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FINANCE
FIFTH EDITION
JUDITH J. BAKER, P
D, CPA
R.W. BAKER, JD
Basic Tools For Nonfinancial Managers
HEALTH CARE
World Headquarters
www.jblearning.com
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Health Care Finance: Basic Tools For Nonfinancial
Managers, Fifth Edition
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Subjects: | MESH: Financial Management | Health Facilities--economics | Health Facility Administration |
Preface
PART I
HEALTHCARE FINANCE OVERVIEW
Introduction to Healthcare Finance
The History
..........................................................................................................
........................................................................................................
How Does Finance Work in the Healthcare Business?
.......................................................................................................
The Organizations Structure
Two Types of Accounting
Key Terms
.............................................................................................................
Four Things the Healthcare Manager Needs to Know About
How the System Works in Health Care
Key Terms
...........................................................................................................
T C
The Digital Age: Changing the Landscape of Healthcare
High-Tech and High-Touch Approaches
.......................................................................................................
Changes in Health Information Technology
Additional Trends and Complexities: Other Delivery Systems
Summary
...........................................................................................................
Key Terms
...........................................................................................................
PART II
RECORD FINANCIAL OPERATIONS
Overview
Key Terms
...........................................................................................................
Overview
Receiving Revenue for Services
Key Terms
...........................................................................................................
Overview
Disbursements for Services
Key Terms
...........................................................................................................
Table of Contents
v
Chapter 7
Cost Classifications
.....................................................................................
55
................................................
55
Examples of Direct Cost andIndirect Cost
......................................................
56
Responsibility Centers
.......................................................................................
57
...............................................
60
Information Checkpoint
...................................................................................
61
Key Terms
...........................................................................................................
61
Discussion Questions
.........................................................................................
61
Notes
..................................................................................................................
61
PART III
TOOLS TO ANALYZE AND UNDERSTAND FINANCIAL OPERATIONS
.........
63
Chapter 8
Cost Behavior andBreak-Even Analysis
.......................................................
65
Distinctions Among Fixed, Variable, andSemivariable Costs
.........................
65
Examples of Variable and Fixed Costs
..............................................................
69
Analyzing Mixed Costs
......................................................................................
71
Contribution Margin, Cost-Volume-Profit, and Profit-Volume Ratios
............
73
Information Checkpoint
...................................................................................
78
Key Terms
...........................................................................................................
78
Discussion Questions
.........................................................................................
78
Notes
..................................................................................................................
79
Chapter 9
Understanding Inventory and Depreciation Concepts
.................................
81
Overview: The Inventory Concept
....................................................................
81
Inventory and Cost of Goods Sold (Goods Such as Drugs)
.........................
82
............................................................................................
83
Inventory Tracking
............................................................................................
84
Inventory Distribution Systems
.........................................................................
86
Calculating Inventory Turnover
.......................................................................
87
Overview: The Depreciation Concept
..............................................................
88
......................
88
Computing Tax Depreciation
...........................................................................
92
Information Checkpoint
...................................................................................
93
Key Terms
...........................................................................................................
93
Discussion Questions
.........................................................................................
93
Notes
..................................................................................................................
93
Appendix 9-A
A Further Discussion of Accelerated and
Units of Service Depreciation Computations
..............................................
95
........................................................
95
Chapter 10
........................................
103
Staffing Requirements
....................................................................................
103
FTEs for Annualizing Positions
......................................................................
103
Number of Employees Required to Fill a Position: Another Way to
Calculate F
TE
s
............................................................................................
106
Regulatory Requirements Regarding Staffing
...............................................
111
T C
Summary
Key Terms
.........................................................................................................
PART IV
REPORT AND MEASURE FINANCIAL RESULTS
Reporting as a Tool
Subsidiary Reports
Summary
Key Terms
.........................................................................................................
Financial and Operating Ratios as Performance
Measures
Key Terms
.........................................................................................................
The Time Value of Money
Present-Value Analysis
Key Terms
.........................................................................................................
Present-Value Table
(The Present Value of $1.00)
vii
Compound Interest Table: Compound Interest
Present Value of an Annuityof $1.00
PART V
TOOLS TO REVIEW AND MANAGE COMPARATIVE DATA
Trend Analysis, Common Sizing, and Forecasted Data
Trend Analysis
Summary
Key Terms
.........................................................................................................
Overview
A Managers View of Comparative Data
Key Terms
.........................................................................................................
PART VI
Overview
Key Terms
.........................................................................................................
T C
Overview
Key Terms
.........................................................................................................
PART VII
TOOLS TO PLAN, MONITOR, AND CONTROL FINANCIAL STATUS
Variance Analysis andSensitivity Analysis
Variance Analysis Overview
Two-Variance Analysis and Three-Variance Analysis Compared
Three Examples of Variance Analysis
Summary
Sensitivity Analysis Overview
Sensitivity Analysis Tools
Summary
Key Terms
.........................................................................................................
ix
Estimates, Benchmarking, and Other Measurement Tools
Estimates Overview
Example: Estimating the Ending Pharmacy Inventory
Example: Estimated Economic Impact of a New Specialty ina
Adjusted Performance Measures Over Time
Measurement Tools
Key Terms
.........................................................................................................
Two Basic Approaches to Data Analytics
Data Analytics and Healthcare Analytics Serve Many Purposes
.....................................................................................................
Key Terms
.........................................................................................................
PART VIII
Understanding Investment and Statistical Terms Used in Finance
Overview
Long-Term Investments in Bonds
Privately Held Companies Versus Public Companies
Statistics Overview
Commonly Used Statistical and Other Mathematical Terms
Key Terms
.........................................................................................................
T C
Overview of Capital Structure
Key Terms
.........................................................................................................
Sample Amortization Schedule
Choices: Owning Versus Leasing Equipment
Buy-or-Lease Management Decisions
Key Terms
.........................................................................................................
PART IX
STRATEGIC PLANNING: A POWERFUL TOOL
Strategic Planning and the Healthcare Financial Manager
Strategic Plan: Overview
Varied Approaches to Strategic Planning
Examples of Mission, Vision, and Value Statements
Performance Measures
The Planning Cycle Over Time
Introduction: Requirements, Plans, and Performance
An Example: The VA Office of Information Technology IT Strategic
xi
The VA Office of Information Technology IT Strategic Planning Cycle:
The VA Planning Cycles Process Flow
Tools for Strategic Planning: Situational Analysis
Case Study: Strategic Financial Planning in Long-Term Care
Key Terms
.........................................................................................................
Technology (IT) Staff
Overview
The Service or Equipment Description
The Knowledgeable Reader Approach to Your Business Plan
The Executive Summary
Strategic Aspects of Your Business Plan
Key Terms
.........................................................................................................
Understanding Strategic Relationships: Health Delivery Systems,
Defining Health Delivery Systems
T C
Delivery
Key Terms
.........................................................................................................
PART X
INFORMATION TECHNOLOGY AS A FINANCIAL AND STRATEGIC TOOL
Understanding Value-Based Health Care and Its Financial and Digital
The Value-Based Concept: Introduction
Value-Based Progress in the Private Sector
Value-Based Progress in the Public Sector
Value-Based Education Efforts
Value-Based Legislative Reform
Value-Based Public Reporting in the Private Sector
Value-Based Public Reporting in the Public Sector
Value-Based Strategic Planning by the Private Sector
Value-Based Strategic Planning by the Public Sector
Key Terms
.........................................................................................................
s for Eligible Professionals
Legislative Reform and MACRA: An Overview
Versus A
xiii
Composite Performance Score
Performance Categories
Scoring Works
How Significant Participation Works
Timelines for Developing Quality Measures
A Framework for MACRA Quality Measurement
: AReference
Key Terms
.........................................................................................................
Standardizing Measures and Payment in Post-Acute Care: New
Requirements
PAC
Electronic Reporting Timelines for
PAC
Impact Act Benefits and Costs: A Summary
T C
Key Terms
.........................................................................................................
-10 E-Records Overview and Impact
Overview of the
-10 Transition
-10 Implementation: Systems Affected and Technology Issues
Understand Technology Issues and Problems
-10 Implementation: Training and Lost Productivity Costs
Costs of Training
-10 Key Performance Indicators
Key Performance Indicators to Assess
s to Track
Commencing an Information Technology
SWOT
Summary
Key Terms
.........................................................................................................
....................................................................................................
PART XI
The Offer: Sell Your Practice to Us
xv
Researching Acquisition Viewpoints and Industry Trends
What Will Dr. Matthews Decide?
Case Study: Strategic Financial Planning in Long-Term Care
Framework of the Boards Mandate
Industry Profile
Appendix 33-B
Comparative Analysis Using Financial Ratios and
PART XII
Mini-Case Study 1: The Economic Significance of Resource
Misallocation: Client Flow Through the Women, Infants,
and Children Public Health Program
Mini-Case Study 2: Technology in Health Care: Automating
Admission Processes
Referral Tracking and Approval
.....................................................................................................
T C
Glossary
Examples and Exercises, Supplemental Materials, and Solutions
......................................................................................................
Supplementary Materials: The Mechanics of Percentage Computations
NEW MATERIAL IN THE 5TH EDITION: