Description: Become familiar with the key concepts and tools of financial and managerial accounting, which will help you make better decisions in your future career as leaders in healthcare and public health.
Learning Objectives: Define the term healthcare finance and discuss the role of finance in healthcare organizations.
Describe the nature and function of financial accounting and the principles that underlie the preparation of the financial statements.
Explain the purpose and contents of the balance sheet, statement of operations, statement of changes in net assets, and statement of cash flows.
Use the notes to complement the information provided in the financial statements.
Conduct financial statement and operating indicator analysis to assess the financial condition of a healthcare organization.
Describe the difference between financial and managerial accounting
Describe common cost classification systems.
Apply cost-volume-profit (breakeven) analysis.
Apply the direct and the step-down cost allocation method.
Estimate the full cost of a healthcare service using ratios of costs to charges (RCCs), relative value units (RVUs), and activity-based costing (ABC).
Use cost information to set prices and determine service offerings.
Prepare operating budgets, flexible budgets, and conduct variance analysis.
