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Fundamentals of Health Care Financial Management
A Practical Guide to Fiscal Issues and Activities, 4th Edition
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Main description:

Fundamentals of Health Care Financial Management, 4th Edition


Fundamentals of Health Care Financial Management reveals all the inner workings of health care finance departments in one basic text. In this revised fourth edition, Steven Berger uses his friendly, step–by–step approach to understanding the fundamental theories, tools, and techniques of health care financial management.


At its heart, Fundamentals of Health Care Financial Management is a practical resource that will guide students through the complexities of health care finance, starting with the theoretical essentials and covering all the tools necessary in day–to–day operations, including:



  • Health care accounting and basic financial statements necessary in health care organizations of varying sizes

  • Major capital investments and strategic, long–term financial planning

  • Health care organization tax status and year–end reporting

  • Budgeting and performance measurement

  • Calculating Medicare and Medicaid adjustments and making allowances for doubtful accounts

  • Financial implications of the Affordable Care Act


Using the case of a fictional mid–sized medical center to illustrate the crucial concepts and issues of health care financial management, this fully updated fourth edition of Fundamentals of Health Care Financial Management: A Practical Guide to Fiscal Issues and Activities will help readers quickly understand and absorb the many financial decisions made in health care organizations.


Back cover:

Fundamentals of Health Care Financial Management, 4th Edition


Fundamentals of Health Care Financial Management reveals all the inner workings of health care finance departments in one basic text. In this revised fourth edition, Steven Berger uses his friendly, step–by–step approach to understanding the fundamental theories, tools, and techniques of health care financial management.


At its heart, Fundamentals of Health Care Financial Management is a practical resource that will guide students through the complexities of health care finance, starting with the theoretical essentials and covering all the tools necessary in day–to–day operations, including:



  • Health care accounting and basic financial statements necessary in health care organizations of varying sizes

  • Major capital investments and strategic, long–term financial planning

  • Health care organization tax status and year–end reporting

  • Budgeting and performance measurement

  • Calculating Medicare and Medicaid adjustments and making allowances for doubtful accounts

  • Financial implications of the Affordable Care Act


Using the case of a fictional mid–sized medical center to illustrate the crucial concepts and issues of health care financial management, this fully updated fourth edition of Fundamentals of Health Care Financial Management: A Practical Guide to Fiscal Issues and Activities will help readers quickly understand and absorb the many financial decisions made in health care organizations.


Contents:

Figures, Tables, and Exhibits vii


Preface xv


Acknowledgments xix


The Author xxi


Chapter 1: January 1


What Is Health Care? 3


What Is Management? 5


What Is Financial Management? 6


Why Is Financial Management Important? 8


Ridgeland Heights Medical Center: The Primary Statistics 9


Pro Forma Development 13


Living with the Finance Committee and Board of Directors Calendar 19


Year–End Closing 24


Chapter 2: February 31


Accounting Principles and Practices 32


Objectives of Financial Reporting 34


Basic Accounting Concepts 35


Basic Financial Statements of a Health Care Organization 36


Uses of Financial Information 37


The Financial Statements 39


Preparing for the Auditors 52


Analysis of Sensitive Accounts 54


February Finance Committee Special Reports 56


Chapter 3: March 61


Strategic Financial Planning: Five–Year Projections 63


RHMC Strategic Financial Planning 67


Ratio Analysis 74


The Capital Plan and Its Relationship to the Strategic Plan 84


Chapter 4: April 91


Medicare and Medicaid Net Revenue Concepts 94


Calculation of Medicare and Medicaid Contractual Adjustments 100


Implications of the Balanced Budget Act of 1997 109


Implications of the Medicare Modernization Act of 2003 115


Implications of the Patient Protection and Affordable Care Act of 2010 (PPACA or ACA) 117


Managed Care Net Revenue Concepts 131


Preparation of the Medicare and Medicaid Cost Report 137


Presentation of the Audited Financial Statements to the Finance Committee 140


Chapter 5: May 145


Fundamentals of Revenue Cycle Management (RCM) 146


Calculation of the Allowance for Doubtful Accounts and Bad–Debt Expense 165


Calculation of the Allowance for Contractual Adjustments 170


Chapter 6: June 175


Budget Preparation: The Beginning 177


Budget Calendar 177


Volume Issues 185


Capital Budgeting: June 190


Accounting and Finance Department Responsibilities 195


June Finance Committee Special Agenda Items 198


Chapter 7: July 203


Budget Preparation: Th e Middle Months 204


Capital Budgeting: July 221


Regulatory and Legal Environment 223


Other Regulatory and Business Compliance Issues 227


Corporate Compliance 228


Accreditation Issues 229


Patient Satisfaction Issues 232


Chapter 8: August 235


Capital Budget: August 236


Operating Budget 246


Budget Variance Analysis 249


Budget Variance Parameters 252


Flexible Budgeting 252


August Finance Committee Special Agenda Items 260


Chapter 9: September 263


Operating Budget 265


Capital Budget: September 275


Cash Budget 277


Physician Practice Management Issues 280


Current Physician Practice Issues 2013 292


Additional Physician–Hospital Integration Issues 294


Monthly Physician Reporting 295


Chapter 10: October 299


Information Systems Implications for Health Care Financial Management 301


Information Technology Strategic Plan Initiatives 304


HIPAA Implementation Issues 306


Selection of a New Health Care Information System 310


Budget Presentation to the Board Finance Committee 316


October Finance Committee Special Agenda Items 328


Chapter 11: November 331


Preparation of the Budget Results and Delivery to the Department Managers 333


Budgeting and Spreading Contractual Adjustments by Department 337


Issues Involving RHMC s Cost Structure 340


How to Improve the Organization s Cost Structure 344


Supply Chain Management in Health Care 352


Benefi ts of Tax Status for Health Care Organizations 356


Preparation and Implications of the Annual IRS 990 Report 360


Chapter 12: December 367


Getting Ready for Year–End Reporting Again 371


Open–Heart Surgery Pro Forma 371


December Finance Committee Special Agenda Items 380


Looking into the Future of Health Care Finance 383


Future Conclusions 397


References 401


Index 407


PRODUCT DETAILS

ISBN-13: 9781118801710
Publisher: John Wiley & Sons
Publication date: September, 2014
Pages: 400
Dimensions: 150.00 x 234.00 x 24.34

Subcategories: General Practice, Public Health

MEET THE AUTHOR

STEVEN BERGER, CPA, is founder and president of Healthcare Insights, LLC, which specializes in health care and financial management training and consulting. Healthcare Insights has also created INSIGHTS, the health care industry s best practice decision support software. He has nearly 30 years experience in the field and recently served a three–year term of membership on the Healthcare Financial Management Association (HFMA s) National Board of Examiners.