Continuing Education

Improving the Oversight Function within Your Hospital: The Power of Financial Information for Decision Making

 

Course Description

Every healthcare executive and board member has a responsibility to be knowledgeable about the organization's financial statements. The issues faced by your organization's in this increasingly complex environment require management and the board to make well-informed business decisions and to act proactively in challenging times.

 

Creditors and the government expect your organization to have an effective management and board oversight process in place. Communicating financial data to non-financial administrators and the board can be a formidable task for your organization's financial executives. It is an area that can always use refreshing.

 

Additionally, it is a truism that organizations need to set goals in order to know the directions in which they want to go. Goal setting is an art as well a science and there are a number of variables that must be addressed to successfully achieve the best results for the organization.

 

There are a number of steps that need to be taken to develop long range plans (three to five year strategic plans and five year strategic financial plans) and then take the results and move them into short range plans (one year capital and operating budgets). The steps taken to develop the plans have general qualities that use financial statement information to create quantifiable value to the organization.

 

Learning Objectives of the Class

This three-hour class is designed for the chief executive, operating and financial officers as well as all board members who would prefer to share a common understanding of financial information and the way to use the information to better analyze their results. Further, it has been developed to review the significant and critical implication of long and short range planning. The main areas to be covered will be:

 

• The type of financial information typically being transmitted to the Board by its Administration
• What every healthcare executive and board member should know about important financial statement elements , including the five most sensitive financial statement line items,
• How to use readily available financial and statistical information to help perform their fiduciary responsibilities.
• The importance of maintaining capital within healthcare organizations, and
• The key elements of a strategic plan and the strategic financial plan and why it is integral to the maintenance of capital for providers of care
• The value of capital and operating budgeting and why they are necessary to the proper operations of healthcare providers

 

Who Should Attend

Board Members, Chief Executive Officers, Chief Operating Officers and other Senior Executives, as well as Chief Financial Officers.

 

Administrative Policies

This on-site course is offered by contract. Once signed, a 30-day notification prior to the course date is required in order to cancel the contract without penalty.

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