Financial Accounting in Healthcare

Based on Chapter 2 – Financial Management – Health Care in Finance and the Mechanics of Insurance and Reimbursement

Identify and describe basic financial reports (i.e., income statements, cash flow statements, and balance sheets).
Compare and contrast basic financial reports (e.g., income statements, cash flow statements, and balance sheets).
As a future healthcare administrator, which of the basic financial reports do you feel will be the most important for you to know inside and out? Defend your response.
Identify and explain the different components of financial statements (i.e., revenue, expenses, and owner’s equity)
As a future healthcare administrator, why do you think it is important for you to understand the different components of financial statements? If you hold an administrative position that is not directly tied to organizational finances, would you feel the same?
Identify and discuss the necessary data needed to calculate and analyze basic financial ratios for a healthcare organization. Where would you obtain the data needed?