Overview
This book introduces nonfinancial managers to the fundamental concepts and skills necessary to cost-effectively manage operations.The book contains black-and-white illustrations.
Synopsis
"No margin—no mission." Concurring with this motto, the author states that without effective financial management (the margin) hospitals and other healthcare providers cannot fulfill their mission of offering needed medical services to their communities. Nowicki, whose vita includes positions in academe and healthcare administration and financial management consulting, discusses the context of healthcare's unique pluralistic funding; specifics of its operating revenue and working capital; resource allocation planning; and future trends such as Healthy People 2010, the US government's strategic plan. Includes recommended readings and a useful glossary and translation of healthcare acronyms. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Eleanor V. Howell
This textbook is designed to replace the out of print classic text, The Financial Management of Hospitals by Berman, Weeks and Kukla (Health Administration Press, 1994). Using a broad survey approach, the author provides an overview of the basic financial management and financial accounting topics relevant to hospitals and other types of healthcare organizations. The book is an introduction to healthcare financial management principles and practices. Managers and undergraduate and graduate students in healthcare administration who possess basic competency in economics, accounting, and statistics will find the textbook useful. Financial management topics are divided into five sections: organizational and environmental context of financial management, operating revenue, working capital, resource allocation, and financial analysis. There is an additional section on trends in regulatory and policy options influencing healthcare. Financial and managerial accounting concepts and tools include financial statements, cost behaviors, cost allocation, pricing, planning, and budgeting. Other topics are working capital management (including accounts receivable and inventory management), capital budgeting, and financial performance analysis. Each section includes a list of current and classic references for additional readings on the topics. Also provided is a glossary of terms, a list of abbreviations, and an appendix of terms, principles, and concepts related to economics, accounting, statistics, and healthcare operating analysis indicators. The text is short, readable, and with the emphasis on context and policy decisions impacting healthcare, is a good overview for practicingmanagers without a degree in health services. Beginning students may find the discussion of financial principles and practices too brief. In comparison to other recent introductory texts (i.e., Gapenski et. al's Healthcare Finance: An Introduction to Accounting and Financial Management (AUPHA/HAP, 1999); Zelman et. al's Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts, and Applications (Blackwell Science, 1998)), concepts are not addressed in-depth or as well illustrated. For example, the concept of cost behaviors is described in four sentences with no illustration of the concept. The budgeting chapter contains few examples. However, a workbook of practice problems and cases that may be purchased separately complements the text.
Editorials
Eleanor V. Howell
This textbook is designed to replace the out of print classic text, The Financial Management of Hospitals by Berman, Weeks and Kukla (Health Administration Press, 1994). Using a broad survey approach, the author provides an overview of the basic financial management and financial accounting topics relevant to hospitals and other types of healthcare organizations. The book is an introduction to healthcare financial management principles and practices. Managers and undergraduate and graduate students in healthcare administration who possess basic competency in economics, accounting, and statistics will find the textbook useful. Financial management topics are divided into five sections: organizational and environmental context of financial management, operating revenue, working capital, resource allocation, and financial analysis. There is an additional section on trends in regulatory and policy options influencing healthcare. Financial and managerial accounting concepts and tools include financial statements, cost behaviors, cost allocation, pricing, planning, and budgeting. Other topics are working capital management (including accounts receivable and inventory management), capital budgeting, and financial performance analysis. Each section includes a list of current and classic references for additional readings on the topics. Also provided is a glossary of terms, a list of abbreviations, and an appendix of terms, principles, and concepts related to economics, accounting, statistics, and healthcare operating analysis indicators. The text is short, readable, and with the emphasis on context and policy decisions impacting healthcare, is a good overview for practicingmanagers without a degree in health services. Beginning students may find the discussion of financial principles and practices too brief. In comparison to other recent introductory texts (i.e., Gapenski et. al's Healthcare Finance: An Introduction to Accounting and Financial Management (AUPHA/HAP, 1999); Zelman et. al's Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts, and Applications (Blackwell Science, 1998)), concepts are not addressed in-depth or as well illustrated. For example, the concept of cost behaviors is described in four sentences with no illustration of the concept. The budgeting chapter contains few examples. However, a workbook of practice problems and cases that may be purchased separately complements the text.Booknews
Employs a straightforward and nontechnical approach to financial management concepts and applications in healthcare, focusing on healthcare settings beyond the traditional hospital. Provides background information on the industry of healthcare financial management, and covers concepts and skills such as tax status, third- party payment, Medicare and Medicaid, and budgeting. Includes a glossary. Ideal for non-financial managers in healthcare organizations and introductory finance students. Annotation c. by Book News, Inc., Portland, Or.From The Critics
Reviewer: Eleanor V. Howell, PhD, RN(Creighton University School of Nursing)Description: This textbook is designed to replace the out of print classic text, The Financial Management of Hospitals by Berman, Weeks and Kukla (Health Administration Press, 1994). Using a broad survey approach, the author provides an overview of the basic financial management and financial accounting topics relevant to hospitals and other types of healthcare organizations.
Purpose: The book is an introduction to healthcare financial management principles and practices.
Audience: Managers and undergraduate and graduate students in healthcare administration who possess basic competency in economics, accounting, and statistics will find the textbook useful.
Features: Financial management topics are divided into five sections: organizational and environmental context of financial management, operating revenue, working capital, resource allocation, and financial analysis. There is an additional section on trends in regulatory and policy options influencing healthcare. Financial and managerial accounting concepts and tools include financial statements, cost behaviors, cost allocation, pricing, planning, and budgeting. Other topics are working capital management (including accounts receivable and inventory management), capital budgeting, and financial performance analysis. Each section includes a list of current and classic references for additional readings on the topics. Also provided is a glossary of terms, a list of abbreviations, and an appendix of terms, principles, and concepts related to economics, accounting, statistics, and healthcare operating analysis indicators.
Assessment: The text is short, readable, and with the emphasis on context and policy decisions impacting healthcare, is a good overview for practicing managers without a degree in health services. Beginning students may find the discussion of financial principles and practices too brief. In comparison to other recent introductory texts (i.e., Gapenski et. al's Healthcare Finance: An Introduction to Accounting and Financial Management (AUPHA/HAP, 1999); Zelman et. al's Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts, and Applications (Blackwell Science, 1998)), concepts are not addressed in-depth or as well illustrated. For example, the concept of cost behaviors is described in four sentences with no illustration of the concept. The budgeting chapter contains few examples. However, a workbook of practice problems and cases that may be purchased separately complements the text.
3 Stars from Doody