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Unexpected Financial Results in your Department: How to Analyze and Explain the Issue
June 5 @ 10:00 am - 11:00 am CDT$139
During this hour you will begin to learn the skills you need to understand the financial side of the department or clinic you’re responsible for operating. You will receive practical tools for managing your department’s performance against budget and prior periods that you can use the very same day.
Simple income statement ratios and the “flex budget” will now be skills you can use when you are called upon to explain unexpected financial results. The tools and skills you will learn in this hour will save you valuable time by helping you diagnose changes in the income statement quickly so you can provide an explanation and continue managing your department. Be ready to impress your boss.
After attending this series, you will begin to stand out to the senior leadership of your organization as someone who is confident and competent in her role. Some leaders in healthcare do not understand how to diagnose unexpected results in their income statements and may try to convince themselves that it isn’t important to learn these skills.
“That’s what accountants are for,” they say, even while knowing they themselves are responsible for the financial performance of their department. By taking this course you are proving that you do not hide from things you do not understand, but learn new skills until a weakness becomes another one of your strengths.
Why should you Attend: In healthcare, great clinicians and operators are often promoted to leadership positions with little or no preparation for the financial responsibilities these roles entail.
Many clinics and hospital departments have hundreds of thousands or millions of dollars in revenue and expenses, and diagnosing unexpected results can seem insurmountable.
The senior leadership of your organization expect you to be able to answer their questions though. When you call the accounting department they may try to help you, but it can seem like they are speaking another language.
You may be a great clinician and understand how to operate your department better than anyone, but a primary way to relay this fact to executives and owners is by reliably and accurately explaining unexpected financial results. There is no better way to demonstrate your competence in your role.
Areas Covered in the Session:
- Diagnosing variances in your income statement (this is how you find the answers to the questions your CFO keeps asking)
- Comparing to the “flex budget” (this is the remedy to a budget with volumes that are way too high or way too low))
- Simple ratios that can explain unexpected financial results (and make you look like the genius you are))
- How case mix index (CMI) works (this one can be a get out of jail free card))
- Other helpful tips that will help you fulfill your financial duties to the organization quickly, so you can get back to that other pile on your desk
Who Will Benefit:
- Nursing Supervisors, Managers, Directors and VPs
- Therapy Supervisors, Managers, Directors and VPs
- Radiology Supervisors, Managers, Directors and VPs
- Other Clinical and Operational Supervisors, Managers, Directors and VPs
- Healthcare Administration Students
Trey has led decision support as well as operational departments in healthcare, and currently works with clinical and operational leaders, those who aspire to be in healthcare leadership, and healthcare administration students to build their healthcare finance and analysis skills in order to prepare them for the financial responsibilities of leading their departments and organizations.
Netzealous LLC – MentorHealth
Phone No: 1-800-385-1607
Email: [email protected]