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Forward2023-2025 Advanced Physician Leadership - 20240418 Session 3
TOPIC:
AN INTRODUCTION TO FINANCIAL DECISION MAKING
INSTRUCTOR:
Mike Vetsuypens, PhD
PREPARATION:
As background reading, please read (ideally before the seminar, but doctors are busy people, so if time is tight, afterwards is OK also) “A Primer on Hospital Accounting and Finance for Trustees and Other Healthcare Professionals”, fourth edition, by Felix Kaufman.
Target Audience
Physicians
Learning Objectives
Session 1: The Manager’s Guide to Financial Statements
- Introduce financial statements: the income statement, the balance sheet, the cash flow statement, and what managers can learn from each.
- Discuss financial analysis: the key financial ratios and the insights each gives into the financial performance of the organization.
- As an illustration, we will look at a set of (slightly fudged) hospital financial statements.
Session 2: Short-Run decision making relevant costs and break-even analysis.
- Analysis of cost behavior and cost-volume-profit relationships.
- Understanding and calculating Break-Even Points and Contribution Margins.
- Application of relevant costing principles to decisions involving pricing and patient volumes.
Session 3: Time Value of Money and the Evaluation of Major Development Projects.
- Introduce the concepts and techniques of discounted cash flow (DCF).
- Develop practice in recognizing relevant cash flow components.
- Introduce or reinforce the mechanics of NPV and IRR.
DISCUSSION TOPICS:
• Managers Guide to Financial Statements
• Financial Analysis, Earning and Cash Flows
Mike Vetsuypens, PhD
*This content is not related to products or business lines of an ACCME-defined commercial interest
**There are no relevant financial relationships with ACCME-defined commercial interests for anyone who was in control of the content of this activity
This activity has been planned and implemented in accordance with the accreditation requirements and policies of the Accreditation Council for Continuing Medical Education through the joint providership of the A. Webb Roberts Center for Continuing Medical Education of Baylor Scott & White Health and SMU Cox School of Business. The A. Webb Roberts Center for Continuing Medical Education of Baylor Scott & White Health is accredited by the ACCME to provide continuing medical education for physicians.
Credit Designation
The A. Webb Roberts Center for Continuing Medical Education of Baylor Scott & White Health designates this live activity for a maximum of 7.5 AMA PRA Category 1 Credits™. Physicians should only claim the credit commensurate with the extent of their participation in the activity.
Available Credit
- 7.50 AMA PRA Category 1 Credit™The A. Webb Roberts Center for Continuing Medical Education of Baylor Scott & White Health is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.
- 7.50 Attendance