Course Code: REL-PAC-0-AIFM
Hours: 2
Type: Online Course
Content Expiration Date: 7/31/2023
Learning Objectives:
Define common terms in financial management.
Identify generally accepted accounting principles in care settings.
Compare for-profit and not-for-profit accounting principles.
Recognize various forms of financial statements, including income statements, balance sheets, and cash-flow statements.
Distinguish between accounting controls such as cash receipts and cash disbursements.
Identify budgeting issues.
Review common contracts and agreements.
Identify insurance issues and plans.
List ways to be successful as a financial manager in a care setting.
Outline:
Hour One I. Introduction
a. Terminology
b. Check point Activity- Multiple choice questions
c. Seeing the “big picture”
d. Organizational breakdown
i. Resources for business owners
e. Domains of practice
i. Financial management policies and procedures comply with federal, state and local laws, rules and regulations
ii. Financial management policies and procedures comply with generally accepted accounting principles (GAAP)
iii. Develop, implement, and evaluate a budget
iv. Develop long term projections of revenue mix and expense
v. Monitor and comply with financial obligations
vi. Maintain appropriate insurance coverage
vii. Develop and implement a system to monitor and adjust financial performance
viii. Learning Engagement Activity: Excel spreadsheet interactive activity, Questions (multiple choice)
II. Compliance
a. Laws, regulations, and rules
b. Federal laws
i. Medicare
ii. Medicaid
iii. Health insurance portability and accountability act (HIPAA)
iv. Sarbanes-Oxley
v. Stark Law
vi. Check point-Multiple choice questions
III. Generally accepted accounting principles
a. Reports
b. Objectives
c. Revenue recognition
i. Accrual accounting
ii. For-profit and not-for-profit accounting
iii. Check Point-Multiple choice questions and short video
IV. Budgeting and financial performance
a. Budgeting overview
b. Types of budgets
i. Operating
ii. Capital
iii. Development
iv. Construction
c. Budgeting Methods
i. Fixed
ii. Activity
iii. Zero-Based
iv. Learning Engagement Activity: Match the budget
d. Budgeting Process
i. Assess the environment
ii. Programming
iii. Operating the budget
iv. Cash vs. capital budget
V. Developing a budget
a. Key variables
b. Common terms
c. Chart of accounts
i. Assets
ii. Liabilities
iii. Capital
iv. Revenues
v. Expenses
vi. Fund accounts (non-profit)
vii. Learning Engagement Activity: Match the type of account
d. Profit margin
i. Ratio of income to sales
ii. Gross profit
iii. Net profit margin
e. Cash Flow
f. Depreciation
g. EBITAR
i. Earnings before interest depreciation amortization and deferred taxes
h. Costs
i. Variable
ii. Fixed
iii. Direct
iv. Indirect
i. Mix
i. Revenue
ii. Payment
j. Turnover
k. Revenue
i. Forecasting
ii. Service
l. Expenses
i. How expenses differ from cost
m. Check point-multiple choice questions Hour Two
VI. Accounting controls
a. Cash receipts
b. Cash disbursements
c. Petty cash
d. Payroll
e. Gifts
f. Fixed assets
VII. Learning Engagement Activity: Questions (multiple choice)
VIII. Segregation of duties
IX. Monitoring financial performance
a. Revenue management
b. Purchasing and expense management
c. Financial performance management
d. Cash management
e. Benchmarking
f. Learning Engagement Activity: Questions (multiple choice)
X. Financial Statements
a. Financial
b. Income
c. Balance sheet
d. Cash flow
e. Learning Engagement Activity: Match the statement
XI. Income statement sections
a. Operating/non-operating sections
i. Expenses
ii. EBITDA
iii. Financial indicators
1. Surplus or deficit
2. Budget vs. actual
3. Net operating income
XII. Functional expense ratios
a. Interest coverage
b. Balance sheet
c. Description
d. Acid test
e. Working capital/current ratio
i. Cash flow statement
ii. Inflows and outflows
f. Learning Engagement Activity: video on ratios and Questions (multiple choice)
XIII. Insurance, contracts, and agreements
a. Contracts/agreements
i. Contracts
1. Professional
2. Vendor
3. Resident
ii. Insurance requirements
1. Insurance
a. Property and casualty
b. Professional liability
c. Auto/vehicle
d. Employee health
e. Directors and officers (D&O)
XIV. Budget strategies
a. Performance management
i. Employee performance
ii. Turnover cost
b. Small business
i. Automate accounting
ii. Tax preparation
iii. Co-mingling of cash
iv. Petty cash expenditures
v. Receipt management
XV. Conclusion and summary
XVI. Final Exam (Posttest)
Instructor: Cynthia McDaniel, MSN, RN
Cynthia McDaniel MSN RN, is a nurse and administrative consultant in long term care. She is the CEO of ElderWise Inc, a senior living consulting and education group. Cynthia has worked as a nurse consultant for the States of Oregon and Washington, a geriatric care manager, a regional director of clinical operations for a senior living company, and an assistant professor at Oregon Health & Science University School of Nursing. Her research in assisted living focused on the characteristics of residents in assisted living communities and the role of the nurse in assisted living. Cynthia holds a Master's of Science in Nursing from Gonzaga University in nursing education. She is a Fellow of the Sigma Theta Tau/John A. Hartford Foundation Geriatric Nursing Leadership Academy.
Disclosure: Cynthia McDaniel, MSN, RN has no Relevant Financial or Non-Financial Relationship with ineligible companies to disclose.
Instructor: Holly Carlson, MS, RN, CCRN
Holly Carlson, MS, RN, CCRN, was a subject matter expert for Relias. She has 25 years of healthcare experience in both acute and post-acute healthcare environments. Her experience includes leadership and management across the healthcare spectrum. She has owned and operated an assisted living business. Carlson's clinical practice includes acute care, long-term acute care, home health and hospice. Carlson has served for over a decade in various board positions for State Nursing Associations, including president. She has been a nurse planner for multiple continuing education events and has experience as a leader in the design and implementation of an ANCC-CNE accredited approver unit for a multi-state nursing consortium. Carlson is certified as Critical Care Registered Nurse.
Disclosure: Holly Carlson, MS, RN, CCRN has no Relevant Financial or Non-Financial Relationship with ineligible companies to disclose.
Relias Learning will be transparent in disclosing if any commercial support, sponsorship or co-providership is present prior to the learner completing the course.
Relias Learning has a grievance policy in place to facilitate reports of dissatisfaction. Relias Learning will make every effort to resolve each grievance in a mutually satisfactory manner. In order to report a complaint or grievance please contact Relias Learning at support@reliaslearning.com.
All courses offered by Relias Learning, LLC are developed from a foundation of diversity, inclusiveness, and a multicultural perspective. Knowledge, values and awareness related to cultural competency are infused throughout the course content.
To earn continuing education credit for this course you must achieve a passing score of 80% on the post-test and complete the course evaluation.
Course Delivery Method and Format
Asynchronous Distance Learning with interactivity which includes quizzes with questions/answers, and posttests.