[2741] What Financial Reports Really Mean to the Health Care Manager
Education-Training Credits:
- 1.25 Hr(s) HCSSA Administrator/Alternate
Summary: Financial reports for non-financial folks...
HCSSA Topic(s) Addressed:
- §558.259[d][4]agency responsibilities
- §558.260[a][3]basic principles of management in a licensed health-related setting
- §558.260[a][7]financial management
Faculty: Spears, Jan
Program Description: Whether you are planning for growth and
need capital investment or a business loan, or planning for a sale and need a quick evaluation of
your agency’s worth, or if you simply need a measurement of your month-to-month progress, financial
reports are the first critical pieces to which you must look. If these reports are prepared internally or
from outsourced to an accounting firm, understanding the significance of the information is the responsibility
of the owner, administrator and, yes, the clinical management team. This program explains key concepts that your financials might reveal about the agency and covers topics such as....
- standard reporting formats and recommended frequencies
- cash vs accrual options
- fixed vs variable costs
- debt to equity ratios
- break-even points
- and a brief review of case-mix weights as these affect your revenue performance
You will learn some standard formulas that you can apply to trend your financial performance
from point to point in your reporting year in key areas such as management of accounts receivables through Days Outstanding calculations. This program is
presented in a friendly environment for the non-accounting managers! Presentation Date: 08.13.2015
Program Objectives: Upon completion of this program, the viewer will be able to:
- Identify two reasons why clinical managers need to understand financial reports
- Recall the difference between cash versus accrual methods in financial reporting
- Identify three of the four standard financial reports formats that are products of financial data
- Calculate Days Sales Outstanding as a component of evaluating accounts receivable stability
- Identify four components that affect case mix rates for the Medicare home health patient
- Calculate debt to equity ratio as a component of agency’s liquidity
About the Presenter:
Jan Spears is Co-owner and Chief Executive Officer of
MJS & Associates, LLC. She has more than 30 years’ experience in the health care field. Ms. Spears has owned and operated a multimillion
dollar home health care company as well as consulted for over 300 homecare providers in 25 states. As a full time consultant for the past 15 years,
Ms. Spears has successfully merged clinical and financial strategies into successful operational plans for numerous providers nationwide. Jan serves
as a Medicare coverage expert for health care facilities who are undergoing audits by federal contractors through all levels of appeals. She has
authored several publications and heads a team of more than 25 consultants at MJS & Associates, LLC.
[2741] What Financial Reports Really Mean to the Health Care Manager
