Jun 26, 2019  
2018-2019 Course Catalog 
    
2018-2019 Course Catalog [ARCHIVED CATALOG]

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ASM 238 - Financial Management in AS

Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Open
Emphasis on financial practices in organizations that provide health services to seniors. Review cost and labor hour controls. Excel spreadsheets, evaluation of profit/loss and fiscal reports will be addressed. It is suggested that the student successfully complete ACC 111  or ACC 131  prior to this course.
Competencies
  1. Identify industry contacts related to financial practices in senior care settings
    1. List the industry contracts relating to financial practices
    2. Describe the responsibilities as it relates to financial practices
  2. Distinguish between profit and non-profit health care facilities, organizations, and agencies
    1. Describe the organizational structure of a profit and a non-profit health care facility, organization and agency
    2. Identify health care facilities, organizations and agency that are profit and non-profit
  3. Examine charts of accounts for senior care organizations
    1. Review sample chart of accounts
    2. Analyze a chart of accounts of a health care facility, organization, or agency from a practicum/clinical site or approved site
  4. Compare the sample chart of accounts with a chart of accounts obtained from a health care facility
    1. Produce the percentages under each type of analysis
    2. Generate your conclusions of sample senior care organizations’ analyses
  5. Develop horizontal and vertical analyses of financial statements for a senior health care organization.
    1. Identify a senior health care facility or organization for an analysis of the financial statement
    2. Discuss the horizontal and vertical analyses of the financial statements
  6. Compare the decision-making that goes into each type of vertical and horizontal analysis in health care organizations
    1. Compute the ratios for sample senior care organizations
    2. Distinguish the information each ratio analysis provides in decision making
    3. Review the outcome meaning of all ratios
    4. Determine the direction a sample health care organization appears to be heading based on ratio outcomes
    5. Compare ratios of two health care entities and make a decision as to the better investment
  7. Provide an explanation of ratio analysis for financial statements
    1. Review the ratio analysis for financial statements of two different health care facilities or organizations
    2. Discuss the value of ration analysis
  8. Interpret the internal control for a health care facility
    1. Explain checks and balances for internal control
    2. List the reasons for internal control in senior care organizations
    3. List good internal control procedures for cash, staffing, inventory, and facility assets.
  9. Analyze labor hours to meet services needs for senior health care settings
    1. Examine the state and federal labor hour requirements
    2. Investigate labor hour standards at a health care site
    3. Examine the quality of care provided using labor hour standards at an approved senior health care setting
  10. Identify types of budgets used in long-term care facilities, health care facilities, or health senior health care organizations
    1. Research the types of budgets used in health care facilities and senior health care organizations
    2. Discuss the types and variations in budget used in health care facilities and senior health care organization
  11. Prepare a labor hour per patient day budget
    1. Outline the standards for programming needs
    2. Provide reasons for making budget adjustments during a given budget period
    3. Computer labor hour budget based on the required standards
  12. Develop an annual budget report for a health care facility, organization, or senior care agency
    1. Outline the factors to consider in preparing a budget
    2. Calculate staff needs
    3. Determine potential increases in costs of employees
    4. Compute total cost for an annual budget
    5. Determine the sources and amounts of revenue predicted for the year
    6. Predict the outcome based on the budget or loss profit
    7. Analyze the procedure used by an approved long-term care facility or health care facility
    8. Determine asset needs
  13. Examine the cash flow of a health care facility
    1. Investigate the bases for cash inflow and outflow
    2. Examine problems for cash flow statement preparation
    3. Investigate the purposes of good cash flow analyses
    4. Forecast cash flow
  14. Discuss issues of reimbursement
    1. Understand Medicaid and Medicare reimbursement systems
    2. Allocate distribution of cost by level of care
    3. Calculate the reimbursement amount per patient day
  15. Prepare and Excel spreadsheet
    1. Explore the benefit Excel spreadsheet
    2. Demonstrate usage of Excel chart
    3. Develop a budget model



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