Healthcare Finance for Non-Financial ManagersConsuming over $2 trillion annually, healthcare is now the US’s largest industry. It is also an industry in transformation – new automation technologies, and a rapid shift to evidence-based medicine are dramatically increasing the risks and burden of accounting, financial tracking and justification of costs and benefits. At the same time, there are new opportunities for healthcare administrators, while new legal obligations and risks are arising under the American Recovery and Reinvestment Act of 2009. This course will tell you how to take advantage of the opportunities offered through this Act. Many of the demands of the Act address errors and risk, and are candidates for Six Sigma programs. In many other industries, these have reduced risk, improved services, increased cash flow and profit, and maximized customer satisfaction. This course provides a succinct coverage of the tools, techniques and processes of Six Sigma in healthcare, with a goal of meeting the demands of the American Recovery and Reinvestment Act, and optimizing the financial systems of healthcare providers. |
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| Board members, directors and managers of hospitals and health maintenance organizations, nursing professionals who are interested in advancing to more senior management and administrative roles, consultants, HR professionals, and other non-financial healthcare professionals seeking a greater understanding of the financial issues facing hospitals and health care organizations. |
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| No advance preparation required. |
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Students will be able to:- Explain what should be expected of the finance function, what legal compliances are required, and what tools and techniques can best help them to manage their financial obligations
- Describe how automation can be used to speed payments, reduce expenses and minimize compliance risk.
- Effectively manage and reduce errors and malpractice insurance costs
- Allocate facilities and equipment expenditures for maximum efficiency and effectiveness
- Describe how Six Sigma programs can help achieve goals while promoting internal harmony and professionalism
- Explain how we all can benefit from the $112 billion earmarked for healthcare in the American Recovery and Reinvestment Act of 2009
- Ensure that they are in compliance with new financial and legal requirements imposed by the American Recovery and Reinvestment Act of 2009
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| A basic understanding of healthcare functions and related business processes. |
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Day 1Accounting Basics- The focus of accounting and finance
- Rules of the game: generally accepted accounting principles (GAAP)
- Key accounting concepts and principles employed to collect financial information and prepare financial statements
- The accounting equation and financial statements: income statement, balance sheet and statement of cash flows
- Managerial accounting
- Less is more: accounting that doesn't interfere with medicine
Case Study: El Paso Medical Center (cost allocations)Analyzing Financial Statements and Overseeing Financial Performance- Horizontal analysis of financial statements
- Vertical analysis of financial statements
- Ratio analysis of financial statements: liquidity, profitability, capital structure and operations
- Budgeting and budgets
- Billing systems for Medicare and insurance
- Making operations efficient and effective
- Financial legitimacy and the audit function
| Day 2Capital Investments- Nature and scope of healthcare financial responsibilities
- Healthcare industry financial structure and dynamics
- Revenue sources and flow of funds through the system
- The planning cycle, capital cycle and strategic planning
- Approaches to capital decisions: payback, return and present value analysis
- Non-financial criteria in assessing capital projects
- The mix of equity and debt financing
- Creditworthiness and factors affecting it
Case Study: Nursing Temps, Inc. (capital structure)Six Sigma Programs in Healthcare- Patient objectives, populations and patients as individuals
- Ethics and patient protection
- Serving patient patients, serving impatient patients and serving scheduled patients
- Identifying and resolving bottlenecks
- Magnet nursing, training and auto-remediation
- Lean operations: effectiveness versus efficiency
Six Sigma Workout: Visualization and the stages of Six Sigma |  | Day 3American Recovery and Reinvestment Act of 2009- What is covered in the Act's $112 billion allocated to healthcare?
- Creating financial systems that allow you to apply for money under the act
- Effective project accountability and management
- The role of finance in healthcare in the next decade
- What does the Act mean in requiring tangible proof of healthcare 'quality'?
Case Study: University Transplant Center (marginal analysis)American Recovery and Reinvestment Act of 2009- How the act defines evidence-based medicine
- Types of evidence and who is responsible for acquiring, storing and analyzing them
- Analyzing the financial costs and benefits of medical procedures, prescriptions, equipment and employees
- Financial justification of computer systems and other healthcare informatics
- Tracking and reducing errors and negotiating lower medical malpractice premiums
Course Wrap-up and Take-aways | |
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| Clients who register for this course will receive a complimentary 4-month subscription to FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. The move to the electronic version follows an ongoing review of our environmental responsibilities as a global business and as part of the Pearson group. FT.com also has features that are not available in hard copy, such as: Special Reports, Alphaville, editor blogs, education sections and much more! Subscriptions will start within 6-8 weeks of the start of class and are limited to one subscription per client. (Please note: as of May 1, 2011, the electronic subscription replaces the hard-copy 3-month Financial Times subscription.) |
Lunch is included for all students taking day classes. |
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