Utah Chapter January 24 th 2020 FINANCE DATA FOR ORGANIZATION DECISION MAKING Larry Hancock University of Utah, MHA Program Professor, Director of Employer Networking
Recent surveys of healthcare executives confirm that healthcare mangers view… …financial concerns as the most important current issues they face
ORGANIZATIONAL CONCERN HFMA Main Concerns ACHE Main Concerns MEDICARE & MEDICAID BALANCING FINANCE & QUALTIY BAD DEBT/CHARITY REVENUE CYCLE ACCESS TO CAPITAL
2 Broad Areas of Healthcare Finance
2 Broad Areas of Healthcare Finance FINANCIAL ACCOUNTING FINANCIAL MANAGEMENT • • Recording and Theories, concepts, and reporting of economic tools to help managers events in dollars make decisions
2 Broad Areas of Healthcare Finance FINANCIAL ACCOUNTING FINANCIAL MANAGEMENT • Theories, concepts, and • Recording and reporting tools to help managers of economic events in make decisions dollars
Who Are the Managers? DEPARTMENT ADMINISTRATION OTHERS DIRECTORS & MANAGERS
Who can help an organization achieve its financial goals?
What is Healthcare Finance’s Primary Goal? PLAN FOR RESOURCES: AQUIRE to maximize efficiency and value of the organization USE
MAIN FINANCE ACITIVITIES Financing Financial Decisions Reporting Capital 4 Investment Planning and 2 Decisions Budgeting 3 1
MAIN FINANCE ACITIVITIES Financial Risk Revenue Management Cycle 7 Contract 5 Management 6
QUESTIONS?
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