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

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Fundamentals of Health Care Financial Management, Third Edition, is a substantially expanded and refined revision of the author s classic work. This book provides health care financial managers a practical tool for addressing the financial issues that are unique to the health care industry. Throughout the book, author Steven Berger—an expert in the field of health care financial management—relates real-world experiences that reveal how to execute the complex activities a health care financial manager must handle on a day-to-day basis. Intended for use as both a text and a professional resource, Fundamentals of Health Care Financial Management also includes critical information about the rules, regulations, policies, and procedures that influence American health care practice. In addition, this new edition contains timely information on a variety of topics including the latest changes in the tax laws, reimbursement patterns, and an update on privacy regulations

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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
  • Sales rank: 945,386
  • 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


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


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


Strategic Financial Planning: Five-Year Projections 84

RHMC Strategic Financial Planning 88

Ratio Analysis 95

The Capital Plan and Its Relationship to the Strategic Plan109


Medicare and Medicaid Net Revenue Concepts 120

Calculation of Medicare and Medicaid Contractual Adjustments126

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 FinanceCommittee 160


Fundamentals of Revenue Cycle Management 166

Patient Registration: To Which Division Should It Report81

Calculation of the Allowance for Doubtful Accounts and Bad-DebtExpense 183

Calculation of the Allowance for Contractual Adjustments 189


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


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


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


Operating Budget 304

Capital Budget: September 319

Cash Budget 319

Physician Practice Management Issues 323


Information Systems Implications for Health Care FinancialManagement 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


Preparation of the Budget Results and Delivery to the DepartmentManagers 390

Budgeting and Spreading Contractual Adjustments by Department394

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 Report419


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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