In this 3 day course, you will perform the following as each relates to effective strategic financial planning in the current environment of health reforms:
Professor Emeritus, Department of Health Policy and Administration at Washington State University
Adjunct Professor - Executive Master of Healthcare Leadership Program at Brown University
International Healthcare Finance Professional
In terms of the traditional view of healthcare financial management, a critical challenge is moving the industry to a state of quality of care and adding value to the patient experience is most important.
This course consists of three days presented in a face-to-face format. This course focuses on the area of financial management as applied to a variety of healthcare organizations. The emphasis in this course is to apply the principles and concepts of financial management to providers in both the investor-owned and nonprofit sectors.
In this course, the fundamentals from the basic financial management concepts are used as a foundation for expanding our skill sets regarding managing the costs of healthcare provider organizations, both domestic and international. The area of financial management is a body of principles and practices that govern the external reporting of historical financial results. These results are reported according to the Generally Accepted Accounting Principles (GAAP), which change over time to make it more useful for the users. The International Financial Accounting Standards Board (IFASB) or the Government Accounting Standards Board (GASB) maintains the accounting standards.
The major emphasis in this course is the understanding of financial trends of behavior and the flow of funds in order to improve on managerial methods of anticipating and controlling these costs and related revenues. The context in which the financial management tools and techniques are applied includes a variety of organizational settings, including the managed care organization, the medical group, the community hospital, the home healthcare organization, the nursing home, integrated delivery systems, and multinational healthcare organizations. Emphasis in this course is on cultivating the “high performing individual” to think about collaborations for improved performance through strategic alliances across a variety of these provider types. To accomplish this, we will provide a “tool bag” of advanced financial decision tools and techniques to plan for financial sustainability and clinical accountability.
Since many of the financial management tools and techniques are internally focused, much of our time and effort is directed toward improving the efficiency (cost per unit) and effectiveness (goal achievement) of a particular organization. Supplemental readings are referred to as a means of expanding our knowledge in the area of organizational performance. This should provide directions for thinking about the numerous uses of financial management information to assist in decision making. Each class participant is encouraged to think about how these financial tools and techniques can be used by healthcare managers to improve the “high performing organization,” both in the near term as well as in the longer term.
Gapenski, Louis C., Pink, George H., Cases in Healthcare Finance, 5th Edition, AUPHA Press/Health Administration Press, 2014.
Healthcare Financial Management (HFM) Magazine: a monthly magazine that is helpful for up-to-date articles on health payment reforms. Available online.
The Wall Street Journal International Edition (WSJ) Dow Jones is currently offering a Flash Sale to enrolled students for a WSJ print + digital subscription for $1 for 15 weeks at Your WSJ Subscription.
Breitner, Leslie K. and Robert N. Anthony, Essentials of Accounting, 11h Edition, Prentice Hall, 2012.
Highly Recommended Readings: an electronic library of key articles
PRIOR TO THE START OF THE COURSE
Readings: Prior to the start of this course on Sunday , October 21, 2018
By Saturday, October 14th, 2018, email to the instructor a critique (200 words max per article) of three key articles from the Wall Street Journal International Edition (articles published within the current calendar year, from January 2018 to October 2018) on health payment reforms and their financial impact on health systems in the healthcare industry
This hands-on course is designed for Senior level Finance Executives and Revenue Cycle Leaders which may be:
Book & pay on or before Sep. 20th, 2018 & get 10% additional discount USD 2,511/participant
Avail 10% additional discount on minimum of 2 or more participants
*All prices are excluding of any tax (If applicable)
Registration and Intro
Lecture- Healthcare Strategic Financial Planning and Challenges, Achieving an effective balance between strategic needs and financial capabilities, Attaining the competency and skills needed to conduct strategic financial planning, Review of course syllabus & course logistics, case analyses and team assignment logistics
Lecture- Financial Performance Analysis using Key Performance Indicators (KPI), The CFO’s Dashboard for routine monitoring of KPI, Comparative and Trend Analysis, Review of, Case 1 – River Community Hospital (A) – Assessing Hospital Performance
1st Team Activity Case Study Analyses - Case 1 – River Community Hospital (RCA) – Assessing Hospital Performance
In-Class Team Activity - Case 1 - Team presentations
Cost controls to achieve improved financial performance, Contribution Analysis, Break Even Analysis, Conducting What If Analysis in Pay for Performance Programs (P4P)
2nd Team Activity - Case 11- Orlando Family Physicians
Lecture- How Healthcare CFOs should prepare for healthcare reforms, P4P
Lecture- Understanding the importance of change management with health reforms—converting from volume to value
Day 1 Takeaways
Review of Top 12 Takeaways from 2018 JP Morgan Conference
Lecture- Financial Planning and Budgeting, Variance Analysis
Lecture- Developing a robust Revenue Cycle Management (RCM) under payment reforms
3rd In- Class Team Activity - EMHL ACA case study
3rd Team presentations - EMHL ACA case study
Lecture- Return on Investment Analysis
Day 2 Takeaways
Health Financial Outlook - Standard & Poors, Moody’s, and Beckers
Lecture–Financial Feasibility Investment Analysis, Capital Asset Management
Review of Payment Reform Critiques from pre work
Individual student presentations of Top 5 Critiques
Lecture- Equity Investment Analysis
Video presentation on healthcare investment analysis
4th In- Class Team Activity – Harvard Business Review case study Blood Buy Solutions
4th Team presentations - EMHL Blood Buy HBR case study
Day 3 Takeaways
Course Takeaways –the Financial Decision “tools in your tool bag”
Summary of the course
• Closing remarks
• Certificate distribution
|08:00 to 08:30||Registration & Introduction|
|08:30 to 10:00||Session One|
|10:00 to 10:15||Morning Break & Networking|
|10:15 to 12:15||Session Two|
|12:15 to 13:15||Lunch Break & Networking|
|13:15 to 14:30||Session Three|
|14:30 to 14:45||Evening Break & Networking|
|14:45 to 16:00||Session Four|