By Dennis D., Stillman, Dennis M. Pointer
"Finally! The booklet that each one well-being care board contributors wanted yet have been afraid to invite for! these darkish days of gazing incomprehensible numbers in the course of board conferences, of frightened nodding whilst their financially-literate brethren make reviews or ask questions, of balloting on issues that they don't comprehend are long past! This publication is lengthy past due and may be learn by means of each trustee who's no longer a finance professional."--James E. Orlikoff, president, Orlikoff & affiliates, Inc. and government director, American Governance & management GroupAccounting for $1.4 trillion in costs (13.7 percentage of gross family product), future health care is likely one of the nation's greatest and quickest starting to be industries. This concise, expertly written primer on health and wellbeing care association finance is a nuts and bolts consultant to what has develop into each hospital's so much delicate subject. health and wellbeing care association board individuals needs to own uncomplicated monetary competence to manipulate successfully. This ebook might help them gather, simply and painlessly, the elemental monetary literacy crucial for discharging their roles and satisfying their fiduciary tasks.
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Additional info for Essentials of Health Care Organization Finance: A Primer for Board Members
From the inception of the program until 1983, hospitals were reimbursed for their costs of providing care as deﬁned by a complex set of regulations and formulas. They received estimated monthly payments that were adjusted at year end on the basis of a cost report submitted to the Health Care Financing Administration. Beginning in 1983, Medicare switched to a prospective payment system. A payment rate is assigned to approximately ﬁve hundred diagnosis-related groups (DRGs) according to the patient’s age, sex, principal and secondary diagnosis, procedure performed (if any), and discharge status.
Bond rating agencies and insurers, institutional lenders, accrediting organizations, foundations, major donors, the press, and the public are demanding far greater ﬁnancial accountability and transparency. As noted in Chapter One, a board has four core responsibilities, one of which is ensuring the organization’s ﬁnancial health. 1. Financial objectives must be grounded on, and ﬂow from, a board-formulated vision and management’s strategic plans. This forms the foundation for board oversight of ﬁnancial plans, ﬁnancial performance, and ﬁnancial controls.
The overarching obligation of a board is to ensure an organization’s resources and capacities are deployed in ways that beneﬁt its owners. Organizations are collections of resources: money, people, facilities, equipment, supplies, capabilities. They are means. Their end is beneﬁting those who own them. Boards make sure this is the case; this is the why aspect of governance. For nonproﬁt health care organization boards, the essence of the verb “governing” is advancing and protecting the interests of stakeholders, serving as their agent, and deciding and acting on their behalf.
Essentials of Health Care Organization Finance: A Primer for Board Members by Dennis D., Stillman, Dennis M. Pointer