Healthcare Finance Boot Camp
This activity has been approved for 9.25 AMA PRA Category 1 Credits™
“No money, No mission”. The phase is often at the center of fundraising efforts of churches, charities, and most non-profits organizations of all kinds. The fact is, this four word phase is the centerpiece of every business entity. The manner in which financial decisions are made in any organizations is critical to the success of that organization. In healthcare, informed financial decisions are closely aligned with patient outcomes. The more efficiently resources are gathered and used, the better the patient experience. This program, consisting of 6 courses, will address the finance knowledge we all should have received as part of our medical education. The skills will improve the decision making skill that you employ every day.
The following courses comprise Healthcare Finance Boot Camp:
- Healthcare Financial Statements
- Capital: What Healthcare Providers Need To Know About Money
- Healthcare Budgets
- Healthcare Reimbursement
- Finance of Healthcare Business Planning
- Asset Protection for Healthcare Providers
Physician Reviews (15)
1. Healthcare Financial Statements
(This activity has been approved for 1.25 AMA PRA Category 1 Credits™ )
Description:
Financial decision making in your healthcare organization, no matter the size, has a major impact on the quality of care your patients receive. Before any decision can be made it is imperative to know what resources are available. The financial statements communicate this information to you. They provide actionable information which you can use to take an active role in the decision making process. With this CME activity, you will acquire the skill of understanding and evaluating the financial inner workings of your organization or the organization you may soon be joining. Purchasing new equipment, hiring another physician, budgeting, resource allocation, it all begins here with the financial statements. Good decision making begins with sound financial information. Surprises are never good, especially when they concern the resources that you need to care for your patients.
Learning Objectives:
After participating in the activity, the participant will demonstrate the ability to:
- Analyze a balance sheet.
- Analyze an income statement.
- Analyze a statement of cash flow.
- Analyze a statement of net assets.
- Analyze an organizations financial health.
2. Capital – What Physicians Need To Know About Money
(This activity has been approved for 1.25 AMA PRA Category 1 Credits™)
Description:
All physicians have capital requirements in their practice. Whether it is hiring a new employee, purchasing a new piece of equipment or updating/starting a new service line, it all takes money. Yet while the ins and outs of capital have not been part of our medical education we are still required to be the main decision makers. How do we usually deal with this? We don’t. We outsource these decisions to our administrative personnel who may or may not know any more than we do. Part 1 continues your finance education and allows you to learn the basics of where to get money, how much debt is good and the cost of capital. Part 2 tells you how to spend it appropriately and outlines the steps to craft a proposal for equipment that you need, or to make decisions about capital spending in your organization.
Learning Objectives:
After participating in this activity, the participant will demonstrate the ability to:
- Identify where to acquire capital.
- Discuss the good and the bad aspects of debt, how much to own and how much to borrow.
- Explain what factors contribute to the cost of money.
- Name asset acquisition basics: new equipment, new provider, new service line.
- Create a professional proposal that makes financial sense.
- Explain capital budgeting – Who gets what and why.
- Analyze a medical organization’s financial health.
(This activity has been approved for 1.25 AMA PRA Category 1 Credits™)
Description:
Every physician should know the process through which their work is reimbursed by the multitude of payers in the healthcare environment. It does not matter whether you are in private practice, employed by a hospital, or academic medicine. We all expect to be paid for our service and be paid fairly. We sometimes forget that those payments go beyond our personal compensation and provide all the goods and services we need to care for our patients. Maintaining a high level of efficiency in our revenue cycle is vital to providing a level of care that our patients deserve.
Learning Objectives:
After participating in this activity, the participant will demonstrate the ability to:
- Define the rules of reimbursement.
- Identify who makes the rules of reimbursement.
- Explain why there are rules of reimbursement.
- Discuss coding.
- Describe the mighty RVU.
- Discuss the reimbursement equation – RVUs and conversion factors.
- Discuss financial benchmarking as a tool to improved performance.
- Identify the financial meaning of an employment contract.
4. Healthcare Accounting and Budgets
(This activity has been approved for 1.25 AMA PRA Category 1 Credits™)
Description:
Whether you are in a leadership role or a physician going to work every day and caring for patients, you still are subject to a budget. Budgets are created in order to plan how your organization’s assets are used to do the job. Budgets affect what types of services your organization will offer. They affect how much of it is provided. Budgets have a direct impact on your ability to care for your patients. Understanding the budget, knowing how to change it as conditions change using the language of finance, and insuring that you stay within your budget is every provider’s responsibility.
Learning Objectives:
After participating in this activity, the participant will demonstrate the ability to:
- Identify the accounting skills behind the budget numbers.
- Apply budget planning.
- Describe variance analysis.
- Discuss budget implementation.
- Recognize the power of the budget.
- Develop and manage budgets.
5. Finance of Healthcare Business Planning
(This activity has been approved for 2.75 AMA PRA Category 1 Credits™)
Description:
In the age of health care reform, where the funds needed to support health organizations are tight, careful attention needs to be devoted to the whys and hows of spending money. Business planning is vital to any health care enterprise. Everything from, starting a practice, hiring a new provider, buying a piece of equipment, starting or adding to a service line, requires careful planning in order to ensure success. Careful attention to business planning ensures that the proper decisions are made for the right reasons. This video will provide the basic business skills to:
Learning Objectives:
After participating in this activity, the participant will demonstrate the ability to:
- Understand financial statements.
- Understand the accounting basics behind financial statements.
- Evaluate and create budgets.
- Understand the power that money has how to use it.
- How to integrate these skills into sound business planning.
- How to evaluate and prioritize business plans.
6. Asset Protection for Physicians
(This activity has been approved for 2.0 AMA PRA Category 1 Credits™)
Description:
Most physicians experience a significant increase in their income with the end of their residency training and entrance into their first job. What is unknown or poorly understood is the need for a personal financial strategy. Taking 2 to 3 years or longer to have a financial strategy in place can cost more than a million dollars and add years to one’s retirement age. Not having a plan for replacement of income to protect against unforeseen disaster is irresponsible to yourself and your loved ones. Financial planning should begin today. This course gives you the basics of financial planning so you can understand what, when, how, by whom and how much is involved. It will not make you a financial wizard; rather it will encourage and supply you with the knowledge needed to be an active participant in your own financial future.
Learning Objectives:
After participating in this activity, the participant will demonstrate the ability to:
- Create your own personal finance plan.
- Preserve and grow capital for your organization.
- Discuss classic investment strategy including diversification justifications.
- Discuss risk tolerance and how it should direct your investments.
- Decide how and when to begin your income protection.
- Determine the best route toward retirement planning.
- Comprehend the what and when of disability insurance policies.