Trey Malone

Budgeting and Forecasting Physician Practices: Analysing and Explaining Unexpected Financial Results in Healthcare

Format :LIVE WEBINAR
Presenter :Trey Malone
Event Date : 10/10/2019
Time: 1 pm ET | 12 pm CT | 11 am MT | 10 am PT
Duration :60 minutes

$249$449

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Product Description

Solid budgeting and forecasting is tied in with getting the fundamentals right. Mistakes in the operating budgeting process procedure can cause worry for the whole fiscal year. When you can’t respond to questions in regards to the assumption underlying the budget, it leaves the impression you are not the correct individual for your position. Both mistakes and poorly characterized presumptions are manifestations of a budget lacking in detail.

During this session, 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.

Learning Objectives:

  1. Learn the difference between cash and accrual accounting, how to identify which system your accountants use, and why that matters when you are explaining unexpected financial results to your boss
  2. Become reoriented to the income statement and gain confidence in your interpretation of it
  3. Learn how case-mix-index (CMI) works and begin using this powerful statistic when explaining variances to budget or prior periods to the CFO
  4. Learn to calculate simple ratios and use them to diagnose financial issues in your department
  5. Learn how to create a flex budget and measure performance against it when the budgeted volumes are far-off
  6. Learn how to draft responses to CFOs’ and other C-Suite executives’ questions regarding financial performance
  7. Learn the difference between finance and accounting, and why you should be involved in your department’s financial analyses

Areas Covered in the Session:

  1. How case-mix-index (CMI) works
  2. A refresher on how the income statement works (in layman’s terms)
  3. How to explain variances in your department using simple ratios
  4. The flex budget and how it can be a get out of jail free card
  5. Cash vs. accrual accounting and how to know which system you use
  6. Why healthcare finance is important and why you should care
  7. The difference between finance and accounting (both important; one is nerdier)

Who Should Attend:

  1. Healthcare CEOs
  2. Healthcare CFOs
  3. Compliance directors
  4. Nursing Directors and Managers
  5. Therapy Directors and Managers
  6. Radiology Directors and Manager
  7. Billers
  8. Coders
  9. Practice Managers
  10. Accounts Mangers
  11. Analysts
  12. Other clinical and operational supervisors, managers, directors and VPs

About the Presenter:

Trey Malone has dedicated his career to understanding the intricacies of healthcare finance and teaching others how to understand the subject. He is able to adapt his language and terminology to explain complex issues to clinical and operational leadership, executive leadership and accounting and financial staff by meeting the students where they are in their knowledge of healthcare finance. 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.

After Registration

You will receive an email with login information and handouts (presentation slides) that you can print and share to all participants at your location.

System Requirement

Operating System: Windows any version preferably above Windows Vista & Mac any version above OS X 10.6
Internet Speed: Preferably above 1 MBPS
Headset: Any decent headset and microphone which can be used to talk and hear clearly

Can’t Listen Live?
No problem. You can get access to On-Demand webinar. Use it as a training tool at your convenience.

For more information you can reach out to below contact:
Toll-Free No: 1-302-444-0162
Email: support@skillacquire.us

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