Financial, Accounting, and Economic Principles and Concepts

• Define generally accepted accounting principles and the conventions that modify the principles.
• Describe cost, revenue, productivity, and forecasting principles and methods.
• Analyze major financial risk factors and risk reduction strategies for health service/education organizations.
• Critique legal and regulatory issues related to financial resource management.

Business Plan Development

• Describe the essential components of a business plan.
• Create a business plan for a health service or educational unit, department, or program.

Business Plan Development, Continued

• Describe the essential components of a business plan.
• Create a business plan for a health service or educational unit, department, or program.

Budget Preparation and Monitoring

• Analyze budget variances and strategies for addressing these variances.
• Develop strategies for monitoring budgets.
• Create a budget as a component of a business plan.

Budget Preparation and Monitoring, Continued

• Analyze budget variances and strategies for addressing these variances.
• Develop strategies for monitoring budgets.
• Create a budget as a component of a business plan.

Financial Performance Analysis

• Assess financial performance of an organization or business unit using balance sheets, statements of revenues and expenses, statements of cash flows, and financial ratios.
• Evaluate the fiscal impact of health care professional shortages and general economic climate in the health care industry.