ASM 238 - Financial Management in AS

1. Analyze 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 agencies 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 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 in order to identify 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 ratio 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. Analyze types of budgets used in long-term care facilities, health care facilities, or 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 budgets used in health care facilities and senior health care organizations 
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. Compute 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. Assess the cash flow of a health care facility 
    1. Investigate the basis 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. Examine issues of reimbursement 
    1. Explain Medicaid and Medicare reimbursement systems 
    2. Allocate distribution of cost by level of care 
    3. Calculate the reimbursement amount per patient day 
15. Prepare an Excel spreadsheet 
    1. Explore the benefit of Excel spreadsheets 
    2. Demonstrate usage of Excel charts 
    3. Develop a budget model