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PubMed1990

Capital management balances charitable, financial goals.

Effective capital management allows not-for-profit healthcare organizations to make investment decisions that fulfill their missions and meet financial goals. The process involves identifying components of the hospital's value and creating policies aimed at maximizing it; determining the hospital's ability to produce financial capital; and developing a process for allocating this financial capability among the components of value. Once this is completed, hospitals should determine criteria that balance charitable and financial goals, enabling them to pursue sound investments.

Capital Expenditures↗
PubMed1987

Understanding the medical records department improves efficiency.

To asses the efficiency and effectiveness of the medical records department, financial managers need to first learn and understand its internal operations. While some of the tasks, such as coding, filing, and transcribing appear basic, they are all critical factors in avoiding congested workflows and backlogs that could easily result in inaccurate and late payments to the hospital. By asking the right questions and recognizing areas needing improvement, financial managers can help enhance productivity and thereby improve the financial health of the healthcare organization.

Abstracting and Indexing↗
PubMedDate not supplied

Laboratory manager's financial handbook. The laboratory's importance to the financial stability of a health-care organization.

From a financial standpoint, one of the most valuable assets in the survival of a health-care organization is the clinical laboratory. Laboratory directors, managers, and supervisors have indicated their overwhelming need to understand finance, especially cost management, to CLMA and to the author at national meetings and workshops, Tremendous financial pressures are being applied in health-care organizations across the country. Two strategic factors in their successful move into the 21st century are more appropriate test utilization and cost control in the laboratory.

Accounting↗
PubMed1987

Reduce costs and generate revenue with telecommunications.

Financial managers are constantly faced with the pressures of running a cost efficient organization, and must look for new and innovative ways to reduce costs and generate revenue. Telecommunications can provide the financial manager with opportunities to save money and produce income. Ideas such as disposable or dispensible telephones, call tracking systems, and pay telephones can all become important steps to improving the financial health of an organization.

Cost Control↗
PubMed1987

Avoiding the legal pitfalls in negotiating service contracts.

Financial managers are playing an increasingly important role in the negotiation of hospital service contracts with vendors. However, many legal issues and provisions should be considered when negotiating these contracts. Financial managers will find that they will be able to negotiate much more effectively when they have a better understanding of the legal framework in which these contracts are drafted.

Commerce↗
PubMed1999

Debt-maturity structures should match risk preferences.

Key to any debt-maturity matching strategy is financing assets with the appropriate debt structure. Financial managers need to establish an optimal capital structure and then choose the best maturity-matching structure for their debt. Two maturity-matching strategies that are available to healthcare financial managers are the accounting approach and the finance approach. The accounting approach, which defines asset maturities as current or fixed, is a riskier financing strategy than the finance approach, which defines asset maturities as permanent or temporary. The added risk occurs because of the accounting approach's heavy reliance on short-term debt. The accounting approach offers the potential for lower costs at the expense of higher risk. Healthcare financial managers who believe the financing function should support the organization's operations without adding undue risk should use the finance approach to maturity matching. Asset maturities in those organizations then should be considered permanent or temporary rather than current or fixed, and the debt-maturity structure should reflect this.

Accounting↗
PubMed1986

Filing for bankruptcy: a sign of failure or hope for the hospital?

Hospitals that file for bankruptcy are usually viewed as admitting failure or defeat. However, bankruptcy can become a constructive financial management tool if used appropriately. Under Chapter 11 of the Bankruptcy Code, hospital management can use bankruptcy to reorganize the failing financial situation of the hospital into one that is financially stable and able to continue operations indefinitely.

Accounts Payable and Receivable↗
PubMed1988

Developing a planning model to estimate future cash flows.

Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

Accounting↗
PubMed1986

Inflation, risk, replacement, closure: concerns in capital budgeting.

Four problems can affect the capital budgeting process-inflation, replacement, risk, and closure. Therefore financial managers must consider these problems carefully when making capital budgeting decisions. This article is the second of a two-part series on capital budgeting in health care. It builds on the existing level of knowledge of capital budgeting to give the financial manager confidence in the use of capital budgeting techniques.

Budgets↗
PubMed1988

Improving hospital investments using a disciplined approach.

Financial managers can substantially improve their hospital's return on investment. But to ensure an increased return, a disciplined, step-by-step approach to making investment decisions should be used. By understanding liabilities, setting objectives and strategies, and monitoring results, financial managers can be assured that they are making sound business decisions.

Capital Financing↗
PubMed1994

Responsibility for retirement planning shifts to employees.

In recent years, organizations have shifted away from offering their employees defined benefit plans that promise specified income streams to employees when they retire. Instead, they are offering employees defined contribution plans, which rely on investment performance, as directed by plan participants, to generate sufficient retirement income. Healthcare financial managers who work in organizations that offer retirement plans for their employees find themselves increasingly prevailed upon to play the role of instructor to plan participants. While some financial managers may not relish the role, the more successful financial managers are at helping plan participants achieve their retirement income goals, the better the chance of healthcare organizations avoiding future liability problems.

Aged↗
PubMed1988

Retirement plan funding: how has legislation affected it?

Because of the changes in tax laws, accounting guidelines, and economic conditions, the "shelf life" of many retirement plans has expired. Financial managers need to examine the effects these changes have had on retirement plan funding, especially the effects the Omnibus Budget Reconciliation Act of 1987 has produced. By using an evaluation method that examines the basic issues involved in retirement plan funding, financial managers can determine whether or not their retirement programs can continue to meet hospital objectives. This is the last article in a series on retirement plans. The first article in this series discussed the issues that affect the design of retirement plans.

Financial Management↗
PubMed2004

Effects of participation in the Executive Leadership in Academic Medicine (ELAM) program on women faculty's perceived leadership capabilities.

PURPOSE: This study measured the impact of participation by women academics in the Executive Leadership in Academic Medicine (ELAM) program as part of a robust evaluation agenda. METHOD: The design is a classic pre/post, within-group, self-report study. The survey elicits self-perception about leadership in ten constructs: knowledge of leadership, management, and organizational theory; environmental scanning; financial management; communication; networking and coalition building; conflict management; general leadership; assessment of strengths and weaknesses; acceptance of leadership demands; and career advancement sophistication. The post surveys inquire additionally about perceived program usefulness. Data were collected from 79 participants (1997-98, 1998-99, and 2000-01 classes). Response rates were nearly 100% (pre) and 69% to 76% (post). RESULTS: Statistically significant increases (p <.01) in perceived leadership capabilities were identified across all ten leadership constructs. Gains were large in knowledge of leadership and organizational theory, environmental scanning, financial management, and general leadership. Gains in career building knowledge were large to moderate. More modest were gains in communication, networking, and conflict management. There were significant correlations between each leadership construct and perceived usefulness of the program. CONCLUSIONS: Significant improvements were reported on all leadership constructs, even when participants viewed themselves as already skilled. While it cannot be concluded that participation in ELAM directly and solely caused all improvements, it seems unlikely that midcareer women faculty would improve on all ten constructs in 11 months after program completion by natural maturation alone. Future research will investigate whether the changes are due to ELAM or other factors, and assess whether participants show more rapid advancement into leadership than comparable women not participating in ELAM.

Academic Medical Centers↗
PubMed1999

Debt management and financial planning support for primary care students and residents at Boston University School of Medicine.

Boston University Medical Center created the Office of Residency Planning and Practice Management as part of The Robert Wood Johnson Foundation's Generalist Physician Initiative. Since 1995, the office has improved the medical center's ability to promote and support the generalist career decisions of its students and residents by removing indebtedness as a disincentive. After a brief review of the relationship between indebtedness and specialty selection, the authors delineate the nature and volume of debt-management assistance provided by the office to students and residents through individual counseling sessions, workshops, and other means between April 1995 and March 1998. A case study shows the progression of these services throughout residency training. The medical center also coordinates its debt-management assistance with counseling from physician-oriented financial planning groups. In conclusion, the authors discuss several characteristics of a successful debt-management program for residents.

Boston↗
PubMed1995

The need to manage and reconcile capitation payments.

As capitation becomes a more common method of paying providers, healthcare financial managers must determine if these payments are being made correctly. The reconciliation process under capitation contracts is new for most financial managers. Standard industry conventions for payers and providers are needed to reduce the associated administrative costs for this type of payment. Recent efforts to create an American National Standards Institute (ANSI) X12 capitation payment standard have focused on provider information needs under capitated payment agreements. A solution is at hand if providers and payers can agree on a standard for reconciling capitation payments.

Capitation Fee↗
PubMed1986

Medical staff bylaws: protecting hospitals' financial viability.

The failure of physicians to comply with Medicare's new standards or the hospital's existing standards may cause the hospital to suffer financial losses. Medical staff bylaws are a way physicians can be made to work with the hospital to ensure its viability. Therefore, financial managers must become familiar with these bylaws and ensure that financial and quality issues are addressed.

Constitution and Bylaws↗