OVERVIEW
It is often said that a budget is the true "mission statement" of an organization because it represents its most important priorities. In some ways this echoes an insight in the gospel of Matthew when Jesus says "…where your treasure is, there also will your heart be." (MT 6:21)
The relationship of mission and financial performance is a source of constant reflection in faith-based health care. The mission leader is an important resource for an executive team that struggles with these issues, as many do. This is why CHA's model of competencies for mission leaders calls for leaders who have a "functional knowledge of business and financial realities."
Very often for mission leaders this knowledge is gained more by experience than by formal training. This in-person program will offer an introduction to basic elements of finance that very often are the subject of discussion for many executive teams. The mission leader should be equipped with a basic understanding of these elements in order to offer appropriate input on important decisions.
During this session, presenters will outline some of the most basic elements of health care finance and how they interrelate. The presentations will describe the basic tools used to assess and track the financial performance of a health care organization.
OBJECTIVES
As a result of participation in this program, participants will be able to:
- Articulate the elements that comprise the "margin" earned by a health care organization and its effect on the overall strength of the organization.
- Name the sources of payment received by health care organizations and their implications for financial stability.
- Identify current and potential "pay for performance" programs and their potential impact on patient satisfaction and safety and their potential impact on the financial standing of a health care organization.
- Understand the elements of the "revenue cycle" and the importance of efficient processes to the financial health of an organization.
- Understand the role of the budget as an indicator of financial health and guide for future growth.
- Identify the most important financial statements commonly used by organizations and how to use them to understand their financial status.
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WHO SHOULD PARTICIPATE
This event is tailored for mission leaders but will also be relevant for pastoral care leaders, administrators, clinicians, finance leaders, human resources, sponsors and trustees interested in the basics of health care finance.
Continue to monitor this page and CHA's Calendar of Events for a complete agenda, faculty and registration and hotel information.
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