Introduction to the Financial Management of Healthcare Organizations, Seventh Edition

by Michael Nowicki

Overview

Instructor Resources: Test bank, PowerPoint slides, answer guides for the in-book discussion questions and case, and a transition guide to the new edition.

Financial management challenges are not confined to the CFO’s office. Any manager in today’s increasingly complex healthcare environment must have a solid grasp of finance fundamentals, and this book provides them.

In straightforward language aimed at students and managers outside of finance, Introduction to the Financial Management of Healthcare Organizations covers a full range of topics.

The first four sections—Financial Management, Operating Revenue, Working Capital, and Resource Allocation—start with core financial concepts, then delve into issues unique to the healthcare setting. Highlights include the tax status of healthcare organizations, third-party payers and payment methodologies, cost accounting and analysis, rate setting, strategic financial planning, and capital budgeting.

A final section on healthcare reform analyzes important trends that will affect healthcare organizations in the future.

New to this edition:

The latest information on health reform, including the Affordable Care Act of 2010 and the Medicare Access and CHIP Reauthorization Act of 2015 A new section on the Trump administration’s plans for healthcare, including possible scenarios for the ACA Updates on financial accounting standards, economic trends, and tax-exempt hospitals Expanded content on Medicare and Medicaid (now separated into distinct chapters), including legislative and regulatory updates and federal fraud and abuse initiatives Significant new information on healthcare quality, access, and cost

Readers of this book will not only learn the fundamentals of financial management but also gain experience in applying them. Mini-cases, practice problems, and self-quizzes throughout reinforce essential concepts, and a comprehensive case at the end brings the concepts to life.

Product Details

ISBN-13:	9781567939040
Publisher:	Health Administration Press
Publication date:	07/01/2017
Series:	Gateway to Healthcare Management
Edition description:	None
Pages:	482
Product dimensions:	8.00(w) x 10.00(h) x 1.10(d)

About the Author

Michael Nowicki, EdD, FACHE, FHFMA, is a professor of health administration, Texas State University, San Marcos, Texas, where he has won numerous awards for teaching, research and service. He has taught for universities in California, Indiana, Kentucky, Missouri and New Jersey, and for several healthcare-related associations. Before his academic appointments, he held various administrative positions in healthcare organizations around the country. Dr. Nowicki is a noted speaker and author on healthcare financial management and has served as an ACHE Regent.

Dr. Nowicki serves as faculty for the following ACHE seminars: Critical Financial Skills for Hospital Success Healthcare Finance, Board of Governors Exam Review Course Dr. Nowicki also authored the following Health Administration Press publication: Introduction to the Financial Management of Healthcare Organizations

Table of Contents

PART I. Introduction to Operations Management

Chapter 1. Operations and Productivity

Chapter 2. Operations Strategy in a Global Environment

Chapter 3. Project Management

Chapter 4. Forecasting

PART II. Designing Operations

Chapter 5. Design of Goods and Services

Chapter 6. Managing Quality

Supplement 6. Statistical Process Control

Chapter 7. Process Strategy

Supplement 7. Capacity and Constraint Management

Chapter 8. Location Strategies

Chapter 9. Layout Strategies

Chapter 10. Human Resources, Job Design, and Work Measurement

PART III. Managing Operations

Chapter 11. Supply Chain Management

Supplement 11. Outsourcing as a Supply Chain Strategy

Chapter 12. Inventory Management

Chapter 13. Aggregate Planning

Chapter 14. Material Requirements Planning (MRP) and ERP

Chapter 15. Short-Term Scheduling

Chapter 16. JIT and Lean Operations

Chapter 17. Maintenance and Reliability

PART IV. Quantitative Modules

Module A. Decision-Making Tools

Module B. Linear Programming

Module C. Transportation Models

Module D. Waiting-Line Models

Module E. Learning Curves

Module F. Simulation

Editorial Reviews

Reviewer: Shonda W Morrow, JD, MS, RN (Rush University Medical Center)
Description: This introduction to the financial management of healthcare organizations clearly identifies learning objectives, uses bold type to highlight key concepts, and reiterates definitions of financial terms alongside paragraphs. Exhibits and mini-case studies enhance understanding of major concepts, and chapters end with key points, discussion questions, notes, practice problems, and self quizzes.
Purpose: The purpose is to provide a primary textbook for an introductory course in healthcare financial management at both undergraduate and graduate levels, as well as a resource for practicing healthcare managers. The book also serves as an introduction to healthcare finance for managers and students who are not in healthcare finance. The objectives are noteworthy in that students and/or managers can enhance their knowledge and skill set in finance, and this can translate into any industry. The book is needed because in some disciplines, students and/or managers are not exposed to basic financial concepts, concepts that are universal and useful professionally and personally. The book meets its objectives by encouraging readers to test their understanding of major financial topics with resources such as fill-in-the blank questions, multiple-choice questions, and mini-cases, along with answer guides.
Audience: The audience includes students, both undergraduate and graduate, healthcare managers new to the field of finance, and practicing financial healthcare managers. The book also can be useful for non-healthcare managers who want to understand basic and fundamental financial concepts and skills in order to be competitive in the market. The author discusses and applies traditional financial concepts to the current healthcare industry.
Features: The book covers diverse financial topics that align with how organizations manage their finances and are challenged to remain solvent. These core financial concepts probe complex healthcare settings and comprehensively highlight, analyze, and explain past, current, and future finance methodologies. The book relates to current healthcare reform and trends that will affect healthcare organizations financially in the future. The topics are appropriately all-encompassing of financial terms and concepts that can apply to any industry. There are appendixes; a glossary; a list of abbreviations; mini-case studies; test questions/answers; references; suggested books to augment learning; and practice problems.
Assessment: This updated edition applies key financial concepts to current healthcare reform and trends, and prepares readers to critically analyze the state of finance in the healthcare industry. In particular, discussions of resource allocation, strategic and operational planning, budgeting and healthcare reform support traditional financial terms and concepts. Chapter design competes admirably with other introductory financial healthcare management books. The learning objectives are true to the statements; chapter key points highlight information that should be retained and help with answering the discussion questions; the notes reinforce chapter detail; and practice problems further fortify understanding.

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