Financial Management in Health Care Organizations

ISBN-10: 0766835472
ISBN-13: 9780766835474
Edition: 2nd 2003 (Revised)
Authors: Robert McLean
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Description: Financing of health care organizations is increasingly important in today's society. Financial Management in Health Care Organizations provides discussion on the fundamental principles of finance, accounting, and budgeting for both short-term and  More...

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Book details

List price: $294.95
Edition: 2nd
Copyright year: 2003
Publisher: Delmar Cengage Learning
Publication date: 11/11/2002
Binding: Hardcover
Pages: 416
Size: 7.50" wide x 9.25" long x 0.75" tall
Weight: 2.024
Language: English

Financing of health care organizations is increasingly important in today's society. Financial Management in Health Care Organizations provides discussion on the fundamental principles of finance, accounting, and budgeting for both short-term and long-term assets and programs. Managers of health care organizations and those aspiring to become managers will find this an invaluable tool in helping to increase their understanding of the financial aspects of running and managing their businesses.

Creighton University, Omaha, NE

List of Figures and Tables
Preface
Acknowledgments
Introduction: Health Care and Finance
Health Care Is Different/Health Care Is The Same
Plan of the Text
Summary
Continuing Cases
Introduction to Health Care and Finance
Financial Management In Health Care Organizations
The Universal Concerns of Financial Management
The Five Pillars of Financial Practice
The Managed Care Challenge
Summary
Agency Problems and Agency Costs
Types of Agency Problems
Cost Control and Agency Problems
Agency Problems in Health Care Finance
Resolving Agency Problems
Summary
Tools
Accounting and CashFlow Analysis
Why Learn Accounting?
Fields of Accounting Practice
Accounting Principles: What Are They and Who Makes Them Up?
The Accounting Cycle
Some Basic Accounting Entries
Cash Flow Accounting
Fund Accounting
The Special Case of Hospital Revenues
Auditing: The Misunderstood Art
Summary
Organizational Diagnostics: Financial Statement Analysis
Using Financial Statements
Financial Statement Analysis: Its Power and Limitations
A First Approach: Common-Size Statements
The Power Approach: Ratio Analysis
Liquidity Ratios
Asset Utilization Ratios
Leverage Ratios
Profitability Ratios
Summary
The Time Value of Money
Compounding: the Calculation of Future Value
Discounting: The Calculation of Present Value
Special Problems in Present Value
Some Examples
Summary
Valuing Assets
Value
Approaches to Valuation
The Logic of Discounted Cash Flow Valuation
Some Applications
A Case Study
A Few Complications
Summary
Cost Behavior
Costs
Costs Classification
Responsibility Centers
Cost Allocation: Managerial Decisions Under Ambiguity
Allocation Criterion
The ABCs of ABC
Separating Fixed and Variable Costs
Cost-Volume-Profit Analysis, Traditional
Cost-Volume-Profit Analysis, Capitation
Summary
Budgeting and Variance Analysis
A Tool, Not a Trophy
Some Budget Fables
Components of the Budget
People Behind the Budget
Budgeting Choices
An Example
The Budget Cycle
Variance Analysis
Summary
The Financial Market Environment
Financial Markets: Institutions, Risk, and Return
Financial Markets
Financial Markets: Who and What?
Roles in Financial Markets
Rates of Return
Risk in Financial Markets
Equilibrium Pricing and Returns
How Well Do Financial Markets Work?
A Brief Note on Owners' Equity
More on Yields
Summary
Selecting Long-Term Assets and Programs
The Basics of Capital Budgeting
Criteria and Constraints
Multiple Steps
Cash Flows Reconsidered
A Note on Expected Inflation
Decision Problems and Decision Rules
What About Internal Rate of Return?
Selecting the Discount Rate
A Simple Example
Capital Budgeting and Its Discontents
Summary
Special Topics in Capital Budgeting
Capital Rationing: The General Case
Adjusting for Project Risk
Adjusting for Unequal Lives
Lease or Buy?
Strategic Options
Summary
Managing Long-Term Financial Assets: The Endowment
Managing the Endowment
The Endowment Concept
Some Principles Remembered
The Return Objective
Constraints
Inside or Outside Management
Sample Investment Policy
Summary
Long-Term Financing
External Financing: Sources
External Financing: Key to Success
External Financing: The Choices
The Weighted Average Cost of Capital Once Again
Debt and Equity Choices: The Capital Structure Decision in Theory
The Capital Structure Decision in Practice
Summary
Procedures for Long-Term Financing
Actors and Frictions
Regulators and Regulation
Middlemen
Hangers-On
A Financing Tale
To Insure or Not To Insure: An NPV Problem
Summary
Access to Capital and Organizational Viability
The Problems
The Solutions
Reimbursement Modes and Access to Capital
Summary
Managing Short-Term Assets and Liabilities
Principles of Working Capital Management
Current Assets
Money and Credit: Bankers' Constraints
The Cash Conversion Cycle
Controlling Liquidity
A Basic Principle
Summary
Cash, Marketable Securities, and Patient Accounts
Cash and Cash Equivalents
The Cash Budget
Cash Management Services
Managing Marketable Securities
Patient Accounts
Decisions on Patient Accounts
Some Examples
Summary
Inventory Management: Mathematics and Judgement
Why Bother?
The Time Path of Inventory Use
The ABCs of Good Judgement
Opportunities for Value Enhancement
Summary
Current Liabilities: Short-Term Financing
The Matching Principle
A Note on Short-Term Interest Rates
Sources of Short-Term Financing
Summary
Frontiers of Health Care Financial Management
Beyond Bean Counting
Strategic Financial Planning
Financial Structure and Restructuring
Mergers and Acquisitions
At-Risk Contracting
International Health Care Financial Management: The Frontier Beyond the Frontier
Summary
Glossary
Answers to Selected Discussion Questions
Index

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