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Fundamentals of Health Care Financial Management: A Practical Guide to Fiscal Issues and Activities / Edition 3

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Overview

In this thoroughly revised and updated third edition of Fundamentals of Health Care Financial Management, consultant and educator Steven Berger offers a practical step-by-step approach to understanding the fundamental theories and relationships guiding financial decisions in health care organization. Set in a fictional mid-sized hospital, the book is written in diary form, taking the reader into the inner workings of the finance executive's office. This introduction to the most-used tools and techniques of health care financial management includes health care accounting and financial statements; managing cash, billings and collections; making major capital investments; determining cost and using cost information in decision-making; budgeting and performance measurement; and pricing. As in the previous editions, this book introduces key practical concepts in fundamental areas of financial management.

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Product Details

  • ISBN-13: 9780787997502
  • Publisher: Wiley
  • Publication date: 1/2/2008
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 516
  • Product dimensions: 5.98 (w) x 9.11 (h) x 1.37 (d)

Meet the Author

Steven Berger is the founder and president of Healthcare Insights, LLC, which specializes in the teaching of health care general and financial management issues. Healthcare Insights has also created INSIGHTS, the health care industry's best practice decision support software. With more than thirty years experience in the field, he presents health care finance and general management seminars throughout the United States and Canada. He is the author of numerous books and articles on the topic of health care finances.

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Table of Contents

Tables, Figures, and Exhibits ix

Preface xvi

Acknowledgments xix

The Author xxi

CHAPTER ONE: JANUARY 1

What Is Health Care? 4

What Is Management? 6

What Is Financial Management? 7

Why Is Financial Management Important? 8

Ridgeland Heights Medical Center: The Primary Statistics 9

Pro Forma Development 15

Living with the Finance Committee and Board of Directors’ Calendar 32

Year-End Closing 35

CHAPTER TWO: FEBRUARY 43

Accounting Principles and Practices 45

Objectives of Financial Reporting 47

Basic Accounting Concepts 48

Basic Financial Statements of a Health Care Organization 50

Uses of Financial Information 51

The Financial Statements 52

Preparing for the Auditors 70

Analysis of Sensitive Accounts 72

February Finance Committee Special Reports 74

CHAPTER THREE: MARCH 81

Strategic Financial Planning: Five-Year Projections 84

RHMC Strategic Financial Planning 88

Ratio Analysis 95

The Capital Plan and Its Relationship to the Strategic Plan 109

CHAPTER FOUR: APRIL 116

Medicare and Medicaid Net Revenue Concepts 120

Calculation of Medicare and Medicaid Contractual Adjustments 126

Implications of the Balanced Budget Act of 1997 136

Implication of the Medicare Modernization Act of 2003 143

Managed Care Net Revenue Concepts 146

Preparation of the Medicare and Medicaid Cost Report 153

Ratio of Costs to Charges 158

Presentation of the Audited Financial Statements to the Finance Committee 160

CHAPTER FIVE: MAY 164

Fundamentals of Revenue Cycle Management 166

Patient Registration: To Which Division Should It Report? 181

Calculation of the Allowance for Doubtful Accounts and Bad-Debt Expense 183

Calculation of the Allowance for Contractual Adjustments 189

CHAPTER SIX: JUNE 194

Budget Preparation: The Beginning 196

Budget Calendar 197

Volume Issues 207

Capital Budgeting: June 211

Accounting and Finance Department Responsibilities 219

June Finance Committee Special Agenda Items 223

CHAPTER SEVEN: JULY 227

Budget Preparation: The Middle Months 229

Capital Budgeting: July 253

Regulatory and Legal Environment 255

Other Regulatory and Business Compliance Issues 259

Corporate Compliance 259

Accreditation Issues 262

Patient Satisfaction Issues 264

CHAPTER EIGHT: AUGUST 267

Capital Budget: August 269

Operating Budget 280

Budget Variance Analysis 283

Budget Variance Parameters 287

Flexible Budgeting 287

Cost Accounting and Analysis 289

August Finance Committee Special Agenda Items 296

CHAPTER NINE: SEPTEMBER 301

Operating Budget 304

Capital Budget: September 319

Cash Budget 319

Physician Practice Management Issues 323

CHAPTER TEN: OCTOBER 343

Information Systems Implications for Health Care Financial Management 345

Information Technology Strategic Plan Initiatives 349

HIPAA Implementation Issues 351

Selection of a New Health Care Information System 353

Budget Presentation to the Board Finance Committee 362

October Finance Committee Special Agenda Items 385

CHAPTER ELEVEN: NOVEMBER 387

Preparation of the Budget Results and Delivery to the Department Managers 390

Budgeting and Spreading Contractual Adjustments by Department 394

Issues Involving RHMC’s Cost Structure 395

How to Improve the Organization’s Cost Structure 401

Supply Chain Management in Health Care 411

Benefits of Tax Status for Health Care Organizations 415

Preparation and Implications of the Annual IRS 990 Report 419

CHAPTER TWELVE: DECEMBER 426

Getting Ready for Year-End Reporting—Again 431

Open-Heart Surgery Pro Forma 432

December Finance Committee Special Agenda Items 448

Looking into the Future of Health Care Finance 452

References 469

Index 472

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