXQDSDUDODHODERUDFLyQGHODVIDFWXUDV
ODSURSXHVWDGHPHMRUDPLHQWRSDUDHOSURFHVRGHIDFWX
GHFREURWLHQHHQVHULRVDSULHWRVILQDQFLHURVDFDVLWR 
UDFLyQTXHSHUPLWHXQPDQHMRHILFLHQWHGHODVIDFWXUDV
GRVORVKRVSLWDOHVS~EOLFRVGHOSDtV  8QLYHUVLGDG1D
\RWURVSURFHVRVDGPLQLVWUDWLYRV
FLRQDOGH&RORPELDS
(VWDSURSXHVWDSRGUtDJHQHUDOL]DUVHFRPRXQDPHWRGR
([LVWHXQSUREOHPDHVWUXFWXUDOHQORVKRVSLWDOHVS~ 
ORJtD~WLODVHUDSOLFDGDHQWRGRVORVKRVSLWDOHVS~EOLFRV
EOLFRVGHOSDtVTXHFRQVLVWHHQVXPLQLVWUDUVHUYLFLRV
\SULYDGRVGHOSDtV\HQWHVVLPLODUHVLQLFLDWLYDTXHVH
SRUDQWLFLSDGR\UHFDXGDUORVSDJRVFRUUHVSRQGLHQWHV
FRQVLGHUDXQDFRQWULEXFLyQDO6LVWHPDGH6HJXULGDG
DSUR[LPDGDPHQWHGtDVGHVSXpV'HFRQWLQXDUVH
6RFLDOGH&RORPELD
HVWDVLWXDFLyQODPD\RUtDGHHVDVLQVWLWXFLRQHVGHVDOXG
SXHGHQHQIUHQWDUHOFHVHSDUFLDORWRWDOGHORVVHUYLFLRV
GDGRTXHHQYLUWXGGHOUHWUDVRHQHOUHFDXGRGHODV
FXHQWDVSRUFREUDUKD\LQFXPSOLPLHQWRVGHWRGRWLSR
33
<O`S]SÕX
NO
VK
VS^O\K^_\K
FRQSURYHHGRUHVDFUHHGRUHVFRQWUDWLVWDV\HPSOHDGRV (QODV~OWLPDVGRVGpFDGDVHOWHPDGHODJHVWLyQS~ 
\GHHVWDPDQHUDGLVPLQX\HODFDOLGDGGHVXVVHUYLFLRV EOLFDKDVLGRHVWXGLDGRSRUGLYHUVRVDXWRUHV(VSLWLD
/DDGPLQLVWUDFLyQILQDQFLHUDGHORVKRVSLWDOHVWLHQH 3XHQWHV$EDG&RUWpV$EER
25*$1,=$&,Ð1

TXHUHFXUULUDOILQDQFLDPLHQWRH[WHUQRFRQSURYHHGR  WW%DUUHUD.DSODQ\1RUWRQ0DUWt
UHVDFUHHGRUHV\HQWLGDGHVILQDQFLHUDVORTXHLPSOLFD
*(67,Ð1<
ODGLVPLQXFLyQGHODOLTXLGH]HODXPHQWRGHOtQGLFHGH
HQGHXGDPLHQWR\GHORVJDVWRVSRULQWHUHVHVHOGHWH 
ULRURGHVXUHQWDELOLGDG\HQFRQVHFXHQFLDTXHGDUDO
ERUGHGHODLQYLDELOLGDGILQDQFLHUDDJUDYDQGRSHOLJUR
VDPHQWHHOSUREOHPDHQVDOXGGHOSDtV
QH]\)HUQiQGH]
$OUHVSHFWRODSURSXHVWDGHHVWXGLRGHODJHVWLyQHQ
HVSHFLDOHQRUJDQL]DFLRQHVGHVDOXGGHEHVHUHQWHQGLGD
VLQSHUGHUGHYLVWDHOHQIRTXHILQDQFLHUR\DSOLFDGDPiV
DOOiGHODJHUHQFLDHVWUDWpJLFD.DSODQ\1RUWRQ
0DUWtQH]\)HUQiQGH]\DTXHHVWDQLPSRUWDQWH
(VWHUHWUDVRHQHOUHFDXGRGHODVFXHQWDVSRUFREUDU\ HOSURFHVRGHSODQLILFDFLyQHLPSOHPHQWDFLyQGHODHV 
VXFRQVLJXLHQWHGpILFLWGHIOXMRGHFDMDHVFRQVHFXHQFLD WUDWHJLDFRPRORVSURFHVRVGHJHVWLyQRSHUDWLYD
SULQFLSDOPHQWHGHODGHYROXFLyQUHSHWLGDGHIDFWXUDV
SRUSUHVWDFLyQGHVHUYLFLRVTXHODVHQWLGDGHVDGPLQLV  $VRFLDFLRQHV\DXWRUHVHQWUHHOORVPpGLFRV\H[SHUWRV
WUDGRUDVGHORVUHJtPHQHVGHVDOXG(36\$56KDQ HQHOiUHDGHJHVWLyQGHODVDOXGFRLQFLGHQHQDILU 
DGRSWDGRFRPRUHVSXHVWDDODLQHILFDFLDHQHOSURFHVR PDUTXHODDFWXDOSUREOHPiWLFDILQDQFLHUDGHHVWHVHF 
LQWHUQRGHIDFWXUDFLyQOOHYDGRDFDERSRUORVKRVSLWD  WRUDIHFWDLQHYLWDEOHPHQWHDWRGDODVRFLHGDG7RYH\
OHV'HVXEVDQDUVHHVWHIDFWRULQWHUQRODVDGPLQLVWUD  +HU]OLQJHU-DNOHYLF$OMXUH
GRUDVGHORVUHJtPHQHVGHVDOXG(36\$56QRWHQ  *DOOHJR%HOO7DOVLWXDFLyQDPH 


GUtDQPRWLYRDOJXQRSDUDREMHWDUODVFXHQWDV3RUOR ULWDXQDUHVSXHVWDLQPHGLDWDGHODVRFLHGDGFLYLO\HO
WDQWRODJHVWLyQGHFREUDQ]DGHOKRVSLWDOSRGUiDGRS  FRPSURPLVRGHORVDJHQWHVFLYLOHVTXLHQHVMXHJDQXQ
WDUPHGLGDVWHQGLHQWHVDUHFRJHUODFDUWHUDPRURVDVLQ SDSHOSUHSRQGHUDQWHHQHOPHMRUDPLHQWRGHODJHVWLyQ
QLQJ~QUHSDURSRUSDUWHGHODHQWLGDGFRQWUDWDQWHGHO HQVDOXG
VHUYLFLRGHVDOXG
7RYH\VRVWLHQHTXHFRQODFUHDFLyQGHJUXSRV
(OSURSyVLWRGHHVWHDUWtFXORHVGHVFULELUHOSUREOHPD SULPDULRVFRQIRUPDGRVSRUH[SHUWRVHQHOWHPD\
GHOSURFHVRGHIDFWXUDFLyQGHORVKRVSLWDOHVS~EOLFRV SRUXVXDULRV\S~EOLFRHQJHQHUDOHVSRVLEOHJHQHUDU

(VWHDUWtFXORHVIUXWRGHXQSURFHVRGHLQYHVWLJDFLyQLQLFLDGRHQHQHO+RVSLWDO'HSDUWDPHQWDO6DQWD6RItDGH&DOGDV\FXOPLQDGR
HQFRQXQSURFHVRGHFRPSUREDFLyQHPStULFDHQRWUDV(PSUHVDV6RFLDOHVGHO(VWDGR(6(GHWHUFHUR\FXDUWRQLYHOGHFRPSOHMLGDG
GHO(MH&DIHWHUR(ODUWtFXORPXHVWUDXQDVROXFLyQJHQpULFDDODSUREOHPiWLFD¿QDQFLHUDGHHVWDVHPSUHVDVGHOVHFWRUVDOXG

6HJ~QOD$VRFLDFLyQ&RORPELDQDGH&OtQLFDV\+RVSLWDOHV$&&+ODGHXGDJHQHUDOGH(36DORVKRVSLWDOHVDVFHQGtDD
DPDU]RGH


(QLQJOHV7KHRU\RI&RQVWUDLQWV72&
 


 


HVSDFLRVGHPHMRUDPLHQWRGHODFDOLGDGGHOVHUYLFLR UHSUHVHQWDWLYRVGHHVWDWHQGHQFLD(QHOFRQWH[WRFR 
GHVDOXG$OMXUHSODQWHDTXHODLQVWLWXFLRQDOL 
]DFLyQGHXQDDGPLQLVWUDFLyQPRGHUQDILQDQFLHUD\
WpFQLFDPHQWHFRPSHWLWLYDYLJLODGDSRUORVPLVPRVFLX
GDGDQRVWDPELpQUHGXQGDHQXQPHMRUDPLHQWRGHOD
FDOLGDGGHOVHUYLFLR0HMRUDPLHQWRTXHWLHQHTXHYHU
ORPELDQRHVWHSURSyVLWRHVFRPSDUWLGRSRULQVWLWXFLR
QHVJUHPLDOHV\JXEHUQDPHQWDOHVFRPROD$VRFLDFLyQ
&RORPELDQDGH+RVSLWDOHV\&OtQLFDV\OD$VRFLDFLyQ
&HQWURGH*HVWLyQ+RVSLWDODULD
FRQODSURSXHVWDGH+HU]OLQJHUGHDSOLFDUHV 
WUDWHJLDVSDUDGLVPLQXLUHOQ~PHURGHSURFHGLPLHQWRV 333
:\YLVOWÃ^SMK
PSXKXMSO\K
NO

DGPLQLVWUDWLYRVLQWHJUDUYHUWLFDOPHQWHORVKRVSLWDOHV VY]
RY]ZS^KVO]
ZÜLVSMY]

FRQSURYHHGRUHVGHELHQHV\VHUYLFLRV\FXPSOLUFRQ
ORVVLVWHPDVGHSDJRVSDUDSRGHUUHGXFLUFRVWRV\DX  /DILJXUDOHJDOHQ&RORPELDGHODV(PSUHVDV6RFLDOHV
PHQWDUHILFLHQFLDDGPLQLVWUDWLYD GHO(VWDGR3UHVWDGRUDVGH6HUYLFLRVGH6DOXG(6(IXH
FUHDGDPHGLDQWHOD/H\GHFRQHOSURSyVLWR
(QRWURDUWtFXOR+HU]OLQJHUKDFHUHIHUHQFLDDOD GHFRQYHUWLUORVKRVSLWDOHVS~EOLFRVHQHQWHVDGPLQLV 
PRGHUQDGHPDQGDGHFRQVXPRTXHKDWUDQVIRUPDGR WUDWLYRVGHVFHQWUDOL]DGRVFRQDXWRQRPtDILQDQFLHUD\
YLUWXDOPHQWHHOVHFWRUVDOXG(QHVWHVHQWLGRH[SUHVD SDWULPRQLRSURSLR(VWD/H\WUDMRFRQVLJRXQFDPELR
TXHKDVWDDKRUDHOVHUYLFLRGHVDOXGKDSHUPDQHFLGR GHSDUDGLJPDHQODIRUPDGHILQDQFLDFLyQGHODVLQVWL 
QRWDEOHPHQWHLQPXQHDGLFKDVIXHU]DVGHOPHUFDGR WXFLRQHVKRVSLWDODULDVVHSDVyDVXEVLGLDUODGHPDQGD
SHURTXHVHGHEHSURYHHUXQDYLVLyQGHIXWXURTXHFRQ HQYH]GHVXEVLGLDUODRIHUWD(VWHFDPELRFRQOOHYyD
GX]FDDLQWHJUDUORVVHUYLFLRVGHVDOXGFRQHOILQGHVHU TXHORVKRVSLWDOHVDOYHUGLVPLQXLGRVVXVLQJUHVRVSRU
HIHFWLYRVHQFRVWRV\FRQYHQLHQWHVILQDQFLHUDPHQWH FRQFHSWRGHWUDQVIHUHQFLDVGHOD1DFLyQVHYLHUDQREOL
JDGRVDVDOLUDOPHUFDGR\IDFWXUDUVXVVHUYLFLRV
-DNOHYLF\:RPDFN\)ORZHUVSRVWXODQ
TXHKLVWyULFDPHQWHORVKRVSLWDOHVVHKDQFHQWUDGRHQ 6LQHPEDUJRHOSURFHVRGHIDFWXUDFLyQGHORVKRVSLWD 

25*$1,=$&,Ð1
UHGXFLUORVFRVWRVSHURHQODDFWXDOLGDGHVDFRQGLFLyQ OHVVHKDFRQVWLWXLGRHQHO³FXHOORGHERWHOOD´SDUDODV
GHEHLUDODSDUFRQXQIOXMRHILFLHQWHGHORVLQJUHVRV LQVWLWXFLRQHVTXHSHUWHQHFHQDODUHGS~EOLFDORTXH

*(67,Ð1<
3RUWDOPRWLYRSDUDDXPHQWDUORVLQJUHVRVVHGHEHQ VHFRQVLGHUDODUHVWULFFLyQLQWHUQDPiVVLJQLILFDWLYD
UHJLVWUDUPiVXVXDULRVRLQFUHPHQWDUORVSUHFLRV\SDUD SDUDDOFDQ]DUXQDJHVWLyQILQDQFLHUDySWLPD2UGyxH]
ORJUDUORHVQHFHVDULRPHMRUDUHOVHUYLFLRDWUDYpVGHOD 7RUR*LUDOGR1~xH](QVX
LQFOXVLyQGHSHUVSHFWLYDVGHPHMRUDPLHQWRGHSURFH  LQWHULRUVHSUHVHQWDQLQFRQVLVWHQFLDVHQODLQIRUPDFLyQ
VRVHOUHJLVWURGHPiVXVXDULRV\XQDRSRUWXQD\FRP  VXPLQLVWUDGDSRUODViUHDVPpGLFD\SDUDPpGLFD\GHVX
SUHQVLYDIDFWXUDFLyQ=HOPDQ3LQN\0DWWLDV PHMRUDPLHQWRGHSHQGHXQDGHFXDGRIOXMRGHHIHFWLYR
SRUODSUHVWDFLyQGHVHUYLFLRV/ySH]\'XTXH
6REUHHVWH~OWLPRDVSHFWR%HOOHQVXDUWtFXOR &yPRORJUDUTXHODLQIRUPDFLyQVREUHIDFWXUDFLyQVHD
³,Q6HDUFKRI6LPSOLFLW\´DQRWD³/DFRPSOHMLGDGGH RSRUWXQD\H[DFWDVHFRQVWLWX\HHQHOSUREOHPDUDt] 
ODIDFWXUDFLyQGHXQKRVSLWDOHVXQHUURUTXHGHEHVHU
FRUUHJLGR´(QODPLVPDOtQHD5HHFH*DOOHJR 6LORVKRVSLWDOHVVRQLQHILFLHQWHVHLQHILFDFHVHQHOSUR
\.HUVKDZFRLQFLGHQHQTXHVLVHWLHQH FHVRGHIDFWXUDFLyQQRWLHQHQHOVRSRUWHOHJDOSDUDH[L
GLVSRQLEOH\IiFLODFFHVRDXQDEXHQDVyOLGD\WUDQVSD JLUHOSDJRSRUORVVHUYLFLRVPpGLFRVSUHVWDGRV(QFRQ
UHQWHLQIRUPDFLyQORVXVXDULRVVHUiQELHQDWHQGLGRV VHFXHQFLDVHHQWRUSHFHQORVSURFHVRVGHFRQWUDWDFLyQ
VHUHGXFLUiHOWLHPSRGHHVSHUDHQWUHFRQVXOWDVVHSR  GHVHUYLFLRV\DGTXLVLFLyQGHLQVXPRV\VXPLQLVWURV 
GUiPHMRUDUHOFREUR\ORVSDJRVDODVGLIHUHQWHVHQWLGD TXHSRUHQGHFRQGXFLUiDXQDXPHQWRHQODVGHXGDV
GHV\DILQGHFXHQWDVHOVHUYLFLRGHVDOXGSXHGHOOHJDU FRQVXVSURYHHGRUHV\DFUHHGRUHVHQJHQHUDO(QRWUDV
DVHUXQPHUFDGRPX\HILFLHQWH SDODEUDVDODIHFWDUVHODOLTXLGH]GHOKRVSLWDOVHDIHFWD
HOFXPSOLPLHQWRGHVXVFRPSURPLVRVDFRUWRSOD]R
-DNOHYLF\%HOOKDQSXHVWRGHPDQLILHVWR
TXHHOGHVDUUROOR\XVRGHXQVLVWHPDGHIDFWXUDFLyQ 'RVFRQGLFLRQHVQHFHVDULDVRSRUWXQLGDG\H[DFWLWXG
DPLJDEOHSDUDHOFOLHQWHVHKDFRQYHUWLGRHQODPHWD GHODLQIRUPDFLyQVRQORVSLODUHVIXQGDPHQWDOHVGH
GHDVRFLDFLRQHVYLQFXODGDVDOVHFWRUVDOXG&DVRVFRPR XQEXHQSURFHVRGHPHMRUDPLHQWRHQIDFWXUDFLyQ
OD$VRFLDFLyQ$PHULFDQDGH+RVSLWDOHV\OD$VRFLDFLyQ SHURPLHQWUDVQRH[LVWDHOFRPSURPLVRGHTXLHQHVLQ 
$PHULFDQDGH$GPLQLVWUDFLyQ)LQDQFLHUDGH6DOXGVRQ WHUYLHQHQHQpOQRVHSRGUiFRQWDUFRQLQIRUPDFLyQ

'HVGHHOHQIRTXHGHODWHRUtDGHUHVWULFFLRQHVHO³SUREOHPDUDt]´KDFHUHIHUHQFLDDOSUREOHPDIXQGDPHQWDO(VWRHVODFDXVDTXHGD



RULJHQDWRGDXQDVHULHGHHIHFWRVLQGHVHDEOHV\SRUWDQWRKDFLDHOFXDOVHGHEHHQIRFDUODKDELOLGDGGHVROXFLRQDUORVSUREOHPDV
 9RO1R(1(52$-81,2'( 

1<£03-9

0V_TY
NO
\OM_\]Y]
ZY\
Z\O]^KMSÕX
NO
]O\`SMSY]
NO
]KV_N


0KM^_\KMSÕX
NOV
]O\`SMSY


=O\`SMSY
WËNSMY
w-_OVVY
NO
LY^OVVKx
Y
<O]^\SMMSÕX


-YL\Y
NOV
]O\`SMSY
WËNSMY


:KQY
K
Z\Y`OONY\O]
NO
LSOXO]

25*$1,=$&,Ð1

c
]O\`SMSY]
*(67,Ð1<


3XQ\O]Y
ZY\
]O\`SMSY]
WËNSMY]

&UENTE,OSAUTORES

H[DFWDRSRUWXQD\UHOHYDQWHHVGHFLUFRQLQIRUPDFLyQ VLWXDFLyQTXHHULJHXQFtUFXORYLFLRVRTXHFRQGXFLUiDO
GHFDOLGDG VLVWHPDKDFLDXQFDRVJHQHUDOL]DGR

(QHOJUiILFRVHSXHGHREVHUYDUODLPSOLFDFLyQGHtQGR (VWHSUREOHPDVHGHULYDGHXQDUD]yQIXQGDPHQWDO
OHILQDQFLHUD\RSHUDWLYDSDUDXQKRVSLWDOFXDQGRIDOOD HOPDUJHQGHHUURUHQHOGLOLJHQFLDPLHQWRGHODVIDFWXUDVSRU
HOVLVWHPDGHLQIRUPDFLyQVREUHIDFWXUDFLyQ\FREUR SDUWHGHOVLVWHPDGHIDFWXUDFLyQFRPRHIHFWRGHODVLQFRQVLV 


WHQFLDVHQODLQIRUPDFLyQVXPLQLVWUDGDSRUODViUHDVPpGLFD
3DUDFXDOTXLHUKRVSLWDOODVIDOODVHQHOVLVWHPDGHIDFWX \DGPLQLVWUDWLYDDOSURFHVR
UDFLyQFRQGXFHQDTXHODIDFWXUDGHFREURSRUVHUYLFLRV
SUHVWDGRVQRVHKDJDHIHFWLYDHVGHFLUTXHHOFREURSRU 3RUHOORHOFRQIOLFWRUDGLFDHQODLQH[DFWLWXGHLQRSRU
VHUYLFLRVSUHVWDGRVVHSRVWHUJDSRUODGHYROXFLyQGHOD WXQLGDGGHODLQIRUPDFLyQVXPLQLVWUDGDSRUODViUHDV
IDFWXUDSRUSDUWHGHODVDGPLQLVWUDGRUDVGHORVUHJtPH PpGLFDV\SDUDPpGLFDVDOFHQWURGHIDFWXUDFLyQ(O
QHVGHVDOXG(36\$56$OGLODWDUVHHOSDJRHOLQJUH SURFHVRGHIDFWXUDFLyQVHLQLFLDGHVGHFXDQGRHOSD 
VRVHDSOD]DSDUDSHUtRGRVSRVWHULRUHVJHQHUDOPHQWH FLHQWHHQWUDDOKRVSLWDOFXDQGRVHLQJUHVDQGDWRVDO
GtDVGHVSXpVGHSUHVWDGRHOVHUYLFLRPpGLFR VLVWHPDFRPRIHFKD\KRUDGHHQWUDGDQRPEUHFRP 
SOHWRGHOSDFLHQWHH[iPHQHVGHODERUDWRULRSUDFWLFD 
&RPRUHVXOWDGRILQDOQRVHFXHQWDFRQHOGLQHURSDUD GRVVXPLQLVWURGHPHGLFLQDVRSHUDFLRQHVTXLU~UJLFDV
FXEULUHOSDJRDSURYHHGRUHVGHELHQHV\VXPLQLVWURVVH UHDOL]DGDVHQWUHRWURV(VWHFRQMXQWRGHGDWRVSHUPLWH
HQFDUHFHODILQDQFLDFLyQFRQSURYHHGRUHV\VHDXPHQ  HODERUDUODIDFWXUDGHFREURGHXQSDFLHQWHDWHQGLGR
WDQORVJDVWRVILQDQFLHURVGHODHQWLGDGGHELGRDORV SRUHOKRVSLWDO6LDOJXQRGHHVRVGDWRVHVLQFRUUHFWR
PD\RUHVQLYHOHVGHHQGHXGDPLHQWR7RGRORDQWHULRU RVLDOJXQRGHORVVRSRUWHVQRVHHQFXHQWUDDGMXQWRD
YDHQGHWULPHQWRGHOVHUYLFLRKRVSLWDODULRFRPRWDO ODFXHQWDGHFREURODDGPLQLVWUDGRUDGHORVUHFXUVRV



GHOVLVWHPDGHVDOXG(36R$56GHYXHOYHODIDFWXUD
LQFRUUHFWDRLQFRPSOHWDTXHGHVSXpVGHVHUUHYLVDGD
\FRUUHJLGDHVHQYLDGDGHQXHYRDOD(36R$56SDUD
FRQWLQXDUFRQHOWUiPLWHGHSDJR  3RUWDOPRWLYROD
GLODWDFLyQRHODSOD]DPLHQWRGHOSDJRUHSUHVHQWDGpILFLW
ILQDQFLHURSDUDXQDHQWLGDGTXHFXHQWDFRQUHFXUVRV
ILQDQFLHURVOLPLWDGRVSDUDDWHQGHUVXVREOLJDFLRQHVD
FRUWRSOD]R
(QFRQVHFXHQFLDHOSURFHVRGHIDFWXUDFLyQSDUDHVWDV
HQWLGDGHVVHFRQVWLWX\HHQODJHVWLyQDGPLQLVWUDWLYD\


 

'NEQPEGRVQFGŎTGUVTKEEKÎPŏ
(Q72&HOFRQFHSWRµUHVWULFFLyQ¶HVHQWHQGLGRFRPR
HOIDFWRUTXHLPSLGHDODVHPSUHVDVDOFDQ]DUVXPHWD
HQWHQGLHQGRFRPRPHWDODUD]yQSDUDTXHHOVLVWHPD
H[LVWD3DUDHPSUHVDVFRQiQLPRGHOXFURODPHWDVHUi
JDQDUPiVGLQHURDKRUD\HQHOIXWXURSDUDHPSUHVDV
VLQiQLPRGHOXFURODPHWDVHUiJHQHUDUPiVXQLGDGHV
GHPHWDHVGHFLUJHQHUDUPiVVDOXGHQHOFDVRGHKRV
SLWDOHVPiVHGXFDFLyQHQHOFDVRGHORVFHQWURVHGXFD
WLYRVRPiVVHJXULGDGHQHOFDVRGHLQVWLWXFLRQHVPL 
ILQDQFLHUDPiVLPSRUWDQWHSRUTXHGHHOODGHSHQGHVX
IOXMRGHFDMD3RUWDQWRWRGRVORVHVIXHU]RVVHGHEHQ
RULHQWDUKDFLDODLGHQWLILFDFLyQGHOSUREOHPDFUtWLFR
SUREOHPDTXHHVHIHFWRGHVHULDVGHILFLHQFLDVHQHO
SURFHVRGHLQIRUPDFLyQDVSHFWRTXHVHHULJHFRPRHO
³IUDFWDO´ GHO6LVWHPDGH6HJXULGDG6RFLDOHQ6DOXG
OLWDUHV\GHVHJXULGDGQDFLRQDO*ROGUDWWE3DUD
*ROGUDWWODVUHVWULFFLRQHVGHXQDHPSUHVDVHFODVLILFDQ
HQUHVWULFFLRQHVItVLFDV \UHVWULFFLRQHVGHSROtWLFDV
4GUVTKEEKQPGUHÈUKECU

6RQUHVWULFFLRQHVItVLFDVSRUHMHPSORSUREOHPDVGH
3@
6K
>OY\ÏK
NO
<O]^\SMMSYXO]
>9-

FDSDFLGDGGHXQDPiTXLQDGHXQDVDODGHTXLUyIDQRV
MYWY
WO^YNYVYQÏK
ZK\K
SWZVOWOX^K\

DXVHQFLDGHPDWHULDVSULPDVRHVFDVH]GHIOXMRGHGL 
_X
Z\YMO]Y
NO
WOTY\KWSOX^Y
MYX^SX_Y

QHUR3DUDVXSHUDUHVWHWLSRGHUHVWULFFLRQHVVHVLJXH
OX
VK
QO]^SÕX
NO
PKM^_\KMSÕX XQSURFHVRGHQRPLQDGR³SURFHVRGHIRFDOL]DFLyQ´TXH
FRQVLVWHHQXQDVHULHGHSDVRVVHFXHQFLDOHVRULHQWDGRV

25*$1,=$&,Ð1
/D7HRUtDGH5HVWULFFLRQHV72&HVXQDPHWRGROR  DVXSHUDUHOREVWiFXORItVLFRTXHLPSLGHDODHPSUHVD
JtDDGPLQLVWUDWLYDHQFDPLQDGDDPHMRUDUHOIXQFLRQD  DOFDQ]DUVXPHWD*ROGUDWWE

*(67,Ð1<
PLHQWRGHORVVLVWHPDVGHJHVWLyQGHODVRUJDQL]DFLRQHV
)HUQiQGH](VWDWHRUtDIXHFUHDGDSRUHOItVLFR (O³SURFHVRGHIRFDOL]DFLyQ´VHLOXVWUDHQHOJUiILFR
LVUDHOt(OL\DKX*ROGUDWWTXLHQDSOLFyODOyJLFDGHOD
ItVLFDDOGHVDUUROOyGHXQDSURSXHVWDGHPHMRUDPLHQ  1<£03-9

:\YMO]Y
NO
PYMKVSdKMSÕX
WRSDUDHPSUHVDVSURGXFWLYDV0iVDGHODQWHVXVSUH 
FHSWRVIXHURQDSOLFDGRVHQWRGRWLSRGHHPSUHVDVFRQ  )DENTIlQUELARESTRICCIØNDELSISTEMATOTAL
iQLPRGHOXFUR(QORV~OWLPRVDxRVOD72&KDVLGR
LPSOHPHQWDGDHQRUJDQL]DFLRQHVVLQiQLPRGHOXFUR  $ECIDACOMOEXPLOTARLA
FRPRLQVWLWXFLRQHVHGXFDWLYDVKRVSLWDOHVHLQVWLWXFLR 
QHVPLOLWDUHV*ROGUDWWD
 3UBORDINEELRESTODELSISTEMAALARESTRICCIØN
/D72&LQFOX\HDSOLFDFLRQHVTXHKDQGHPRVWUDGRVX
XWLOLGDGHQWHPDVFRPRHOPHUFDGHRODDGPLQLVWUDFLyQ  %LEVELARESTRICCIØNSØLODESPUÏSDEEXPLOTARLA
GHODSURGXFFLyQODVYHQWDVODHVWUDWHJLDHOPDQHMRGH
SHUVRQDOODVILQDQ]DV\ORVSUR\HFWRV/RTXHGLIHUHQ  
FLDHVWDWHRUtDGHRWUDVDSOLFDFLRQHVDGPLQLVWUDWLYDVHV
VX³SURFHVRGHSHQVDPLHQWR´ VXVWHQWROyJLFRGHODV
VROXFLRQHVPHQFLRQDGDV(O³SURFHVRGHSHQVDPLHQWR´
VHFUHySDUDVXEVDQDUODV³UHVWULFFLRQHV´TXHSDGHFtDQ
ODVHPSUHVDVFRQiQLPRGHOXFURSURSyVLWRTXHGHV 
SXpVVHH[WHQGHUtDDODVRUJDQL]DFLRQHVVLQiQLPRGH
OXFUR
 3ISEELIMINØLARESTRICCIØNREGRESEALPASO.O
&UENTE-ORALES 
&RPRVHSXHGHYHUHQHOJUiILFRHOSULPHUSDVRFRQ
VLVWHHQLGHQWLILFDUODUHVWULFFLyQ'HVSXpVGHLGHQWLIL 
FDUODUHVWULFFLyQVHUHDOL]DHOSDVRGRVH[SORWDUODUHV 
WULFFLyQHQRWUDVSDODEUDVSRQHUDWUDEDMDUHOUHFXUVR
UHVWULFFLyQODPD\RUFDQWLGDGGHWLHPSRSRVLEOHSDUD



5HSUHVHQWDFLyQHQPLQLDWXUDGHODFRPSRVLFLyQJOREDOGHXQVLVWHPD


&RQMXQWRGHKHUUDPLHQWDVTXHSXHGHQXWLOL]DUVHSDUDPHMRUDUVLJQL¿FDWLYDPHQWHKDELOLGDGHVJHUHQFLDOHVYLWDOHVFRPRODFRPXQLFD 
FLyQUHDOL]DFLyQGHFDPELRFRQVWUXFFLyQGHHTXLSRV\HPSRZHUPHQW)HUQiQGH]S
 9RO1R(1(52$-81,2'( 

PD[LPL]DUVXUHQGLPLHQWR\DTXHFXDOTXLHUPLQXWR
TXHSLHUGDHVWHUHFXUVRVHUiXQPLQXWRTXHSLHUGH
WRGRHOVLVWHPD(OWHUFHUSDVRVHUiVXERUGLQDUHOVLV 
WHPDSURGXFWLYRDODUHVWULFFLyQGDGRTXHpVWDGHWHU 
PLQD\FRQGLFLRQDHOULWPRGHWUDEDMR3RUWDOPRWLYR
FXDOTXLHUHVIXHU]RSRUHQFLPDGHODFDSDFLGDGGHHVWH
UHFXUVRVHUiLPSURGXFWLYR\VyORSURGXFLUiGHVSHUGL 
FLR/XHJR\DQWHVGHUHJUHVDUDOSDVRXQRVHHOHYDOD
UHVWULFFLyQHVWRHVVHUHDOL]DQQXHYDVLQYHUVLRQHVHQ
ODFRPSUDGHPiVUHFXUVRVRVHOLEHUDSDUWHGHOWUDEDMR
HQFDUJDGRDOUHFXUVRFRQHOILQGHDOLYLDUVXFDUJD
'HHVWDPDQHUDVHFRQILJXUDXQFLFORREXFOHGHUHDOL 
PHQWDFLyQTXHUHSUHVHQWDODFRQWLQXLGDGGHOSURFHVR
GHPHMRUDPLHQWRSDUDWUDWDUHQVXPRPHQWRODQXHYD
UHVWULFFLyQTXHDSDUH]FD(VWHSURFHVRHVHOQ~FOHRGH
ODSURSXHVWDGHPHMRUDPLHQWRGHOD72&DSOLFDEOHD
VLVWHPDVSURGXFWLYRVGRQGHODUHVWULFFLyQVHDItVLFD
4GUVTKEEKQPGUFGRQNÈVKECU
/DVUHVWULFFLRQHVGHSROtWLFDVVHSUHVHQWDQFRPRFRP 
SRUWDPLHQWRVGLVFRUGDQWHVFRQHOGHEHUVHUGHODRU 
25*$1,=$&,Ð1
ODGRVFRQGLFKDiUHDGHEHQUHODFLRQDUVHSRUPHGLR
GHODOyJLFDFDXVDHIHFWRSDUDGHWHFWDUILQDOPHQWH
FXiOHVODUHVWULFFLyQGHOVLVWHPD
¢+DFLDTXpFDPELDU"&RQVLVWHHQGHVFULELUODVROX 
FLyQDODUHVWULFFLyQHQFRQWUDGD\HOIXWXURGHOD
VROXFLyQHQWpUPLQRVGHORVEHQHILFLRVTXHWUDHUi
SDUDODRUJDQL]DFLyQ
¢&yPRLQGXFLUHOFDPELR"(OSURSyVLWRHVSHUVXDGLU
DORVLQYROXFUDGRVHQHOSURFHVRGHPHMRUDPLHQWR
GHTXHODVROXFLyQIXQFLRQDUi3DUDORJUDUHOFRPH
WLGRVHIRUPXODXQSODQHVWUDWpJLFRFRPSXHVWRSRU
REMHWLYRVLQWHUPHGLRV\DFFLRQHVHVSHFtILFDVSDUD
FDGDiUHDGHUHVSRQVDELOLGDG
/DSURSXHVWDGH PHMRUDPLHQWRFRQWLQXRSDUDUHVWULFFLR 
QHVGHSROtWLFDVFRPRHOSURFHVRGHIDFWXUDFLyQVH
SURSRQHDFRQWLQXDFLyQ(VWDSURSXHVWDEXVFDFRQ 
WULEXLUDVROXFLRQDUODSUREOHPiWLFDILQDQFLHUDGHORV
KRVSLWDOHVSHUWHQHFLHQWHVDODUHGS~EOLFDGHOSDtVDVt
PLVPRSRGUtDVHUDSOLFDGDHQLQVWLWXFLRQHVKRVSLWDOD 
ULDVGHtQGROHSULYDGR

JDQL]DFLyQ3RUHMHPSORSUREOHPDVUHODFLRQDGRVFRQ
GHPRUDVRGLILFXOWDGHVHQORVSURFHVRVGHIDFWXUDFLyQ\ @
:\YZ_O]^K
NO
WOTY\KWSOX^Y
MYX^SX_Y
ZK\K
OV

*(67,Ð1<

FREURVRQUHVWULFFLRQHVGHSROtWLFDV Z\YMO]Y
NO
PKM^_\KMSÕX
NO
VY]
RY]ZS^KVO]
6HJ~Q5HVWUHSR\5LYHUDSH[LVWHQGRVWLSRV
GHUHVWULFFLRQHVTXHVHSXHGHQLQFOXLUHQODVUHVWULF 
FLRQHVGHSROtWLFDVODVUHVWULFFLRQHVFRPSRUWDPHQWDOHV
\SURFHGLPHQWDOHV/DVFRPSRUWDPHQWDOHVWLHQHQTXH
YHUFRQODVUHODFLRQHVGHDXWRULGDG\UHVSRQVDELOLGDG
TXHVHJHQHUDQHQWUHODJHUHQFLD\ORVHPSOHDGRV\HQ
WUHODVXSHUYLVLyQ\ORVREUHURVODVSURFHGLPHQWDOHV
VHUHODFLRQDQFRQORVLQGLFDGRUHVGHGHVHPSHxR\R
PHGLGRUHVLOyJLFRVTXHFRQGXFHQDFRPSRUWDPLHQWRV
LOyJLFRVHQORVHPSOHDGRV
3DUDVXSHUDUODVUHVWULFFLRQHVGHSROtWLFDVH[LVWHQHQ

/RVKRVSLWDOHVVRQLQVWLWXFLRQHVSUHVWDGRUDVGHVHU 
YLFLRVGHVDOXGTXHDWLHQGHQSDFLHQWHVDGVFULWRVDGL 
IHUHQWHVDGPLQLVWUDGRUDVGHOUpJLPHQFRQWULEXWLYR\
VXEVLGLDGR&RPRVHPHQFLRQyHQORVKRVSLWDOHVVH
SUHVHQWDQVHULRVLQFRQYHQLHQWHVUHODFLRQDGRVFRQOD
DGPLQLVWUDFLyQSULQFLSDOPHQWHSRUODGHYROXFLyQUH 
SHWLGDGHIDFWXUDVSRUSDUWHGHODVDGPLQLVWUDGRUDVGH
ORVUHJtPHQHVGHVDOXG(36\$56
(OSURFHVRGHPHMRUDPLHQWRDTXtSURSXHVWRVHLQLFLD
FRQODLGHQWLILFDFLyQGHVLWXDFLRQHVLQGHVHDEOHVGH
JHVWLyQGHVFULWDVSRUHOSHUVRQDOPpGLFR\DGPLQLVWUD

ODOLWHUDWXUDGHOD7HRUtDGH5HVWULFFLRQHV72&WUHV WLYRHQHQWUHYLVWDVUHDOL]DGDVFRQEDVHHQHOPpWRGR

SUHJXQWDVTXHRULHQWDQHOSURFHVRGHPHMRUDPLHQWR HWQRJUiILFRGHUHFROHFFLyQGHGDWRV$SDUWLUGHHVWD
¢TXpFDPELDU"¢KDFLDTXpFDPELDU"\¢FyPRLQGXFLU LQIRUPDFLyQVHGHVDUUROODXQHVWXGLRFXDOLWDWLYR\GHV 
HOFDPELR" FULSWLYRTXHWUDVFLHQGHHOFDPSRGHODFRPSRVLFLyQ\OD
LQWHUSUHWDFLyQ%ODQGyQ\)UDQFR\TXHFRQGX
¢4XpFDPELDU"(VWDSUHJXQWDVHUHILHUHDOGLDJQyVWL  FHDXQGLDJQyVWLFRSUHFLVRGHODSUREOHPiWLFDUDt]GH
FRRVLWXDFLyQDFWXDOGHOiUHDVXVFHSWLEOHGHPHMRUD ORVKRVSLWDOHVS~EOLFRVDSDUWLUGHODFXDOVHSUHVHQWD
PLHQWR'HVSXpVGHGHVFULELUORVSUREOHPDVYLQFX  ODSRVLEOHVROXFLyQ



(O UpJLPHQFRQWULEXWLYR HVXQFRQMXQWRGHQRUPDVTXHULJHQODYLQFXODFLyQGHORVLQGLYLGXRV\ODVIDPLOLDVDO6LVWHPD*HQHUDOGH
6HJXULGDG6RFLDOHQ6DOXGFXDQGRWDOYLQFXODFLyQVHKDFHDWUDYpVGHOSDJRGHXQDFRWL]DFLyQLQGLYLGXDO\IDPLOLDURXQDSRUWHHFR 
QyPLFRSUHYLR¿QDQFLDGRGLUHFWDPHQWHSRUHOD¿OLDGRRHQFRQFXUUHQFLDHQWUHpVWH\VXHPSOHDGRU9pDVH/H\GH$UWtFXOR
(GLFLyQDFWXDOL]DGDDxRS(O UpJLPHQVXEVLGLDGRHVXQFRQMXQWRGHQRUPDVTXHULJHQODYLQFXODFLyQGHORVLQGLYLGXRV
DO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXGFXDQGRWDOYLQFXODFLyQVHKDFHDWUDYpVGHOSDJRGHXQDFRWL]DFLyQVXEVLGLDGDWRWDO
RSDUFLDOPHQWHFRQUHFXUVRV¿VFDOHVRGHVROLGDULGDGGHTXHWUDWDODSUHVHQWHOH\9pDVH/H\GH$UWtFXOR(GLFLyQDF 
WXDOL]DGDDxRS
 


 


/DSURSXHVWDGHPHMRUDPLHQWRFRQWLQXRTXHVHSODQWHD
HVHOUHVXOWDGRGHODVLQYHVWLJDFLRQHVUHDOL]DGDVSRUHO
JUXSRGHLQYHVWLJDFLyQHQ³&RPSHWLWLYLGDG\*HVWLyQ´
GHOD8QLYHUVLGDG1DFLRQDOGH&RORPELDVREUHODSUR
EOHPiWLFDILQDQFLHUDGHORVKRVSLWDOHVS~EOLFRV/ySH]\
GHVHUYLFLRVGHVDOXGRHQLQVWLWXFLRQHVKRVSLWDODULDV
SULYDGDVVRQHO iUEROGHUHDOLGDGDFWXDO \HO iUEROGHRE 
MHWLYRV
'XTXH/ySH]5DPtUH]\5DPtUH]
(VHOFDVRGHO+RVSLWDO'HSDUWDPHQWDO6DQWD6RItDGH
&DOGDVTXHFRPRUHVXOWDGRGHODDSOLFDFLyQSURSXHVWD
ORJUyUHGXFLUHQPHQRVGHVLHWHPHVHVHOGpILFLWILVFDO
GHODHQWLGDGGHPLOPLOORQHVGHSHVRVDPLOORQHV
GHSHVRV8QLYHUVLGDG1DFLRQDOGH&RORPELD
'N¶TDQNFGTGCNKFCFCEVWCNFGNRTQEGUQFGHCEVWTCEKÎP
(OiUEROGHUHDOLGDGDFWXDOHVXQiUEROGHOyJLFDTXHSHU
PLWHUHODFLRQDUODVFDXVDVTXHREHGHFHQSDUDHOFDVR
GHORVKRVSLWDOHVS~EOLFRVDOSUREOHPDGHODGHYROXFLyQ
GHFXHQWDVSRUSDUWHGHODVHQWLGDGHVDGPLQLVWUDGRUDV
S3DUDYDOLGDUHOSURFHVRVHUHDOL]DURQFRPSURED  GHORVUHJtPHQHVGHVDOXG(36\$56(VWHIHQyPHQR
FLRQHVHPStULFDVHQGLIHUHQWHVKRVSLWDOHVS~EOLFRVGHO VHLOXVWUDHQHOJUiILFR
GHSDUWDPHQWRGH&DOGDV
(OiUEROGHEHVHUOHtGRGHDEDMRKDFLDDUULEDHPSH 
/DVKHUUDPLHQWDVGHOD72&TXHSHUPLWLHURQDQDOL]DU ]DQGRFRQODIUDVH³6LWRGRVTXHUHPRV\HQWRQFHV
ODVLWXDFLyQGHORVKRVSLWDOHV\TXHSRGUtDQJHQHUDOL  GHEHPRV´1yWHVHTXHODVSDODEUDV6L\HQWRQFHVVRQ
]DUVHFRPRPHWRGRORJtD~WLOSDUDVHUDSOLFDGDHQODPD FRQHFWRUHVSDUDYHUEDOL]DUODOyJLFDDWUDYpVGHUHODFLR 
\RUtDGHODV(PSUHVDV6RFLDOHVGHO(VWDGRSUHVWDGRUDV QHVFDXVDHIHFWRFDXVD
1<£03-9

£\LYV
NO
\OKVSNKN
KM^_KV
NOV
Z\YMO]Y
NO
PKM^_\KMSÕX



25*$1,=$&,Ð1
,AS%03Y!23DEVUELVENLASFACTURASENVIADASPOREL(OSPITAL

*(67,Ð1<
 
,AFACTURACIØNPRESENTAMAL ,AS%03Y!23NOACEPTANERRORESENLA
DILIGENCIAMIENTOENVALORESYRUBROS FACTURACIØN

  
%XISTEUNMARGENDEERRORALDIGITARLA &ACTURACIØNREALIZAELTRABAJOQUEOTRAÉREA &ALTACONOCIMIENTOASISTENCIALENLOS
INFORMACIØN DEBEREALIZAR FUNCIONARIOSDE&ACTURACIØN


%L­READE&ACTURACIØNENTRAENCONm
ICTOALFACTURARCONINFORMACIØN
COMPLETAOINCOMPLETA


 
%L­READE&ACTURACIØNEMPIEZAAFACTURAR %L­READE&ACTURACIØNEMPIEZAAFACTURAR
CONINFORMACIØNINCOMPLETA CONINFORMACIØNCOMPLETA

  
 ,OSEMPLEADOSDELAPARTE $EBEMOSLOGRARQUELAS 3ECUENTACONLAINFORMACIØN
$EBEMOSENTREGARATIEMPOLAS MÏDICASEDEMORANENLA CUENTASFACTURADASNOTENGAN COMPLETASOBRESERVICIOS
CUENTASALOSCLIENTES ENTREGADELOSINFORMESQUE ERRORES PRESTADOS
NECESITA&ACTURACIØN

  
%L(OSPITALCOMOCUALQUIEREMPRESADEBE 3ITODOSQUEREMOSADMINISTRARBIENLAS ,OSERRORESENTORPECENCUALQUIER
CUMPLIRLEOPORTUNAMENTEALCLIENTE CUENTASFACTURADASPOREL(OSPITAL ADMINISTRACIØN

!DAPTADODE,ØPEZY$UQUEP 
 9RO1R(1(52$-81,2'( 

3RUHMHPSOR6LWRGRVTXHUHPRVDGPLQLVWUDUELHQ ¢+DFLDTXpFDPELDU"

ODVFXHQWDVTXHVRQIDFWXUDGDVSRUHO+RVSLWDO\
ORVHUURUHVHQWRUSHFHQFXDOTXLHUDGPLQLVWUDFLyQHQ  /RJUDUTXHWRGDVODVSHUVRQDVTXHLQWHUYLHQHQR
WRQFHVGHEHPRVORJUDUTXHODVFXHQWDVIDFWXUDGDV WLHQHQTXHYHUFRQHOSURFHVRGHIDFWXUDFLyQVX 
QRWHQJDQHUURUHV PLQLVWUHQFRQHILFDFLD\HILFLHQFLDODLQIRUPDFLyQ
VROLFLWDGD'HDTXtVHGHULYDTXHWDQWRHOSHUVRQDO
3RUHOODGRGHUHFKRGHOiUERO 6LGHEHPRVORJUDU DGPLQLVWUDWLYRFRPRHOSHUVRQDOPpGLFR\FLHQWt 
TXHODVFXHQWDVIDFWXUDGDVQRWHQJDQHUURUHV\VH ILFRHQIHUPHUDVMHIHVGHODERUDWRULRGHUD\RV;\
FXHQWDFRQODLQIRUPDFLyQFRPSOHWDVREUHVHUYLFLRV GHPiVFRPSUHQGDQODLPSRUWDQFLDGHVXSDSHO\OD
SUHVWDGRVHQWRQFHVHOÈUHDGH)DFWXUDFLyQHP  UHVSRQVDELOLGDGIUHQWHDOIOXMRGHLQIRUPDFLyQ
SLH]DDIDFWXUDUFRQLQIRUPDFLyQFRPSOHWD
¢&yPRLQGXFLUHOFDPELR"
3RUHOODGRL]TXLHUGRGHOiUERO6LWRGRVTXHUHPRV
DGPLQLVWUDUELHQODVFXHQWDVTXHVRQIDFWXUDGDVSRUHO (VWHDVSHFWRWDQLPSRUWDQWHFRPRORVGHPiV
+RVSLWDO\HO+RVSLWDOFRPRFXDOTXLHUHPSUHVD LPSOLFDYHQFHUODUHVLVWHQFLDDVXDSOLFDFLyQ3DUD
GHEHFXPSOLUOHRSRUWXQDPHQWHDOFOLHQWHHQWRQFHV ORJUDUORVHKDQFRQVLGHUDGRORVREVWiFXORVTXHVH
GHEHPRVHQWUHJDUDWLHPSRODVFXHQWDVDORVFOLHQWHV SXHGHQSUHVHQWDU\VHKDQGHILQLGRORVREMHWLYRV
TXHSXHGHQVHUGHXWLOLGDGSDUDLQLFLDUXQSODQHV 
6LGHEHPRVHQWUHJDUDWLHPSRODVFXHQWDVDORV WUDWpJLFRTXHDVHJXUHHOFXPSOLPLHQWRGHODPHWD
FOLHQWHV\ORVHPSOHDGRVGHODSDUWHPpGLFDVH
GHPRUDQHQODHQWUHJDGHORVLQIRUPHVTXHQHFHVLWD
)DFWXUDFLyQHQWRQFHVHOÈUHDGH)DFWXUDFLyQHP TDQNFGQDLGVKXQUFGNRTQEGUQFGHCEVWTCEKÎP
SLH]DDIDFWXUDUFRQLQIRUPDFLyQLQFRPSOHWD
25*$1,=$&,Ð1

(OiUEROGHREMHWLYRVFRQVLVWHHQXELFDUORVREMHWLYRV
'HORH[SUHVDGRKDVWDDKRUDUHVXOWDHOFRQIOLFWRHQ  LQWHUPHGLRVRHVSHFtILFRVHQRUGHQGHFXPSOLPLHQWR
WUHIDFWXUDUFRQLQIRUPDFLyQFRPSOHWDRLQFRPSOHWD
*(67,Ð1<

HPSH]DQGRGHDEDMRKDFLDDUULED/DXELFDFLyQGHFDGD
FDXVDTXHFRQGXFHILQDOPHQWHDTXHODLQIRUPDFLyQ VHQWHQFLDREHGHFHDODSULRULGDGGHVXHMHFXFLyQHQHO
VHDPDOGLOLJHQFLDGD\SRUHQGHGHYXHOWDSRUODV(36\ SODQHVWUDWpJLFRGHODLQVWLWXFLyQHVGHFLUH[LVWHQRE 
$56DO+RVSLWDO/DLPSRUWDQFLDGHOJUiILFRVHSHUFLEH MHWLYRVTXHGHEHQLUHQVHFXHQFLDGHRWURVSXHVVRQ
HQTXHSHUPLWHHQIRFDUODDWHQFLyQHQGDUVROXFLyQDO SUHUUHTXLVLWRVGHHOORV
SUREOHPDPHGXODURSUREOHPDUDt] ORVHPSOHDGRVGHOD
SDUWHPpGLFDVHGHPRUDQHQODHQWUHJDGHORVLQIRUPHVTXH 3DUDFRQVROLGDUHOiUEROGHREMHWLYRVHVQHFHVDULRSDUWLU
QHFHVLWD)DFWXUDFLyQ GHORVREVWiFXORVTXHLPSLGHQDODHQWLGDGDOFDQ]DUHO
REMHWLYRJHQHUDOGHOSURFHVRGHJHVWLyQ(VWRVREVWiFX
ORVVRQHOSXQWRGHSDUWLGDSDUDUHGDFWDUORVREMHWLYRV
2TQEGUQFGOGLQTCOKGPVQEQPVKPWQ LQWHUPHGLRVRHVSHFtILFRV
&XDQGRVHHQIUHQWDODVROXFLyQGHHVWHSUREOHPDVH
LQLFLDXQSURFHVRGHPHMRUDPLHQWRHQHOVXEVLVWHPDGH 1<£03-9


£\LYV
NO
YLTO^S`Y]
NOV
Z\YMO]Y
NO
PKM^_\KMSÕX
IDFWXUDFLyQTXHLQIOXLUiSRVLWLYDPHQWHHQWRGDODJHV 


­READE&ACTURACIØN
WLyQGHOVLVWHPDKRVSLWDODULR'HDFXHUGRFRQODPHWR
CONINFORMACIØNCOMPLETAY
GRORJtDGHOD72&WUHVSUHJXQWDVRULHQWDQHOSURFHVR EXACTASOBRELOSSERVICIOSPRESTADOS
GHPHMRUDPLHQWR¢TXpFDPELDU"¢KDFLDTXpFDPELDU"\
¢FyPRLQGXFLUHOFDPELR" 3UMINISTRARElCAZY
ElCIENTEMENTELAINFORMACIØN
3DUDHOFDVRGHORVKRVSLWDOHVS~EOLFRV )NVOLUCRARYCOMPROMETERAL
PERSONALASISTENCIALYADMINISTRATIVO
¢4XpFDPELDU" #AMBIARLAACTITUDDELPERSONAL
CIENTÓlCOFRENTEALTRÉMITEADMINISTRATIVO
/DPD\RUUHVWULFFLyQDFWXDOGHODJHVWLyQILQDQFLHUD #ONOCERELIMPACTOGLOBAL
GHOKRVSLWDOS~EOLFRUDGLFDHQTXHSDUWHGHODLQ  DELPROCESODEFACTURACIØN
IRUPDFLyQTXHOOHJDDIDFWXUDFLyQHVLQH[DFWDRQR
)NSTRUIRALPERSONALRELACIONADO
FXHQWDFRQHOWRWDOGHUHTXLVLWRV\DVHDSRUTXHORV CONFACTURACIØN-ANUALESTARIFARIOS
GDWRVVRQLQFRPSOHWRVRORVVRSRUWHVGHIDFWXUDFLyQ
QROOHJDQDWLHPSRSDUDVHUSURFHVDGRV %STANDARIZARYDEPURARLAINFORMACIØNREQUERIDAPARAFACTURAR
#ARACTERIZARELmUJODELPROCESODEFACTURACIØN
&UENTE!DAPTADODE,ØPEZY$UQUEP 
 


 


(OJUiILFRFRQWLHQHORVREMHWLYRVHVSHFtILFRVGHODHV  @33
-YXMV_]SYXO]
WUDWHJLDGHVROXFLyQSDUDHOSURFHVRGHIDFWXUDFLyQSUH
VHQWDGRVFRPRiUEROGHREMHWLYRV(VWHJUiILFRGHEHVHU (OGHILFLHQWHIOXMRGHFDMDGHORVKRVSLWDOHVS~EOLFRV
OHtGRGHDEDMRKDFLDDUULED GHOSDtVHVFRQVHFXHQFLDGHODGLODWDFLyQGHSDJRVTXH
DOJXQDVHQWLGDGHVDGPLQLVWUDGRUDVGHORVUHJtPHQHVGH
)LQDOPHQWHHO~OWLPRSHOGDxRGHOiUEROHVRFXSDGR VDOXG(36\$56KDQDGRSWDGRFRPRUHVSXHVWDDOD
SRUHOREMHWLYRDPELFLRVRGHODSUHJXQWD¢KDFLDTXp LQHILFDFLDHQHOSURFHVRGHIDFWXUDFLyQOOHYDGRDFDER
FDPELDU"TXHHQHVWHFDVRHVORJUDUTXHHOÈUHDGH SRUORVPLVPRVKRVSLWDOHV$OVXEVDQDUVHHVWHIDFWRU
)DFWXUDFLyQFXHQWHFRQLQIRUPDFLyQFRPSOHWD\H[DFWD LQWHUQRODVDGPLQLVWUDGRUDVGHORVUHJtPHQHVGHVDOXG
VREUHORVVHUYLFLRVSUHVWDGRVHIHFWRGHOKHFKRGHVXPL QRWHQGUiQPRWLYRDOJXQRSDUDREMHWDUODVFXHQWDV\
QLVWUDUHILFD]\HILFLHQWHPHQWHODLQIRUPDFLyQVREUHORV SRUORWDQWRODJHVWLyQGHFREUDQ]DKRVSLWDODULDSRGUi
VHUYLFLRVPpGLFRV\KRVSLWDODULRVSUHVWDGRV DGRSWDUPHGLGDVWHQGLHQWHVDUHFRJHUODFDUWHUDPRUR 
VDGHODLQVWLWXFLyQVLQQLQJ~QUHSDURSRUSDUWHGHOD
HQWLGDGFRQWUDWDQWHGHOVHUYLFLRGHVDOXG
@3
6SWS^KMSYXO]
([LVWHXQSUREOHPDHVWUXFWXUDOGHWHUPLQDQWHHQODV(PSUH
3DUDDSOLFDUODSURSXHVWDGHPHMRUDPLHQWRFRQWLQXR
TXHVHSUHVHQWDHQHVWHDUWtFXORVHUHTXLHUHTXHHOSHU
VRQDODGPLQLVWUDWLYRPpGLFR\FLHQWtILFRFRPSUHQGD
ODLPSRUWDQFLDGHVXGHVHPSHxRIUHQWHDOSURFHVRGH
IDFWXUDFLyQDVtFRPRODVLPSOLFDFLRQHVILQDQFLHUDV
SDUDODHQWLGDG$GHPiVHOSURFHVRVHUtDGLItFLOGH
LPSOHPHQWDUVLQHODSR\R\HODYDOGHODVGLUHFWLYDV
GHOKRVSLWDO
VDV6RFLDOHVGHO(VWDGR(6(SUHVWDGRUDVGHVHUYLFLRV
GHVDOXGTXHVHWUDGXFHHQTXHVXPLQLVWUDQXQVHUYLFLR
SRUDQWLFLSDGR\UHFLEHQPX\GLIHULGRHOSDJRFRUUHVSRQGLHQ 
WHDSUR[LPDGDPHQWHGtDVHQSURPHGLR
$XQDGRDODGHPRUDHQHOUHFDXGRGHODVFXHQWDVSRU
FREUDUODDGPLQLVWUDFLyQILQDQFLHUDGHORVKRVSLWDOHV

25*$1,=$&,Ð1
WLHQHTXHUHFXUULUDOILQDQFLDPLHQWRH[WHUQRFRQSUR 
YHHGRUHVRDFUHHGRUHVILQDQFLHURVORTXHFRQOOHYDD
&RQUHVSHFWRDODURWDFLyQGHSHUVRQDOGLUHFWLYRHQ

*(67,Ð1<
DFUHFHQWDUHOtQGLFHGHHQGHXGDPLHQWR\ORVJDVWRVSRU
ODVLQVWLWXFLRQHVKRVSLWDODULDVS~EOLFDVVHUHTXLHUH LQWHUHVHVGHWHULRUiQGRVHILQDOPHQWHODUHQWDELOLGDG
FRQWLQXLGDGHQODSROtWLFDGHDSOLFDFLyQGHOSURFHVR\ ILQDQFLHUDGHODRUJDQL]DFLyQKRVSLWDODULDIDFWRUGHWHU
ODUHYLVLyQFRQVWDQWHGHVXDYDQFHDILQGHTXHQRVH PLQDQWHGHQXHYDVLQYHUVLRQHVWDOHVFRPRPHMRUDPLHQ 
LQWHUUXPSDQORVORJURVGHODVDQWHULRUHVJHVWLRQHV$O WRRFUHDFLyQGHSODQWDItVLFDDGTXLVLFLyQGHQXHYDV
LJXDOTXHHOGLUHFWRUGHXQDFOtQLFDXKRVSLWDOHOMHIHGH WHFQRORJtDVDXPHQWRGHODFREHUWXUDHQVDOXGS~EOLFD
IDFWXUDFLyQSULPHULPSOLFDGRHQHVWHSURFHVRGHPHMR LQYHVWLJDFLyQ\GHVDUUROORHQWUHRWUDVRSFLRQHV
UDPLHQWRGHEHPDQWHQHUVHDOWDQWRGHODVVLWXDFLRQHV
SDUWLFXODUHVUHODFLRQDGDVFRQHOPLVPR\SHUPDQHFHU 6HFRQVLGHUDTXHVLFRQWLQ~DODVLWXDFLyQDFWXDOHQOD
HQHOFDUJRSRUXQDYLJHQFLDDPSOLDSDUDHYLWDUQXHYDV FXDOORVSURYHHGRUHVFREUDQDSUHFLRVPiVDOWRVHQYLU
VHVLRQHVGHFDSDFLWDFLyQ\DGLHVWUDPLHQWR,JXDOFRQFOX WXGGHOUHWUDVRHQHOSDJR\KD\LQFXPSOLPLHQWRVGH
VLyQYDOHSDUDHOSHUVRQDOFRQWUDWDGRSRUODHQWLGDG WRGRWLSRFRQFRQWUDWLVWDV\HPSOHDGRVORVKRVSLWDOHV
SXHGHQHQIUHQWDUDODUJRSOD]RSDURGHWUDEDMDGRUHV
WXWHODV\GHPDQGDVSURYHHGRUHVTXHQRRIUHFHQPiV
VXVVHUYLFLRVRLQVXPRV\ILQDOPHQWHFLHUUHSDUFLDOR
WRWDOGHODHQWLGDG 

/DSURSXHVWDGHPHMRUDPLHQWRTXHVHSUHVHQWDHQHVWH
DUWtFXORSHUPLWHXQPDQHMRHILFLHQWHGHODVIDFWXUDV
\RWURVSURFHVRVDGPLQLVWUDWLYRVGHODV(PSUHVDV6R 
FLDOHVGHO(VWDGRGHRWURVKRVSLWDOHVS~EOLFRV\GHORV
KRVSLWDOHVSULYDGRVGHOSDtV(VWDSURSXHVWDVHFRQVL 
GHUDXQDFRQWULEXFLyQDO6LVWHPDGH6HJXULGDG6RFLDO
GH&RORPELDSRUTXHHVWXGLDHOSUREOHPDILQDQFLHUR
GHODVLQVWLWXFLRQHVSUHVWDGRUDVGHVHUYLFLRVGHVDOXG
FRPRHIHFWRGHXQDJHVWLyQLQHILFLHQWHHQORVSURFHVRV
GHIDFWXUDFLyQ\FREUR
 9RO1R(1(52$-81,2'( 

<OPO\OXMSK]
LSLVSYQ\ÃPSMK]
#DCF&
%QPVTQNFGIGUVKÎPOGVQFQNQIÈC 
C 'NOCRCFGRTQEGUQFG /QTCNGU1
 +PVTQFWEEKÎPCNCVGQTÈCFG
RCTCFKUGÌCTXCNKFCTGKORNCPVCTUKUVGOCUFG RGPUCOKGPVQFGNCVGQTÈCFGTGUVTKEEKQPGU  TGUVTKEEKQPGU /QPVGTTG[+PVGTPCEKQPCN%QP 
EQPVTQNFGIGUVKÎPGPGPVKFCFGUFGNUGEVQT 61%$QIQV¶+PUVKVWVQ#DTCJCO)QNFTCVV UWNVKPI)TQWR
RÕDNKEQ$QIQV¶'FKEKQPGU+PVGTEQPGF

D 'NUÈPFTQOGFGNRCLCT  1TFÎÌG\5
FGQEVWDTG'NUGEVQTUC 
#DDQVV4,QJPUQP5&KGEMJQPGT6
 /QPVGTTG['FKEKQPGU%CUVKNNQ NWFGPGUVCFQITCXG &KCTKQ.C4GRÕDNKEC R
'ODGFFKPIUWUVCKPCDKNKV[KPVJGDWUKPGUUQH C
*GT\NKPIGT4
6JG3WKGV*GCNVJ%CTG4G 
EKV[IQXGTPOGPVCPQRRQTVWPKV[HQT5GCVVNG
XQNWVKQP2WDNKE+PVGTGUV  2WGPVGU#
 'NGOGPVQUD¶UKEQUFGNC
&KURQPKDNGGPYYYECPUGGQTIFQEWOGPVU
IGTGPEKCRÕDNKECCRNKECFQUCNOWPKEKRKQ 
%#05''#DUVTCEVU#DDQVVRFH
 
FGLWPKQ/CTMGV&TKXGP
$QIQVC'UEWGNC5WRGTKQTFG#FOKPKUVTCEKÎP
LWP *GCNVJ%CTGYJQYKPUYJQNQUGUKPVJG
2ÕDNKEC
VTCPUHQTOCVKQPQH#OGTKECŏUNCTIGUVUGTXKEG
#NLWTG,
FGOCT\Q.CRTGUVCEKÎPFG
KPFWUVT[&KURQPKDNGGPJVVRYYYCDDQVVU  4COÈTG\&4COÈTG\.
 5KUVGOCKPVG 
UGTXKEKQUFGUCNWF &KCTKQ.C2CVTKC
VTCVGIKGUEQORCRGTURFHGODGFUWUVCKPRFH ITCFQFGIGUVKÎPGPWPC'ORTGUC5QEKCNFGN
$CTTGTC'
%KGPEKCFGNCCFOKPKUVTCEKÎP 'UVCFQ%CUQRT¶EVKEQGN¶TGCFGHCEVWTCEKÎP
,CMNGXKE/
6QR$KNNKPI /QFGTP*GCNVJ 
RÕDNKEC[EKGPEKCUUQEKCNGUGP+DGTQ#OÃTKEC FGN*QURKVCN&GRCTVCOGPVCN5CPVC5QHÈCFG
ECTG
GPVTGNCWVQRÈCFGNCGſEKGPEKC[NCTGCNKFCF %CNFCU6TCDCLQFGITCFQPQRWDNKECFQ(C 
FGNCEQTTWREKÎP 6GEPQNQIÈC#FOKPKUVTCVKXC  -CRNCP40QTVQP&
 %ÎOQWVKNK\CTGN EWNVCFFG%KGPEKCU[#FOKPKUVTCEKÎP7PKXGT 

 EWCFTQFGOCPFQKPVGITC N$CTEGNQPC)GU  UKFCF0CEKQPCNFG%QNQODKC/CPK\CNGU
VKÎP
$GNN%
+P5GCTEJQH5KORNKEKV[ /QFGTP 4GGEG4
6JG*GCNVJ%CTG%QPUWOGT
*GCNVJECTG
 -GTUJCY4
FGLWPKQ7UKPI61%VQ )QURGN#EEQTFKPIVQ*CTXCTF$WUKPGUU
Ŏ%WTGŏ*GCNVJECTG2TQDNGOU #EEQWPVKPI/C  5EJQQN#VCNMYKVJ4GIKPC*GT\NKPIGT 2J[
$NCPFÎP;(TCPEQ4
 .KFGTC\IQGO 
25*$1,=$&,Ð1

PCIGOGPV3WCTVGTN[ &KURQPKDNGGPJVVR UKEKCP'ZGEWVKXG 

RTGUCTKCN7PGLGTEKEKQFGECTCEVGTK\CEKÎP 
YYYOCPCIEQOURTKPI
6TCDCLQFGITCFQPQRWDNKECFQ7PKXGTUKFCF 4GUVTGRQ.4KXGTC*
&K¶NQIQUIG 
*(67,Ð1<

0CEKQPCNFG%QNQODKC(CEWNVCFFG%KGPEKCU .ÎRG\+
 5KUVGOCKPVGITCFQFGIGUVKÎP TGPEKCNGU+++7PKXGTUKFCF'ZVGTPCFQFG%Q 
[#FOKPKUVTCEKÎP/CPK\CNGU FGTGEWTUQUſPCPEKGTQUGPECTVGTCRCTCNCU NQODKC
'ORTGUCU5QEKCNGUFGN'UVCFQ2TGUVCFQTCU
%QTVÃU'
 1TICPK\CEKÎP[IGUVKÎPOWPK  6QTQ,
FGQEVWDTG.CFGDCENGJQURKVC
FG5GTXKEKQUFG5CNWF 6GUKUFG/CGUVTÈC
EKRCN$QIQV¶'FKEKQPGU&QEVTKPC[.G[ NCTKC&KCTKQ.C4GRÕDNKEC R
7PKXGTUKFCF0CEKQPCNFG%QNQODKC(CEWNVCF
'URKVKC)
.QUÎTICPQUFGNIQDKGTPQOW  FG%KGPEKCU[#FOKPKUVTCEKÎP/CPK\CNGU 6QXG[2
%KVK\GPŏU2CTVKEKRCVKQPKP2TKOC
PKEKRCN$QIQV¶'UEWGNC5WRGTKQTFG#FOK  T[*GCNVJECTG2NCPPKPI+PPQXCVKXG%KVK\GPU 
.ÎRG\+&WSWG&
 2TQEGUQFGHCE 
PKUVTCEKÎP2ÕDNKEC JKR2TCEVKEGKP'ORKTKECN2GTURGEVKXG %TKVKECN
VWTCEKÎPRCTCNCU'ORTGUCU5QEKCNGUFGN
2WDNKE*GCNVJ 
(GTP¶PFG\#
 5GOKPCTKQFGJCDKNKFC  'UVCFQ2TGUVCFQTCUFG5GTXKEKQUFG5CNWF
FGUIGTGPEKCNGU $QIQV¶+PUVKVWVQ#DTCJCO 2TQRWGUVCGUVTCVÃIKEC7PCEQPVTKDWEKÎPCN 7PKXGTUKFCF0CEKQPCNFG%QNQODKC
FG
)QNFTCVV 5KUVGOCFG5GIWTKFCF5QEKCNFG%QNQODKC  QEVWDTG'HGEVKXQGPNCUCNWF $QNGVÈP+PHQT 
6TCDCLQFG)TCFQ7PKXGTUKFCF0CEKQPCNFG OCVKXQ702TQITCOCR
)CNNGIQ,
FGHGDTGTQ'NUGT¶
%QNQODKC(CEWNVCFFG%KGPEKCU[#FOKPKU 
FGEKUKXQRCTCGN*QURKVCNFG%CNFCU &KCTKQ 9QOCEM&(NQYGTU5
+ORTQXKPI
VTCEKÎP/CPK\CNGU


.C2CVTKC 5[UVGO2GTHQTOCPEG  #%CUG5VWF[KPVJG

/CDKP8$CNFGTUVQPG5
 6JG9QTNF #RRNKECVKQPQHVJG6JGQT[QH%QPUVTCKPVU ,Q
)QNFTCVV',GHH%
 .COGVC /QPVG 
QHVJG6JGQT[QH%QPUVTCKPVU 0GY;QTM5V WTPCNQH*GCNVJECTG/CPCIGOGPV#OGTKECP
TTG['FKEKQPGU%CUVKNNQ
.WEKG2TGUU %QNNGIGQH*GCNVJECTG'ZGEWVKXGU 
 

 0QHWGNCUWGTVG /QPVG  
/CTVÈPG\4(GTP¶PFG\#
+ORNGOGP 
TTG['FKEKQPGU%CUVKNNQ
VCEKÎPFGN$5%GPNC(WPFCEKÎP5CPVC(GFG <GNOCP92KPM)/CVVKCU%
,QWT 

 %CFGPCETÈVKEC )TGCV$C  $QIQV¶&KURQPKDNGGPYYYGUVTCVGIKCſPCP  PCNQH*GCNVJ%CTG(KPCPEG 2GTKQFKECN0GY
TTKPIVQP6JG0QTVJ4KXGT2TGUU EKGTCGU ;QTM