Healthcare Applications: A Casebook in Accounting and Financial Management
By Thomas McKee
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About this ebook
Financial issues are of paramount importance in today's rapidly changing and increasingly competitive healthcare environment. Healthcare managers must understand accounting and financial management concepts and be prepared to operationalize them in their organizations. Healthcare Applications: A Casebook in Accounting and Financial Management provides a series of practice exercises for analyzing, understanding, and applying these concepts across a wide range of healthcare settings. Healthcare Applications contains 56 short cases designed to link theory to practical, real-world application via active learning. Based on fictitious entities and individuals (unless otherwise noted), the cases cover basic concepts—such as how to record transactions, compute financial ratios, and prepare financial statements—as well as more advanced issues, such as the effects of healthcare regulation, the valuation of debt or equity securities, costvolumeprofit analysis, and capital budgeting. Each case features assignments or questions to enhance students' critical thinking and generate classroom engagement. Instructors can select case topics and difficulty levels that are most appropriate for their courses. The book's cases can be either assigned as out-of-class homework or used directly in class to introduce a topic or facilitate discussion.
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Healthcare Applications - Thomas McKee
Case 1.1: Blue Sky
Key concept: The role of accounting in healthcare
Jessica Nelson has an undergraduate degree in psychology from a fine university where the sky is always blue. Because of her interest in doing good deeds and helping society, she is considering a career as a hospital administrator and has been exploring the possibility of obtaining a master in health administration degree from a prestigious university near the beach. While studying the degree requirements, which were posted online, she noticed that one of the required courses was Healthcare Accounting.
Jessica has never had any business courses, does not know any accounting, and cannot quite understand why a hospital administrator would need to know accounting. She thinks a hospital administrator’s efforts should be focused on patient care.
You can help Jessica by explaining a number of concepts to her.
Questions
1. What parties are responsible for hiring the top management (e.g., CEO, CFO) of a hospital?
2. What is a major, regular source of financial information that the parties responsible for hiring a hospital’s top management receive at their periodic meetings?
3. What types of information are contained in financial statements prepared under generally accepted accounting principles (GAAP)?
4. Who are some other individuals who might want to use the information in the financial statements?
5. What specific decisions might the individuals you identified in the previous question make based at least partly on GAAP-based financial statements?
6. How would external reporting of GAAP-based financial statements differ for a nonprofit hospital compared to a for-profit hospital?
7. Name at least two government regulators who could demand financial information from a hospital, either nonprofit or for-profit.
8. A famous quote in healthcare circles is, No margin, no mission.
What does this statement mean, and how does it connect to healthcare accounting?
Case 1.2: Health Diagnostic Laboratory Inc.
Note: Although most cases in this book are based on fictitious organizations and individuals, this case is based on a real healthcare