Program Overview:
If you find balance sheets, income statements, ratio analysis and other financial concepts intimidating, you are not alone. Many healthcare professionals feel the same. However, in challenging and more competitive markets, leaders from every function within the organization must deepen their understanding of basic financial concepts. Why? The more you know about how your organization makes money and delivers value to stakeholders, the more you can identify ways to boost revenues, to contain costs, to best communicate ideas to achieve funding, to identify new resources, and to contribute to the organization’s sustainability in other ways. Healthcare and not-for-profit organizations are unique and complex business and financial models that require a deeper level of understanding. As a physician understands the critical functions of blood circulation in the body, an effective leader must understand the circulation of cash in the business world. Financial Acumen, maintaining and applying a broad understanding of financial management principals, represents a competency that a leader must possess to ensure that decisions are fiscally sound and responsible.
You Will Learn How To
- Apply general financial accounting principles to direct organizational actions.
- Read and evaluate financial statements and their applications.
- Assess the role of profitability, cash flow, risk, and cost drives in creating value.
- Accurately identify the potential financial impact of various strategies.
- Prepare, justify, and/or administer the budget for a program area.
- Effectively create and manage budgets.
- Monitor the overall performance of the organization and adjust the allocation of finances based on progress against goals.
- Best communicate ideas to achieve funding.
