Healthcare Leadership Essentials - “I Can’t Be Out of Money. I Still Have Checks!”: Financial Literacy in Healthcare Organizations
In the complex and rapidly changing environment that is the U.S. healthcare system, it is vital that leaders at all levels of an organization understand the basics of healthcare finance and the critical role finance plays in supporting the mission and overall well-being of the organization. This activity, will focus on two key finance activities: financial reporting, and planning and budgeting. While the former provides a summary of the current financial status/performance of an organization, the latter focuses on creating a roadmap for future operations and ensuring that ongoing performance is consistent with organizational plans and goals.
At the conclusion of this activity, participants should be able to:
- Explain the importance of financial statements to leaders and external parties
- Describe the purpose and components of an income statement and balance sheet
- Assess the overall financial health of an organization using key indicators
- Describe the critical role of planning and budgeting in managing organizational performance