Continuing Education

Proven Cost Management Techniques that Save Real Money

 

Course Description

In the January 1999 edition of CFO Magazine, it was acknowledged that hospital and health care system CFOs have "the toughest finance job in America." Net revenue reductions caused by Federal and State government policies as well as private third party managed care plans negotiating strategies have created headaches for healthcare organizations as a whole and the CFO in particular. It is the CFOs job to constantly deliver the bad news and a "kill the messenger" syndrome is currently in vogue.

 

In order to maintain "reasonable" bottom lines within these revenue constraints, it is imperative that healthcare organizations adopt strong, effective and timely cost management techniques. These techniques need to be driven and championed by the CFO. Adoption will allow management to ensure cost saving accountability through goal setting, implementation and monitoring.

 

Learning Objectives of the Class

This class is designed to:

 

• Discuss the need for general management accountability before cost management can be effective
• Explore cost accounting rationales that enable administrators to approach physicians to reduce variability in clinical resource costs, the largest expenditures in healthcare
• Utilize productivity monitoring / measurement techniques to improve labor efficiency
• Discuss the use of accounts payable/purchasing audits to recover substantial cash from prior errors and minimize these errors in the future
• Differentiate the costs and processes between equipment service contracts and equipment maintenance insurance

 

Who Should Attend

Chief Financial Officers, Chief Operating Officers, Vice Presidents of Finance, Controller, Directors of Accounting, Any manager who has an interest in managing their costs.

 

Continuing Professional Education (CPE) Information

This 100-minute course qualifies for 2 hours of CPE Credits. The presenter is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417. Telephone 615-880-4200.

 

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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