INNOVAR.

Revista de Ciencias
Administrativas y Sociales
ISSN: 0121-5051
revinnova_bog@unal.edu.co
Universidad Nacional de Colombia
Colombia

Lpez Lpez, Ivn Daro; Urrea Arbelez, Joaqun; Navarro Castao, Diego
Aplicacin de la Teora de Restricciones (TOC) a la gestin de facturacin de las Empresas Sociales
del Estado, ESE
INNOVAR. Revista de Ciencias Administrativas y Sociales, vol. 16, nm. 27, enero-junio, 2006, pp. 91100
Universidad Nacional de Colombia
Bogot, Colombia

Disponible en: http://www.redalyc.org/articulo.oa?id=81802707

Cmo citar el artculo

Nmero completo
Ms informacin del artculo
Pgina de la revista en redalyc.org

Sistema de Informacin Cientfica

Red de Revistas Cientficas de Amrica Latina, el Caribe, Espaa y Portugal
Proyecto acadmico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto

+ZVSMKMSX
NO
VK
>OY\K
NO
<O]^\SMMSYXO]
>9-
K
VK
QO]^SX
NO
PKM^_\KMSX
NO
VK]

/WZ\O]K]
=YMSKVO]
NOV
/]^KNY
/=/
?XK
MYX^\SL_MSX
KV
=S]^OWK
NO
=OQ_\SNKN
=YMSKV
OX
-YVYWLSK
,YiQ'DUtR/ySH]/ySH] -RDTXtQ8UUHD$UEHOiH] 
'LHJR1DYDUUR&DVWDxR  

,OSHOSPITALESPBLICOSDE#OLOMBIADENOMINADOS%MPRESAS3OCIALESDEL%STADO%3%0RESTADORASDE3ERVICIOSDE3ALUDMANTIE

NENCONmICTOSCONLAS%NTIDADES0ROMOTORASDE3ALUD%03 YLAS!DMINISTRADORASDEL2GIMEN3UBSIDIADO!23 DEBIDOALASFACTU

RASDECOBROQUELASENTIDADESHOSPITALARIASENVANAESTASINSTITUCIONESYSONDEVUELTASPORINCONSISTENCIASENSUDILIGENCIAMIENTO
%STEHECHOACARREADEMORASENELPAGOPORSERVICIOSMDICOSPRESTADOS%NESTEARTCULOSEDESCRIBELASITUACINACTUALDELOS
HOSPITALESPBLICOSENESTAMATERIASEENUNCIALAESTRATEGIADESOLUCINALPROBLEMADETECTADOYSEFORMULAUNAAPLICACINPRCTICA
YSISTEMTICAPARACORREGIRLOBAJOLOSPRINCIPIOSDELATEORADERESTRICCIONES
:KVKL\K]
MVK`O$

INSTITUCIONESDELSECTORSALUDHOSPITALESPBLICOSFACTURACINTEORADERESTRICCIONES

K L]^\KM^

-AGSTEREN!DMINISTRACIN0ROFESORCA

+ZZVcSXQ
<O]^\SM^SYX
>ROY\c
^Y
WKXKQSXQ
]^K^O
]YMSKV
MYWZKXc
LSVVSXQ$
K
MYX^\SL_^SYX
^YaK\N]

TEDRTICODELA5NIVERSIDAD.ACIONALDE
^RO
]YMSKV
]OM_\S^c
]c]^OW
SX
-YVYWLSK

#OLOMBIASPUBLICHOSPITALSCALLEDSTATESOCIALHEALTH SERVICE PROVIDING

#OLOMBIASEDE-ANIZALES
COMPANIESCOMEINTOCONmICTWITHTHEHEALTHPROMOTINGENTITIES%NTIDADES0ROMOTORASDE3ALUD ANDTHESUBSIDISEDREGIMEADMI

NISTRATORS!DMINISTRADORASDEL2GIMEN3UBSIDIADOn!23 ASTHEBILLINGSENTTOTHESEINSTITUTIONSBYHOSPITALSISOFTENRETURNEDDUE #ORREOELECTRNICO
TOINCONSISTENCIESWHENBEINGlLLEDININCURRINGLONGDELAYSINPAYMENTFORMEDICALSERVICESPROVIDED4HISARTICLEDESCRIBESTHE
IVANLOPEZ YAHOOCOM
PUBLICHOSPITALSCURRENTSITUATIONGIVESASTRATEGYFORMRESOLVINGTHEPROBLEMSODETECTEDANDFORMULATESAPRACTICALANDSYSTEMATIC

0H$0ROFESORASOCIADODELA5NIVERSI

APPLICATIONFORCORRECTINGIT
5Oc
aY\N]$

HEALTHSECTORINSTITUTIONSPUBLICHOSPITALSBILLING2ESTRICTION4HEORY

&217$%,/,'$'
<),1$1=$6

\O]_WOX

DAD.ACIONALDE#OLOMBIASEDE-ANIZA
LES
#ORREOELECTRNICO

\]_W

JURREAA UNALEDUCO

+ZZVSMK^SYX
NO
VK
>RY\SO
NO
<O]^\SM^SYX]

VK
1O]^SYX
NO
0KM^_\K^SYX
NO]
/X^\OZ\S]O]
=Y

CIADODELA5NIVERSIDAD.ACIONALDE#O

MSKVO]
NO
V^K^
$
?XO
MYX^\SL_^SYX
K_
]c]^WO
NO
]M_\S^
]YMSKVO
OX
-YVYWLSO

,ES(PITAUX
LOMBIASEDE-ANIZALES
0UBLICSDE#OLOMBIEAPPELS%NTREPRISES3OCIALESDEL|TAT&OURNISSEUSESDE3ERVICESDE3ANTMAINTIENNENTDESCONmITSAVECLES
%NTIT0ROMOTRICESDE3ANTn%03nETLES!DMINISTRATRICESDU2GIMEDE3UBSIDESn!23nENRAISONDESFACTURESQUELESHPITAUX
ENVOIENTCESINSTITUTIONSETQUILEURSSONTRENVOYESENRAISOND|INCONSISTANCESDANSLEURFORMULATIONCEQUIPRODUITDESRETARDS #ORREOELECTRNICO
DANSLEPAIEMENTDESSERVICESDEMDECINERENDUS#ETARTICLEDCRITLASITUATIONACTUELLEDESHPITAUXPUBLICSDANSCETTEMATIRELA DNAVARROC UNALEDUCO
STRATGIEDESOLUTIONAUPROBLMEDCELESTNONCEETUNEAPPLICATIONPRATIQUEETSYSTMATIQUEESTFORMULEPOURLECORRIGER
7Y^]
MV]
$

)NSTITUTIONSDU3ECTEURDELA3ANT(PITAUX0UBLICS&ACTURATION4HORIEDE2ESTRICTIONS

\O]_WY
+ZVSMKY
NK
>OY\SK
NO
<O]^\SO]

1O]^Y
NO
0K^_\KY
NK]
/WZ\O]K]
=YMSKS]
NY
/]^KNY$

?WK
MYX^\SL_SY
KY
]S]^OWK
NO
]OQ_\SNKNO
]YMSKV
XK
-YVWLSK

/S(OSPITAIS0BLICOSDA#OLMBIA
DENOMINADOS%MPRESAS3OCIAISDO%STADO0RESTADORASDE3ERVIOSDE3ADEMANTMCONmITOSCOMAS%NTIDADES0ROMOTORASDE
3ADE%03 EAS!DMINISTRADORASDO2EGIME3UBSIDIADO!23 DEVIDOSFATURASDECOBRANAQUEASENTIDADESHOSPITALRIASEN

VIAMAESTASINSTITUIESEQUESODEVOLVIDASPORINCONSISTNCIASNASUATRAMITAOACARRETANDOADEMORANOPAGAMENTOPELOS
SERVIOSMDICOSPRESTADOS.ESTEARTIGODESCRITAASITUAOATUALDOSHOSPITAISPBLICOSQUANTOAOTEMAPROPOSTAAESTRATGIA
DESOLUOAOPROBLEMADETECTADOEFORMULADAUMAAPLICAOPRTICAESISTEMTICAPARACORRIGI LO
:KVK`\K]MRK`O$

-VK]SPSMKMSX
4/6$
<OMSLSNY$

)NSTITUIESDO3ETORDE3ADE(OSPITAIS0BLICOS&ATURAO4EORIADE2ESTRIES

)

DEAGOSTODE
+Z\YLKNY$

DEMARZODE

,PEZ)$5RREA*.AVAR

RO$ !PLICACINDELA
4EORADE2ESTRICCIONES4/# A
LAGESTINDEFACTURACINDELAS
%MPRESAS3OCIALESDEL%STADO
%3%5NACONTRIBUCINAL
SISTEMA
DESEGURIDADSOCIALEN#OLOMBIA

)NNOVAR XX XX



%SPECIALISTAEN&INANZAS0ROFESORASO

9RO1R(1(52$-81,2'( 

3
3X^\YN_MMSX

3RGUtDVXEVLVWLUILQDQFLHUDPHQWHXQKRVSLWDOFXDQGR
LQYLHUWHFXDQWLRVRVUHFXUVRVSDUDSUHVWDUVHUYLFLRVPp 
GLFRV\KRVSLWDODULRVFX\RVSDJRVOHVRQUHWULEXLGRVWDU
GtDPHQWHVHLVPHVHVGHVSXpV"



*(67,1<
25*$1,=$&,1

$OJRWDQVHQFLOORFRPRSURSRUFLRQDUODLQIRUPDFLyQ
H[DFWD\RSRUWXQDSDUDODHODERUDFLyQGHODVIDFWXUDV
GHFREURWLHQHHQVHULRVDSULHWRVILQDQFLHURVDFDVLWR 
GRVORVKRVSLWDOHVS~EOLFRVGHOSDtV  8QLYHUVLGDG1D
FLRQDOGH&RORPELDS
([LVWHXQSUREOHPDHVWUXFWXUDOHQORVKRVSLWDOHVS~ 
EOLFRVGHOSDtVTXHFRQVLVWHHQVXPLQLVWUDUVHUYLFLRV
SRUDQWLFLSDGR\UHFDXGDUORVSDJRVFRUUHVSRQGLHQWHV
DSUR[LPDGDPHQWHGtDVGHVSXpV'HFRQWLQXDUVH
HVWDVLWXDFLyQODPD\RUtDGHHVDVLQVWLWXFLRQHVGHVDOXG
SXHGHQHQIUHQWDUHOFHVHSDUFLDORWRWDOGHORVVHUYLFLRV
GDGRTXHHQYLUWXGGHOUHWUDVRHQHOUHFDXGRGHODV
FXHQWDVSRUFREUDUKD\LQFXPSOLPLHQWRVGHWRGRWLSR
FRQSURYHHGRUHVDFUHHGRUHVFRQWUDWLVWDV\HPSOHDGRV
\GHHVWDPDQHUDGLVPLQX\HODFDOLGDGGHVXVVHUYLFLRV
/DDGPLQLVWUDFLyQILQDQFLHUDGHORVKRVSLWDOHVWLHQH
TXHUHFXUULUDOILQDQFLDPLHQWRH[WHUQRFRQSURYHHGR 
UHVDFUHHGRUHV\HQWLGDGHVILQDQFLHUDVORTXHLPSOLFD
ODGLVPLQXFLyQGHODOLTXLGH]HODXPHQWRGHOtQGLFHGH
HQGHXGDPLHQWR\GHORVJDVWRVSRULQWHUHVHVHOGHWH 
ULRURGHVXUHQWDELOLGDG\HQFRQVHFXHQFLDTXHGDUDO
ERUGHGHODLQYLDELOLGDGILQDQFLHUDDJUDYDQGRSHOLJUR
VDPHQWHHOSUREOHPDHQVDOXGGHOSDtV

PRVWUDUVXVLPSOLFDFLRQHV\SURSRQHUODVDOWHUQDWLYDV
GHPHMRUDPLHQWR6HH[SRQHODVLWXDFLyQSUREOHPiWLFD
\VHSUHVHQWDQORVFRQFHSWRVEiVLFRVGHOD7HRUtDGH
5HVWULFFLRQHV72&SRUVXVLJODHQLQJOpV PHWRGR
ORJtDGHVGHODFXDOVHHQIRFyHVWHHVWXGLRFRQVLGHUDGD
XQDQXHYDSHUVSHFWLYDSDUDHODQiOLVLVGHSUREOHPDV
REMHWLYRV\FRPSRUWDPLHQWRVGHHVWDVRUJDQL]DFLRQHV
0DELQ\%DOGHUVWRQH)LQDOPHQWHVHSUHVHQWD
ODSURSXHVWDGHPHMRUDPLHQWRSDUDHOSURFHVRGHIDFWX
UDFLyQTXHSHUPLWHXQPDQHMRHILFLHQWHGHODVIDFWXUDV
\RWURVSURFHVRVDGPLQLVWUDWLYRV
(VWDSURSXHVWDSRGUtDJHQHUDOL]DUVHFRPRXQDPHWRGR
ORJtD~WLODVHUDSOLFDGDHQWRGRVORVKRVSLWDOHVS~EOLFRV
\SULYDGRVGHOSDtV\HQWHVVLPLODUHVLQLFLDWLYDTXHVH
FRQVLGHUDXQDFRQWULEXFLyQDO6LVWHPDGH6HJXULGDG
6RFLDOGH&RORPELD

33
<O`S]SX
NO
VK
VS^O\K^_\K
(QODV~OWLPDVGRVGpFDGDVHOWHPDGHODJHVWLyQS~ 
EOLFDKDVLGRHVWXGLDGRSRUGLYHUVRVDXWRUHV(VSLWLD
3XHQWHV$EDG&RUWpV$EER
WW%DUUHUD.DSODQ\1RUWRQ0DUWt
QH]\)HUQiQGH]

$OUHVSHFWRODSURSXHVWDGHHVWXGLRGHODJHVWLyQHQ
HVSHFLDOHQRUJDQL]DFLRQHVGHVDOXGGHEHVHUHQWHQGLGD
VLQSHUGHUGHYLVWDHOHQIRTXHILQDQFLHUR\DSOLFDGDPiV
DOOiGHODJHUHQFLDHVWUDWpJLFD.DSODQ\1RUWRQ
0DUWtQH]\)HUQiQGH]\DTXHHVWDQLPSRUWDQWH
(VWHUHWUDVRHQHOUHFDXGRGHODVFXHQWDVSRUFREUDU\
HOSURFHVRGHSODQLILFDFLyQHLPSOHPHQWDFLyQGHODHV 
VXFRQVLJXLHQWHGpILFLWGHIOXMRGHFDMDHVFRQVHFXHQFLD WUDWHJLDFRPRORVSURFHVRVGHJHVWLyQRSHUDWLYD
SULQFLSDOPHQWHGHODGHYROXFLyQUHSHWLGDGHIDFWXUDV
SRUSUHVWDFLyQGHVHUYLFLRVTXHODVHQWLGDGHVDGPLQLV  $VRFLDFLRQHV\DXWRUHVHQWUHHOORVPpGLFRV\H[SHUWRV
HQHOiUHDGHJHVWLyQGHODVDOXGFRLQFLGHQHQDILU 
WUDGRUDVGHORVUHJtPHQHVGHVDOXG(36\$56KDQ
DGRSWDGRFRPRUHVSXHVWDDODLQHILFDFLDHQHOSURFHVR PDUTXHODDFWXDOSUREOHPiWLFDILQDQFLHUDGHHVWHVHF 
LQWHUQRGHIDFWXUDFLyQOOHYDGRDFDERSRUORVKRVSLWD  WRUDIHFWDLQHYLWDEOHPHQWHDWRGDODVRFLHGDG7RYH\
OHV'HVXEVDQDUVHHVWHIDFWRULQWHUQRODVDGPLQLVWUD  +HU]OLQJHU-DNOHYLF$OMXUH
GRUDVGHORVUHJtPHQHVGHVDOXG(36\$56QRWHQ  *DOOHJR%HOO7DOVLWXDFLyQDPH 
ULWDXQDUHVSXHVWDLQPHGLDWDGHODVRFLHGDGFLYLO\HO
GUtDQPRWLYRDOJXQRSDUDREMHWDUODVFXHQWDV3RUOR
WDQWRODJHVWLyQGHFREUDQ]DGHOKRVSLWDOSRGUiDGRS  FRPSURPLVRGHORVDJHQWHVFLYLOHVTXLHQHVMXHJDQXQ
WDUPHGLGDVWHQGLHQWHVDUHFRJHUODFDUWHUDPRURVDVLQ SDSHOSUHSRQGHUDQWHHQHOPHMRUDPLHQWRGHODJHVWLyQ
QLQJ~QUHSDURSRUSDUWHGHODHQWLGDGFRQWUDWDQWHGHO HQVDOXG
VHUYLFLRGHVDOXG
7RYH\VRVWLHQHTXHFRQODFUHDFLyQGHJUXSRV
SULPDULRVFRQIRUPDGRVSRUH[SHUWRVHQHOWHPD\
(OSURSyVLWRGHHVWHDUWtFXORHVGHVFULELUHOSUREOHPD
GHOSURFHVRGHIDFWXUDFLyQGHORVKRVSLWDOHVS~EOLFRV SRUXVXDULRV\S~EOLFRHQJHQHUDOHVSRVLEOHJHQHUDU

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

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

(QLQJOHV7KHRU\RI&RQVWUDLQWV72&











UHSUHVHQWDWLYRVGHHVWDWHQGHQFLD(QHOFRQWH[WRFR 
ORPELDQRHVWHSURSyVLWRHVFRPSDUWLGRSRULQVWLWXFLR
QHVJUHPLDOHV\JXEHUQDPHQWDOHVFRPROD$VRFLDFLyQ
&RORPELDQDGH+RVSLWDOHV\&OtQLFDV\OD$VRFLDFLyQ
&HQWURGH*HVWLyQ+RVSLWDODULD

/DILJXUDOHJDOHQ&RORPELDGHODV(PSUHVDV6RFLDOHV
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 
UHGXFLUORVFRVWRVSHURHQODDFWXDOLGDGHVDFRQGLFLyQ OHVVHKDFRQVWLWXLGRHQHOFXHOORGHERWHOODSDUDODV
GHEHLUDODSDUFRQXQIOXMRHILFLHQWHGHORVLQJUHVRV
LQVWLWXFLRQHVTXHSHUWHQHFHQDODUHGS~EOLFDORTXH
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
,Q6HDUFKRI6LPSOLFLW\DQRWD/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

'HVGHHOHQIRTXHGHODWHRUtDGHUHVWULFFLRQHVHOSUREOHPDUDt]KDFHUHIHUHQFLDDOSUREOHPDIXQGDPHQWDO(VWRHVODFDXVDTXHGD
RULJHQDWRGDXQDVHULHGHHIHFWRVLQGHVHDEOHV\SRUWDQWRKDFLDHOFXDOVHGHEHHQIRFDUODKDELOLGDGGHVROXFLRQDUORVSUREOHPDV




*(67,1<
25*$1,=$&,1

333
:\YLVOW^SMK
PSXKXMSO\K
NO

VY]
RY]ZS^KVO]
ZLVSMY]



HVSDFLRVGHPHMRUDPLHQWRGHODFDOLGDGGHOVHUYLFLR
GHVDOXG$OMXUHSODQWHDTXHODLQVWLWXFLRQDOL 
]DFLyQGHXQDDGPLQLVWUDFLyQPRGHUQDILQDQFLHUD\
WpFQLFDPHQWHFRPSHWLWLYDYLJLODGDSRUORVPLVPRVFLX
GDGDQRVWDPELpQUHGXQGDHQXQPHMRUDPLHQWRGHOD
FDOLGDGGHOVHUYLFLR0HMRUDPLHQWRTXHWLHQHTXHYHU
FRQODSURSXHVWDGH+HU]OLQJHUGHDSOLFDUHV 
WUDWHJLDVSDUDGLVPLQXLUHOQ~PHURGHSURFHGLPLHQWRV
DGPLQLVWUDWLYRVLQWHJUDUYHUWLFDOPHQWHORVKRVSLWDOHV
FRQSURYHHGRUHVGHELHQHV\VHUYLFLRV\FXPSOLUFRQ
ORVVLVWHPDVGHSDJRVSDUDSRGHUUHGXFLUFRVWRV\DX 
PHQWDUHILFLHQFLDDGPLQLVWUDWLYD

9RO1R(1(52$-81,2'( 

1<03-9

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


0KM^_\KMSX
NOV
]O\`SMSY


=O\`SMSY
WNSMY
w-_OVVY
NO
LY^OVVKx
Y
<O]^\SMMSX

*(67,1<
25*$1,=$&,1


-YL\Y
NOV
]O\`SMSY
WNSMY


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

c
]O\`SMSY]


3XQ\O]Y
ZY\
]O\`SMSY]
WNSMY]

&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








(QFRQVHFXHQFLDHOSURFHVRGHIDFWXUDFLyQSDUDHVWDV
HQWLGDGHVVHFRQVWLWX\HHQODJHVWLyQDGPLQLVWUDWLYD\
ILQDQFLHUDPiVLPSRUWDQWHSRUTXHGHHOODGHSHQGHVX
IOXMRGHFDMD3RUWDQWRWRGRVORVHVIXHU]RVVHGHEHQ
RULHQWDUKDFLDODLGHQWLILFDFLyQGHOSUREOHPDFUtWLFR
SUREOHPDTXHHVHIHFWRGHVHULDVGHILFLHQFLDVHQHO
SURFHVRGHLQIRUPDFLyQDVSHFWRTXHVHHULJHFRPRHO
IUDFWDO GHO6LVWHPDGH6HJXULGDG6RFLDOHQ6DOXG

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

MYWY
WO^YNYVYQK
ZK\K
SWZVOWOX^K\

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

OX
VK
QO]^SX
NO
PKM^_\KMSX

'NEQPEGRVQFGTGUVTKEEKP
(Q72&HOFRQFHSWRUHVWULFFLyQHVHQWHQGLGRFRPR
HOIDFWRUTXHLPSLGHDODVHPSUHVDVDOFDQ]DUVXPHWD
HQWHQGLHQGRFRPRPHWDODUD]yQSDUDTXHHOVLVWHPD
H[LVWD3DUDHPSUHVDVFRQiQLPRGHOXFURODPHWDVHUi
JDQDUPiVGLQHURDKRUD\HQHOIXWXURSDUDHPSUHVDV
VLQiQLPRGHOXFURODPHWDVHUiJHQHUDUPiVXQLGDGHV
GHPHWDHVGHFLUJHQHUDUPiVVDOXGHQHOFDVRGHKRV
SLWDOHVPiVHGXFDFLyQHQHOFDVRGHORVFHQWURVHGXFD
WLYRVRPiVVHJXULGDGHQHOFDVRGHLQVWLWXFLRQHVPL 
OLWDUHV\GHVHJXULGDGQDFLRQDO*ROGUDWWE3DUD
*ROGUDWWODVUHVWULFFLRQHVGHXQDHPSUHVDVHFODVLILFDQ
HQUHVWULFFLRQHVItVLFDV \UHVWULFFLRQHVGHSROtWLFDV
4GUVTKEEKQPGUHUKECU
6RQUHVWULFFLRQHVItVLFDVSRUHMHPSORSUREOHPDVGH
FDSDFLGDGGHXQDPiTXLQDGHXQDVDODGHTXLUyIDQRV
DXVHQFLDGHPDWHULDVSULPDVRHVFDVH]GHIOXMRGHGL 
QHUR3DUDVXSHUDUHVWHWLSRGHUHVWULFFLRQHVVHVLJXH
XQSURFHVRGHQRPLQDGRSURFHVRGHIRFDOL]DFLyQTXH
FRQVLVWHHQXQDVHULHGHSDVRVVHFXHQFLDOHVRULHQWDGRV
DVXSHUDUHOREVWiFXORItVLFRTXHLPSLGHDODHPSUHVD
DOFDQ]DUVXPHWD*ROGUDWWE

/D7HRUtDGH5HVWULFFLRQHV72&HVXQDPHWRGROR 

JtDDGPLQLVWUDWLYDHQFDPLQDGDDPHMRUDUHOIXQFLRQD 
PLHQWRGHORVVLVWHPDVGHJHVWLyQGHODVRUJDQL]DFLRQHV
)HUQiQGH](VWDWHRUtDIXHFUHDGDSRUHOItVLFR (OSURFHVRGHIRFDOL]DFLyQVHLOXVWUDHQHOJUiILFR
LVUDHOt(OL\DKX*ROGUDWWTXLHQDSOLFyODOyJLFDGHOD
ItVLFDDOGHVDUUROOyGHXQDSURSXHVWDGHPHMRUDPLHQ  1<03-9

:\YMO]Y
NO
PYMKVSdKMSX
WRSDUDHPSUHVDVSURGXFWLYDV0iVDGHODQWHVXVSUH 

)DENTIlQUELARESTRICCINDELSISTEMATOTAL
FHSWRVIXHURQDSOLFDGRVHQWRGRWLSRGHHPSUHVDVFRQ
iQLPRGHOXFUR(QORV~OWLPRVDxRVOD72&KDVLGR
LPSOHPHQWDGDHQRUJDQL]DFLRQHVVLQiQLPRGHOXFUR

$ECIDACOMOEXPLOTARLA
FRPRLQVWLWXFLRQHVHGXFDWLYDVKRVSLWDOHVHLQVWLWXFLR 
QHVPLOLWDUHV*ROGUDWWD


3UBORDINEELRESTODELSISTEMAALARESTRICCIN

%LEVELARESTRICCINSLODESPUSDEEXPLOTARLA

3ISEELIMINLARESTRICCINREGRESEALPASO.O



/D72&LQFOX\HDSOLFDFLRQHVTXHKDQGHPRVWUDGRVX
XWLOLGDGHQWHPDVFRPRHOPHUFDGHRODDGPLQLVWUDFLyQ
GHODSURGXFFLyQODVYHQWDVODHVWUDWHJLDHOPDQHMRGH
SHUVRQDOODVILQDQ]DV\ORVSUR\HFWRV/RTXHGLIHUHQ 
FLDHVWDWHRUtDGHRWUDVDSOLFDFLRQHVDGPLQLVWUDWLYDVHV
VXSURFHVRGHSHQVDPLHQWR VXVWHQWROyJLFRGHODV
VROXFLRQHVPHQFLRQDGDV(OSURFHVRGHSHQVDPLHQWR
VHFUHySDUDVXEVDQDUODVUHVWULFFLRQHVTXHSDGHFtDQ
ODVHPSUHVDVFRQiQLPRGHOXFURSURSyVLWRTXHGHV 
SXpVVHH[WHQGHUtDDODVRUJDQL]DFLRQHVVLQiQLPRGH
OXFUR

&UENTE-ORALES 

&RPRVHSXHGHYHUHQHOJUiILFRHOSULPHUSDVRFRQ
VLVWHHQLGHQWLILFDUODUHVWULFFLyQ'HVSXpVGHLGHQWLIL 
FDUODUHVWULFFLyQVHUHDOL]DHOSDVRGRVH[SORWDUODUHV 
WULFFLyQHQRWUDVSDODEUDVSRQHUDWUDEDMDUHOUHFXUVR
UHVWULFFLyQODPD\RUFDQWLGDGGHWLHPSRSRVLEOHSDUD

5HSUHVHQWDFLyQHQPLQLDWXUDGHODFRPSRVLFLyQJOREDOGHXQVLVWHPD




&RQMXQWRGHKHUUDPLHQWDVTXHSXHGHQXWLOL]DUVHSDUDPHMRUDUVLJQLFDWLYDPHQWHKDELOLGDGHVJHUHQFLDOHVYLWDOHVFRPRODFRPXQLFD 
FLyQUHDOL]DFLyQGHFDPELRFRQVWUXFFLyQGHHTXLSRV\HPSRZHUPHQW)HUQiQGH]S




*(67,1<
25*$1,=$&,1

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

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



*(67,1<
25*$1,=$&,1

4GUVTKEEKQPGUFGRQNVKECU

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

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

Z\YMO]Y
NO
PKM^_\KMSX
NO
VY]
RY]ZS^KVO]
FREURVRQUHVWULFFLRQHVGHSROtWLFDV
6HJ~Q5HVWUHSR\5LYHUDSH[LVWHQGRVWLSRV
GHUHVWULFFLRQHVTXHVHSXHGHQLQFOXLUHQODVUHVWULF 
FLRQHVGHSROtWLFDVODVUHVWULFFLRQHVFRPSRUWDPHQWDOHV
\SURFHGLPHQWDOHV/DVFRPSRUWDPHQWDOHVWLHQHQTXH
YHUFRQODVUHODFLRQHVGHDXWRULGDG\UHVSRQVDELOLGDG
TXHVHJHQHUDQHQWUHODJHUHQFLD\ORVHPSOHDGRV\HQ
WUHODVXSHUYLVLyQ\ORVREUHURVODVSURFHGLPHQWDOHV
VHUHODFLRQDQFRQORVLQGLFDGRUHVGHGHVHPSHxR\R
PHGLGRUHVLOyJLFRVTXHFRQGXFHQDFRPSRUWDPLHQWRV
LOyJLFRVHQORVHPSOHDGRV
3DUDVXSHUDUODVUHVWULFFLRQHVGHSROtWLFDVH[LVWHQHQ
ODOLWHUDWXUDGHOD7HRUtDGH5HVWULFFLRQHV72&WUHV
SUHJXQWDVTXHRULHQWDQHOSURFHVRGHPHMRUDPLHQWR
TXpFDPELDU"KDFLDTXpFDPELDU"\FyPRLQGXFLU
HOFDPELR"
4XpFDPELDU"(VWDSUHJXQWDVHUHILHUHDOGLDJQyVWL 
FRRVLWXDFLyQDFWXDOGHOiUHDVXVFHSWLEOHGHPHMRUD
PLHQWR'HVSXpVGHGHVFULELUORVSUREOHPDVYLQFX 

/RVKRVSLWDOHVVRQLQVWLWXFLRQHVSUHVWDGRUDVGHVHU 
YLFLRVGHVDOXGTXHDWLHQGHQSDFLHQWHVDGVFULWRVDGL 
IHUHQWHVDGPLQLVWUDGRUDVGHOUpJLPHQFRQWULEXWLYR\
VXEVLGLDGR&RPRVHPHQFLRQyHQORVKRVSLWDOHVVH
SUHVHQWDQVHULRVLQFRQYHQLHQWHVUHODFLRQDGRVFRQOD
DGPLQLVWUDFLyQSULQFLSDOPHQWHSRUODGHYROXFLyQUH 
SHWLGDGHIDFWXUDVSRUSDUWHGHODVDGPLQLVWUDGRUDVGH
ORVUHJtPHQHVGHVDOXG(36\$56
(OSURFHVRGHPHMRUDPLHQWRDTXtSURSXHVWRVHLQLFLD
FRQODLGHQWLILFDFLyQGHVLWXDFLRQHVLQGHVHDEOHVGH
JHVWLyQGHVFULWDVSRUHOSHUVRQDOPpGLFR\DGPLQLVWUD
WLYRHQHQWUHYLVWDVUHDOL]DGDVFRQEDVHHQHOPpWRGR
HWQRJUiILFRGHUHFROHFFLyQGHGDWRV$SDUWLUGHHVWD
LQIRUPDFLyQVHGHVDUUROODXQHVWXGLRFXDOLWDWLYR\GHV 
FULSWLYRTXHWUDVFLHQGHHOFDPSRGHODFRPSRVLFLyQ\OD
LQWHUSUHWDFLyQ%ODQGyQ\)UDQFR\TXHFRQGX
FHDXQGLDJQyVWLFRSUHFLVRGHODSUREOHPiWLFDUDt]GH
ORVKRVSLWDOHVS~EOLFRVDSDUWLUGHODFXDOVHSUHVHQWD
ODSRVLEOHVROXFLyQ

(O UpJLPHQFRQWULEXWLYR HVXQFRQMXQWRGHQRUPDVTXHULJHQODYLQFXODFLyQGHORVLQGLYLGXRV\ODVIDPLOLDVDO6LVWHPD*HQHUDOGH

6HJXULGDG6RFLDOHQ6DOXGFXDQGRWDOYLQFXODFLyQVHKDFHDWUDYpVGHOSDJRGHXQDFRWL]DFLyQLQGLYLGXDO\IDPLOLDURXQDSRUWHHFR 
QyPLFRSUHYLRQDQFLDGRGLUHFWDPHQWHSRUHODOLDGRRHQFRQFXUUHQFLDHQWUHpVWH\VXHPSOHDGRU9pDVH/H\GH$UWtFXOR
(GLFLyQDFWXDOL]DGDDxRS(O UpJLPHQVXEVLGLDGRHVXQFRQMXQWRGHQRUPDVTXHULJHQODYLQFXODFLyQGHORVLQGLYLGXRV
DO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXGFXDQGRWDOYLQFXODFLyQVHKDFHDWUDYpVGHOSDJRGHXQDFRWL]DFLyQVXEVLGLDGDWRWDO
RSDUFLDOPHQWHFRQUHFXUVRVVFDOHVRGHVROLGDULGDGGHTXHWUDWDODSUHVHQWHOH\9pDVH/H\GH$UWtFXOR(GLFLyQDF 
WXDOL]DGDDxRS











/DSURSXHVWDGHPHMRUDPLHQWRFRQWLQXRTXHVHSODQWHD
HVHOUHVXOWDGRGHODVLQYHVWLJDFLRQHVUHDOL]DGDVSRUHO
JUXSRGHLQYHVWLJDFLyQHQ&RPSHWLWLYLGDG\*HVWLyQ
GHOD8QLYHUVLGDG1DFLRQDOGH&RORPELDVREUHODSUR
EOHPiWLFDILQDQFLHUDGHORVKRVSLWDOHVS~EOLFRV/ySH]\
'XTXH/ySH]5DPtUH]\5DPtUH]
(VHOFDVRGHO+RVSLWDO'HSDUWDPHQWDO6DQWD6RItDGH
&DOGDVTXHFRPRUHVXOWDGRGHODDSOLFDFLyQSURSXHVWD
ORJUyUHGXFLUHQPHQRVGHVLHWHPHVHVHOGpILFLWILVFDO
GHODHQWLGDGGHPLOPLOORQHVGHSHVRVDPLOORQHV
GHSHVRV8QLYHUVLGDG1DFLRQDOGH&RORPELD
S3DUDYDOLGDUHOSURFHVRVHUHDOL]DURQFRPSURED 
FLRQHVHPStULFDVHQGLIHUHQWHVKRVSLWDOHVS~EOLFRVGHO
GHSDUWDPHQWRGH&DOGDV
/DVKHUUDPLHQWDVGHOD72&TXHSHUPLWLHURQDQDOL]DU
ODVLWXDFLyQGHORVKRVSLWDOHV\TXHSRGUtDQJHQHUDOL 
]DUVHFRPRPHWRGRORJtD~WLOSDUDVHUDSOLFDGDHQODPD
\RUtDGHODV(PSUHVDV6RFLDOHVGHO(VWDGRSUHVWDGRUDV

GHVHUYLFLRVGHVDOXGRHQLQVWLWXFLRQHVKRVSLWDODULDV
SULYDGDVVRQHO iUEROGHUHDOLGDGDFWXDO \HO iUEROGHRE 
MHWLYRV
'NTDQNFGTGCNKFCFCEVWCNFGNRTQEGUQFGHCEVWTCEKP
(OiUEROGHUHDOLGDGDFWXDOHVXQiUEROGHOyJLFDTXHSHU
PLWHUHODFLRQDUODVFDXVDVTXHREHGHFHQSDUDHOFDVR
GHORVKRVSLWDOHVS~EOLFRVDOSUREOHPDGHODGHYROXFLyQ
GHFXHQWDVSRUSDUWHGHODVHQWLGDGHVDGPLQLVWUDGRUDV
GHORVUHJtPHQHVGHVDOXG(36\$56(VWHIHQyPHQR
VHLOXVWUDHQHOJUiILFR
(OiUEROGHEHVHUOHtGRGHDEDMRKDFLDDUULEDHPSH 
]DQGRFRQODIUDVH6LWRGRVTXHUHPRV\HQWRQFHV
GHEHPRV1yWHVHTXHODVSDODEUDV6L\HQWRQFHVVRQ
FRQHFWRUHVSDUDYHUEDOL]DUODOyJLFDDWUDYpVGHUHODFLR 
QHVFDXVDHIHFWRFDXVD


,AS%03Y!23DEVUELVENLASFACTURASENVIADASPOREL(OSPITAL


,AFACTURACINPRESENTAMAL
DILIGENCIAMIENTOENVALORESYRUBROS


,AS%03Y!23NOACEPTANERRORESENLA
FACTURACIN

*(67,1<
25*$1,=$&,1

1<03-9

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




%XISTEUNMARGENDEERRORALDIGITARLA &ACTURACINREALIZAELTRABAJOQUEOTRAREA &ALTACONOCIMIENTOASISTENCIALENLOS
INFORMACIN
DEBEREALIZAR
FUNCIONARIOSDE&ACTURACIN




%LREADE&ACTURACINENTRAENCONm
ICTOALFACTURARCONINFORMACIN
COMPLETAOINCOMPLETA


%LREADE&ACTURACINEMPIEZAAFACTURAR
CONINFORMACININCOMPLETA


%LREADE&ACTURACINEMPIEZAAFACTURAR
CONINFORMACINCOMPLETA





,OSEMPLEADOSDELAPARTE
$EBEMOSLOGRARQUELAS
3ECUENTACONLAINFORMACIN
$EBEMOSENTREGARATIEMPOLAS MDICASEDEMORANENLA CUENTASFACTURADASNOTENGAN
COMPLETASOBRESERVICIOS
CUENTASALOSCLIENTES
ENTREGADELOSINFORMESQUE
ERRORES
PRESTADOS
NECESITA&ACTURACIN



%L(OSPITALCOMOCUALQUIEREMPRESADEBE 3ITODOSQUEREMOSADMINISTRARBIENLAS
CUENTASFACTURADASPOREL(OSPITAL
CUMPLIRLEOPORTUNAMENTEALCLIENTE
!DAPTADODE,PEZY$UQUEP 


,OSERRORESENTORPECENCUALQUIER
ADMINISTRACIN

9RO1R(1(52$-81,2'( 

3RUHMHPSOR6LWRGRVTXHUHPRVDGPLQLVWUDUELHQ
ODVFXHQWDVTXHVRQIDFWXUDGDVSRUHO+RVSLWDO\
ORVHUURUHVHQWRUSHFHQFXDOTXLHUDGPLQLVWUDFLyQHQ 
WRQFHVGHEHPRVORJUDUTXHODVFXHQWDVIDFWXUDGDV
QRWHQJDQHUURUHV



*(67,1<
25*$1,=$&,1

3RUHOODGRGHUHFKRGHOiUERO 6LGHEHPRVORJUDU

TXHODVFXHQWDVIDFWXUDGDVQRWHQJDQHUURUHV\VH
FXHQWDFRQODLQIRUPDFLyQFRPSOHWDVREUHVHUYLFLRV
SUHVWDGRVHQWRQFHVHOUHDGH)DFWXUDFLyQHP 
SLH]DDIDFWXUDUFRQLQIRUPDFLyQFRPSOHWD

+DFLDTXpFDPELDU"
/RJUDUTXHWRGDVODVSHUVRQDVTXHLQWHUYLHQHQR
WLHQHQTXHYHUFRQHOSURFHVRGHIDFWXUDFLyQVX 
PLQLVWUHQFRQHILFDFLD\HILFLHQFLDODLQIRUPDFLyQ
VROLFLWDGD'HDTXtVHGHULYDTXHWDQWRHOSHUVRQDO
DGPLQLVWUDWLYRFRPRHOSHUVRQDOPpGLFR\FLHQWt 
ILFRHQIHUPHUDVMHIHVGHODERUDWRULRGHUD\RV;\
GHPiVFRPSUHQGDQODLPSRUWDQFLDGHVXSDSHO\OD
UHVSRQVDELOLGDGIUHQWHDOIOXMRGHLQIRUPDFLyQ

&yPRLQGXFLUHOFDPELR"
3RUHOODGRL]TXLHUGRGHOiUERO6LWRGRVTXHUHPRV
DGPLQLVWUDUELHQODVFXHQWDVTXHVRQIDFWXUDGDVSRUHO (VWHDVSHFWRWDQLPSRUWDQWHFRPRORVGHPiV
+RVSLWDO\HO+RVSLWDOFRPRFXDOTXLHUHPSUHVD
LPSOLFDYHQFHUODUHVLVWHQFLDDVXDSOLFDFLyQ3DUD
GHEHFXPSOLUOHRSRUWXQDPHQWHDOFOLHQWHHQWRQFHV ORJUDUORVHKDQFRQVLGHUDGRORVREVWiFXORVTXHVH
GHEHPRVHQWUHJDUDWLHPSRODVFXHQWDVDORVFOLHQWHV
SXHGHQSUHVHQWDU\VHKDQGHILQLGRORVREMHWLYRV
TXHSXHGHQVHUGHXWLOLGDGSDUDLQLFLDUXQSODQHV 
6LGHEHPRVHQWUHJDUDWLHPSRODVFXHQWDVDORV
WUDWpJLFRTXHDVHJXUHHOFXPSOLPLHQWRGHODPHWD
FOLHQWHV\ORVHPSOHDGRVGHODSDUWHPpGLFDVH
GHPRUDQHQODHQWUHJDGHORVLQIRUPHVTXHQHFHVLWD
)DFWXUDFLyQHQWRQFHVHOUHDGH)DFWXUDFLyQHP TDQNFGQDLGVKXQUFGNRTQEGUQFGHCEVWTCEKP
SLH]DDIDFWXUDUFRQLQIRUPDFLyQLQFRPSOHWD
(OiUEROGHREMHWLYRVFRQVLVWHHQXELFDUORVREMHWLYRV
'HORH[SUHVDGRKDVWDDKRUDUHVXOWDHOFRQIOLFWRHQ  LQWHUPHGLRVRHVSHFtILFRVHQRUGHQGHFXPSOLPLHQWR
WUHIDFWXUDUFRQLQIRUPDFLyQFRPSOHWDRLQFRPSOHWD
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^_\KMSX
IDFWXUDFLyQTXHLQIOXLUiSRVLWLYDPHQWHHQWRGDODJHV 
READE&ACTURACIN
WLyQGHOVLVWHPDKRVSLWDODULR'HDFXHUGRFRQODPHWR
CONINFORMACINCOMPLETAY
GRORJtDGHOD72&WUHVSUHJXQWDVRULHQWDQHOSURFHVR
EXACTASOBRELOSSERVICIOSPRESTADOS
GHPHMRUDPLHQWRTXpFDPELDU"KDFLDTXpFDPELDU"\
3UMINISTRARElCAZY
FyPRLQGXFLUHOFDPELR"
ElCIENTEMENTELAINFORMACIN

3DUDHOFDVRGHORVKRVSLWDOHVS~EOLFRV
4XpFDPELDU"
/DPD\RUUHVWULFFLyQDFWXDOGHODJHVWLyQILQDQFLHUD
GHOKRVSLWDOS~EOLFRUDGLFDHQTXHSDUWHGHODLQ 
IRUPDFLyQTXHOOHJDDIDFWXUDFLyQHVLQH[DFWDRQR
FXHQWDFRQHOWRWDOGHUHTXLVLWRV\DVHDSRUTXHORV
GDWRVVRQLQFRPSOHWRVRORVVRSRUWHVGHIDFWXUDFLyQ
QROOHJDQDWLHPSRSDUDVHUSURFHVDGRV

)NVOLUCRARYCOMPROMETERAL
PERSONALASISTENCIALYADMINISTRATIVO
#AMBIARLAACTITUDDELPERSONAL
CIENTlCOFRENTEALTRMITEADMINISTRATIVO
#ONOCERELIMPACTOGLOBAL
DELPROCESODEFACTURACIN
)NSTRUIRALPERSONALRELACIONADO
CONFACTURACIN-ANUALESTARIFARIOS
%STANDARIZARYDEPURARLAINFORMACINREQUERIDAPARAFACTURAR
#ARACTERIZARELmUJODELPROCESODEFACTURACIN
&UENTE!DAPTADODE,PEZY$UQUEP 








(OJUiILFRFRQWLHQHORVREMHWLYRVHVSHFtILFRVGHODHV  @33
-YXMV_]SYXO]
WUDWHJLDGHVROXFLyQSDUDHOSURFHVRGHIDFWXUDFLyQSUH
VHQWDGRVFRPRiUEROGHREMHWLYRV(VWHJUiILFRGHEHVHU (OGHILFLHQWHIOXMRGHFDMDGHORVKRVSLWDOHVS~EOLFRV
OHtGRGHDEDMRKDFLDDUULED
GHOSDtVHVFRQVHFXHQFLDGHODGLODWDFLyQGHSDJRVTXH
DOJXQDVHQWLGDGHVDGPLQLVWUDGRUDVGHORVUHJtPHQHVGH
)LQDOPHQWHHO~OWLPRSHOGDxRGHOiUEROHVRFXSDGR
VDOXG(36\$56KDQDGRSWDGRFRPRUHVSXHVWDDOD
SRUHOREMHWLYRDPELFLRVRGHODSUHJXQWDKDFLDTXp
LQHILFDFLDHQHOSURFHVRGHIDFWXUDFLyQOOHYDGRDFDER
FDPELDU"TXHHQHVWHFDVRHVORJUDUTXHHOUHDGH
SRUORVPLVPRVKRVSLWDOHV$OVXEVDQDUVHHVWHIDFWRU
)DFWXUDFLyQFXHQWHFRQLQIRUPDFLyQFRPSOHWD\H[DFWD LQWHUQRODVDGPLQLVWUDGRUDVGHORVUHJtPHQHVGHVDOXG
VREUHORVVHUYLFLRVSUHVWDGRVHIHFWRGHOKHFKRGHVXPL QRWHQGUiQPRWLYRDOJXQRSDUDREMHWDUODVFXHQWDV\
QLVWUDUHILFD]\HILFLHQWHPHQWHODLQIRUPDFLyQVREUHORV SRUORWDQWRODJHVWLyQGHFREUDQ]DKRVSLWDODULDSRGUi
VHUYLFLRVPpGLFRV\KRVSLWDODULRVSUHVWDGRV
DGRSWDUPHGLGDVWHQGLHQWHVDUHFRJHUODFDUWHUDPRUR 
VDGHODLQVWLWXFLyQVLQQLQJ~QUHSDURSRUSDUWHGHOD
HQWLGDGFRQWUDWDQWHGHOVHUYLFLRGHVDOXG

@3
6SWS^KMSYXO]

$XQDGRDODGHPRUDHQHOUHFDXGRGHODVFXHQWDVSRU
FREUDUODDGPLQLVWUDFLyQILQDQFLHUDGHORVKRVSLWDOHV
WLHQHTXHUHFXUULUDOILQDQFLDPLHQWRH[WHUQRFRQSUR 
YHHGRUHVRDFUHHGRUHVILQDQFLHURVORTXHFRQOOHYDD
&RQUHVSHFWRDODURWDFLyQGHSHUVRQDOGLUHFWLYRHQ
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

*(67,1<
25*$1,=$&,1

([LVWHXQSUREOHPDHVWUXFWXUDOGHWHUPLQDQWHHQODV(PSUH
VDV6RFLDOHVGHO(VWDGR(6(SUHVWDGRUDVGHVHUYLFLRV
GHVDOXGTXHVHWUDGXFHHQTXHVXPLQLVWUDQXQVHUYLFLR
SRUDQWLFLSDGR\UHFLEHQPX\GLIHULGRHOSDJRFRUUHVSRQGLHQ 
WHDSUR[LPDGDPHQWHGtDVHQSURPHGLR



3DUDDSOLFDUODSURSXHVWDGHPHMRUDPLHQWRFRQWLQXR
TXHVHSUHVHQWDHQHVWHDUWtFXORVHUHTXLHUHTXHHOSHU
VRQDODGPLQLVWUDWLYRPpGLFR\FLHQWtILFRFRPSUHQGD
ODLPSRUWDQFLDGHVXGHVHPSHxRIUHQWHDOSURFHVRGH
IDFWXUDFLyQDVtFRPRODVLPSOLFDFLRQHVILQDQFLHUDV
SDUDODHQWLGDG$GHPiVHOSURFHVRVHUtDGLItFLOGH
LPSOHPHQWDUVLQHODSR\R\HODYDOGHODVGLUHFWLYDV
GHOKRVSLWDO

9RO1R(1(52$-81,2'( 

<OPO\OXMSK]
LSLVSYQ\PSMK]
#DCF&
%QPVTQNFGIGUVKPOGVQFQNQIC
RCTCFKUGCTXCNKFCTGKORNCPVCTUKUVGOCUFG
EQPVTQNFGIGUVKPGPGPVKFCFGUFGNUGEVQT
RDNKEQ$QIQV'FKEKQPGU+PVGTEQPGF
#DDQVV4,QJPUQP5&KGEMJQPGT6

'ODGFFKPIUWUVCKPCDKNKV[KPVJGDWUKPGUUQH
EKV[IQXGTPOGPVCPQRRQTVWPKV[HQT5GCVVNG
&KURQPKDNGGPYYYECPUGGQTIFQEWOGPVU
%#05''#DUVTCEVU#DDQVVRFH

LWP
#NLWTG,
FGOCT\Q.CRTGUVCEKPFG
UGTXKEKQUFGUCNWF &KCTKQ.C2CVTKC
$CTTGTC'
%KGPEKCFGNCCFOKPKUVTCEKP
RDNKEC[EKGPEKCUUQEKCNGUGP+DGTQ#OTKEC
GPVTGNCWVQRCFGNCGEKGPEKC[NCTGCNKFCF
FGNCEQTTWREKP 6GEPQNQIC#FOKPKUVTCVKXC 



*(67,1<
25*$1,=$&,1

$GNN%
+P5GCTEJQH5KORNKEKV[ /QFGTP
*GCNVJECTG

$NCPFP;(TCPEQ4
 .KFGTC\IQGO 
RTGUCTKCN7PGLGTEKEKQFGECTCEVGTK\CEKP 
6TCDCLQFGITCFQPQRWDNKECFQ7PKXGTUKFCF
0CEKQPCNFG%QNQODKC(CEWNVCFFG%KGPEKCU
[#FOKPKUVTCEKP/CPK\CNGU
%QTVU'
 1TICPK\CEKP[IGUVKPOWPK 
EKRCN$QIQV'FKEKQPGU&QEVTKPC[.G[
'URKVKC)
.QUTICPQUFGNIQDKGTPQOW 
PKEKRCN$QIQV'UEWGNC5WRGTKQTFG#FOK 
PKUVTCEKP2DNKEC



(GTPPFG\#
 5GOKPCTKQFGJCDKNKFC 
FGUIGTGPEKCNGU $QIQV+PUVKVWVQ#DTCJCO
)QNFTCVV
)CNNGIQ,
FGHGDTGTQ'NUGT
FGEKUKXQRCTCGN*QURKVCNFG%CNFCU &KCTKQ
.C2CVTKC
)QNFTCVV',GHH%
 .COGVC /QPVG 
TTG['FKEKQPGU%CUVKNNQ

 0QHWGNCUWGTVG /QPVG 
TTG['FKEKQPGU%CUVKNNQ

 %CFGPCETVKEC )TGCV$C 
TTKPIVQP6JG0QTVJ4KXGT2TGUU


C 'NOCRCFGRTQEGUQFG
RGPUCOKGPVQFGNCVGQTCFGTGUVTKEEKQPGU 
61%$QIQV+PUVKVWVQ#DTCJCO)QNFTCVV

/QTCNGU1
 +PVTQFWEEKPCNCVGQTCFG
TGUVTKEEKQPGU /QPVGTTG[+PVGTPCEKQPCN%QP 
UWNVKPI)TQWR


D 'NUPFTQOGFGNRCLCT 
/QPVGTTG['FKEKQPGU%CUVKNNQ

1TFG\5
FGQEVWDTG'NUGEVQTUC 
NWFGPGUVCFQITCXG &KCTKQ.C4GRDNKEC R
C

*GT\NKPIGT4
6JG3WKGV*GCNVJ%CTG4G 
XQNWVKQP2WDNKE+PVGTGUV 

FGLWPKQ/CTMGV&TKXGP
*GCNVJ%CTGYJQYKPUYJQNQUGUKPVJG
VTCPUHQTOCVKQPQH#OGTKECUNCTIGUVUGTXKEG
KPFWUVT[&KURQPKDNGGPJVVRYYYCDDQVVU 
VTCVGIKGUEQORCRGTURFHGODGFUWUVCKPRFH
,CMNGXKE/
6QR$KNNKPI /QFGTP*GCNVJ 
ECTG
-CRNCP40QTVQP&
 %OQWVKNK\CTGN
EWCFTQFGOCPFQKPVGITC N$CTEGNQPC)GU 
VKP
-GTUJCY4
FGLWPKQ7UKPI61%VQ
%WTG*GCNVJECTG2TQDNGOU #EEQWPVKPI/C 
PCIGOGPV3WCTVGTN[ &KURQPKDNGGPJVVR
YYYOCPCIEQOURTKPI
.RG\+
 5KUVGOCKPVGITCFQFGIGUVKP
FGTGEWTUQUPCPEKGTQUGPECTVGTCRCTCNCU
'ORTGUCU5QEKCNGUFGN'UVCFQ2TGUVCFQTCU
FG5GTXKEKQUFG5CNWF 6GUKUFG/CGUVTC
7PKXGTUKFCF0CEKQPCNFG%QNQODKC(CEWNVCF
FG%KGPEKCU[#FOKPKUVTCEKP/CPK\CNGU
.RG\+&WSWG&
 2TQEGUQFGHCE 
VWTCEKPRCTCNCU'ORTGUCU5QEKCNGUFGN
'UVCFQ2TGUVCFQTCUFG5GTXKEKQUFG5CNWF
2TQRWGUVCGUVTCVIKEC7PCEQPVTKDWEKPCN
5KUVGOCFG5GIWTKFCF5QEKCNFG%QNQODKC 
6TCDCLQFG)TCFQ7PKXGTUKFCF0CEKQPCNFG
%QNQODKC(CEWNVCFFG%KGPEKCU[#FOKPKU 
VTCEKP/CPK\CNGU
/CDKP8$CNFGTUVQPG5
 6JG9QTNF
QHVJG6JGQT[QH%QPUVTCKPVU 0GY;QTM5V
.WEKG2TGUU
/CTVPG\4(GTPPFG\#
+ORNGOGP 
VCEKPFGN$5%GPNC(WPFCEKP5CPVC(GFG
$QIQV&KURQPKDNGGPYYYGUVTCVGIKCPCP 
EKGTCGU

2WGPVGU#
 'NGOGPVQUDUKEQUFGNC
IGTGPEKCRDNKECCRNKECFQUCNOWPKEKRKQ

$QIQVC'UEWGNC5WRGTKQTFG#FOKPKUVTCEKP
2DNKEC
4COTG\&4COTG\.
 5KUVGOCKPVG 
ITCFQFGIGUVKPGPWPC'ORTGUC5QEKCNFGN
'UVCFQ%CUQRTEVKEQGNTGCFGHCEVWTCEKP
FGN*QURKVCN&GRCTVCOGPVCN5CPVC5QHCFG
%CNFCU6TCDCLQFGITCFQPQRWDNKECFQ(C 
EWNVCFFG%KGPEKCU[#FOKPKUVTCEKP7PKXGT 
UKFCF0CEKQPCNFG%QNQODKC/CPK\CNGU
4GGEG4
6JG*GCNVJ%CTG%QPUWOGT
)QURGN#EEQTFKPIVQ*CTXCTF$WUKPGUU
5EJQQN#VCNMYKVJ4GIKPC*GT\NKPIGT 2J[
UKEKCP'ZGEWVKXG 
4GUVTGRQ.4KXGTC*
&KNQIQUIG 
TGPEKCNGU+++7PKXGTUKFCF'ZVGTPCFQFG%Q 
NQODKC
6QTQ,
FGQEVWDTG.CFGDCENGJQURKVC
NCTKC&KCTKQ.C4GRDNKEC R
6QXG[2
%KVK\GPU2CTVKEKRCVKQPKP2TKOC
T[*GCNVJECTG2NCPPKPI+PPQXCVKXG%KVK\GPU 
JKR2TCEVKEGKP'ORKTKECN2GTURGEVKXG %TKVKECN
2WDNKE*GCNVJ 
7PKXGTUKFCF0CEKQPCNFG%QNQODKC
FG
QEVWDTG'HGEVKXQGPNCUCNWF $QNGVP+PHQT 
OCVKXQ702TQITCOCR
9QOCEM&(NQYGTU5
+ORTQXKPI
5[UVGO2GTHQTOCPEG  #%CUG5VWF[KPVJG
#RRNKECVKQPQHVJG6JGQT[QH%QPUVTCKPVU ,Q
WTPCNQH*GCNVJECTG/CPCIGOGPV#OGTKECP
%QNNGIGQH*GCNVJECTG'ZGEWVKXGU 
 

<GNOCP92KPM)/CVVKCU%
,QWT 
PCNQH*GCNVJ%CTG(KPCPEG 2GTKQFKECN0GY
;QTM