UW-Madison | Executive Education

Financial Management for the Health Care Professional

• Introduction
• Outline/Schedule
• Faculty
• Accreditation Information

Executive Education > Courses > Financial Management for the Health Care Professional

Financial Management for the Health Care Professional

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

Schedule

Evening before course — 5:30 – 7:30 p.m. Optional dinner for those arriving early
Day 1 — 8:30 – 5:00 p.m. Session 
Day 2 — 8:00 – 2:30 p.m. Session 

The University of Wisconsin–Madison, as a member of the University Continuing Education Association (UCEA), authorizes this course for 1.3 Continuing Education Units (CEUs) or 13 hours.