Financial Matters For Health Care Professionals – hca270 (3 credits)
This course is designed as an introduction to the terminology, processes, functions, and financial reports commonly encountered in health care operations. This course introduces the concepts of basic managerial financial functions, such as budgeting, reimbursement methods, and the responsibilities of health care financial management.
Management’s Responsibility for Staffing
- Explain how costs are tied to staffing.
- Describe the difference between productive and nonproductive time.
- Calculate full-time equivalent (FTE) to annualize staff positions.
Inventory and Depreciation Concepts
- Discuss the interrelationship between inventory and cost of goods sold.
- Differentiate between LIFO and FIFO inventory methods.
- Define methods of computing book depreciation.
Time Value of Money
- Define time value of money.
- Identify the use of comparative data.
- Calculate financial ratios.
Analysis of Financial Statements
- Describe the components of financial statements.
- Identify the basic concept of cash flows.
- Explain the uses and limitations of financial statements.
- Describe the importance and use of budgeting.
Financial and Operating Ratios
- Calculate operating ratios.
- Define liquid, solvency, and profitability ratio.
Financial Implications of Technology
- Explain the importance of implementing technology in health care.
- Identify capital budget expenditures as they relate to technology.
- Identify costs and incentives of technology.
Introduction to Health Care Finance
- Define basic finance concepts.
- Compare the two types of accounting.
- Identify organizational financial reports.
Recognizing and Recording Financial Operations
- Identify sources of health care revenue.
- Classify balance sheet and income statement Items.
- Compute contractual allowances.
- Describe the difference between direct and indirect costs.
- Differentiate between fixed, variable, and semi-variable costs.
- Describe classification of costs.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.