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    Financial Management for the Health Care Professional

    A joint offering by Executive Education and School of Medicine and Public Health

    Improve your systems-based practice  while earning AMA PRA Category 1 credits™

    Within the health care organization, understand the function of a balanced scorecard, financial statements, and GAAP financial statements, as well as how to develop managerial accounting solutions. Keep your organization running as effectively and efficiently as possible and feel comfortable performing cost analysis, interpreting business financial statements, and using financial and managerial accounting principles to develop solutions that make a positive financial impact. Health care professionals: this course can be used as a CME activity.

    You’ll return to your job with the tools to:

    • Go beyond simply monitoring financial information to interpreting and using it to plan, manage and make effective decisions specifically for your health care organization
    • More effectively communicate how your unit contributes to broader strategic objectives of your organization with your management team, administration, board of directors and lending organizations
    • Apply management accounting techniques that will allow you to assess the impact of alternate scenarios and better control outcomes
    • Recognize when you’re operating on a razor-thin margin and realize how to improve your financial position
    • Develop a consistent method for determining and allocating the true costs of your services
    • Understand the economic incentives embedded in different pricing strategies—fee-for-service, DRG and capitated methods—and the importance of revenue cycle management
    • Implement a balanced scorecard framework to supplement traditional financial measures and align your organization around more market-oriented, customer-focused strategies
    • Measure the impact of improvements in process flow, productivity and other system-wide enhancements to maximize efficiencies in labor use and supply management

    Who should attend?

    • Managing physicians
    • Health care operation and administrative professionals
    • Clinical managers
    • Program directors

    Your bonus for attending…

    The essential resource guide for health care financial professionals!

    Attend this important course and return to your job with The Financial Management Guide, a comprehensive resource filled with everything you need to apply the techniques you’ll learn in the course.

     

    An overview of management’s financial responsibilities

    • The importance of the organization’s overall financial health
    • The increasing influence of the purchasers of health care services
    • Implications for the managerial role in clinics and hospitals

    Financial analysis

    • The consideration of financial information within, and as a part of, a broader set of financial and non-financial information
    • Understanding the economic vital signs of your organization
    • The importance of capital structure, liquidity and profitability as revealed by the key financial statements of your organization
    • Differences between non-profit and for-profit health care delivery systems
    • Communicating financial information within your organization
    • Using the balanced scorecard to set goals and incorporate non-financial measures that supplement traditional financial data
    • Linking long-term strategies with short-term actions
    • The interrelationship between financial statements, the strategic plan and the operating budget

    Pricing for health care services

    • The importance of the payment environment (revenue sources) on income statement management
    • Incentives inherent in alternative pricing approaches
      - Fee-for-service
      - Product line and DRG pricing
      - Capitation

    Managerial accounting information

    • Understanding the cost structure of your department and services
    • Important issues pertaining to the allocation of overhead and other shared resources
    • The importance of managing capacity (fixed) costs as well as volume-sensitive (variable) costs
    • Break-even analysis, cost-volume profit analysis and pro-forma projections in fee-for-service and capitated payment environments
    • Capacity management and the leveraging of fixed costs
    • Issues surrounding the leveraging of the revenue cycle

    The capital budget

    • The importance of understanding your department’s capital requests within the broader strategic plan of the organization
    • The importance of “return on investment” to replenish your assets
    • Evaluating capital requests in terms of revenue enhancement and/or cost reductions for your organization

    The operating budget

    • The budget process as a critical part of management responsibilities
    • Volume, revenue and cost projections
    • Variance analysis and cost control
    • Understanding variances and cost savings “across the value chain” (spending more in this department to save costs downstream)
    • Acuity-based budgeting

    Mark Covaleski

    Mark Covaleski, Ph.D., C.P.A., teaches financial management for health care professionals in a straightforward, informative, and stimulating style. Covaleski is the Robert Beyer Professor of Accounting in the Wisconsin School of Business at the University of Wisconsin-Madison, where he teaches health-service administration credit courses. He has taught financial management courses for medical applications for various graduate programs at the university, including nursing, pharmacy, and physician administration. In addition, he has conducted public programs and in-house seminars for many health-care organizations and associations, including American Association of Critical Care Nurses, American College of Physician Executives, Brigham & Women’s Hospital, Catholic Health Initiatives, Harvard Community Health Plan, Mayo Clinic and Northwestern Memorial Hospital.

    TARGET AUDIENCE

    This activity has been designed to meet the needs of managing physicians, health care operation and administration professionals, clinical manager, program directors, and quality improvement professionals.

    OVERALL OBJECTIVE

    Help the Health Care Professional use financial information to plan, manage and make effective decisions specifically for their health care organization.

    LEARNING OBJECTIVES

    1. Be able to read and interpret financial statements to determine what they say about the economic health of your organization.
    2. Learn the basic types of financial ratios and their uses to interpret financial statements.
    3. Understand the increasing role of non-financial indicators as a complete set of dashboard indicators to guide the strategy of the organization.
    4. Learn about the significance of cost allocation issues as health care organizations attempt to better understand their lines of business in making critical managerial decisions.
    5. Understand cost behavior in both fee-for-service and fixed payment environments as reflected in managerial tools such as pro-forma income statements, cost-volume-profit analysis, and service/contract pricing models.
    6. Apply your knowledge of cost behavior and cost allocation to the operating budget to better understand and enhance your managerial responsibilities in the operating budget processes.
    7. Become comfortable with the concepts and present value and net present value for management decisions in the capital budgeting process.

    ELEMENTS OF COMPETENCE

    This CME activity has been designed to change learner knowledge and competence focusing on the American Board of Medical Specialties areas of systems-based practice.

    ACCREDITATION STATEMENT

    This activity has been planned and implemented in accordance with the Essential Areas and policies of the Accreditation Council for Continuing Medical Education through the joint sponsorship of the University of Wisconsin-Madison School of Medicine and Public Health and the University of Wisconsin-Madison School of Business. The University of Wisconsin School of Medicine and Public Health is accredited by the ACCME to provide continuing medical education for physicians.

    CREDIT DESIGNATION STATEMENT

    The University of Wisconsin School of Medicine and Public Health designates this live activity for a maximum of 12 AMA PRA Category 1 CreditsTM.  Physicians should claim only the credit commensurate with the extent of their participation in the activity.

    CONTINUING EDUCATION UNITS

    The University of Wisconsin-Madison, as a member of the University Continuing Education Association (UCEA), authorizes this course for 1.2 continuing education units (CEUs) or 12 hours.

    EDUCATIONAL REVIEWER

    George C. Mejicano, MD, MS
    Associate Dean of Continuing Professional Development
    School of Medicine and Public Health
    University of Wisconsin-Madison

    PLANNERS

    Charles A. Krueger, CPA, CIA
    Associate Professor/Director, Financial Management
    University of Wisconsin-Madison School of Business
    Madison, WI

    Gina Srenaski
    University of Wisconsin-Madison School of Business
    Madison, WI

    Danielle Hepting
    University of Wisconsin School of Medicine and Public Health
    Office of Continuing Professional Development
    Madison, WI

    POLICY ON DISCLOSURE

    It is the policy of the University of Wisconsin School of Medicine and Public Health that the faculty, authors, planners, and other persons who may influence content of this CME activity disclose all relevant financial relationships with commercial interests* in order to allow CME staff to identify and resolve any potential conflicts of interest. Faculty must also disclose any planned discussions of unlabeled/unapproved uses of drugs or devices during their presentation(s). For this educational activity all conflicts of interests have been resolved and detailed disclosures are listed below:

    Name

    Financial Relationship Disclosures

    Discussion of Unlabeled/

    Unapproved Uses of Drugs/

    Devices in Presentation?

    Mark Covaleski, Ph.D., CPA

    No Financial Relationships to Disclose

    No

    Charles A. Krueger, CPA, CIA

    No Financial Relationships to Disclose

    No

    Danielle Hepting

    No Financial Relationships to Disclose

    No

    Gina Srenaski

    No Financial Relationships to Disclose

    No

    George Mejicano, MD, MS

    No Financial Relationships to Disclose

    No

    * The ACCME defines a commercial interest as any entity producing, marketing, re-selling, or distributing health care goods or services consumed by, or used on, patients. The ACCME does not consider providers of clinical service directly to patients to be commercial interests.