The primary objective of this course in financial management is to teach students how to use financial information to make decisions in health organizations. Its secondary objective is to help students develop their quantitative and communication skills.
This course looks at financial management as a process. The process begins with an organization developing a plan for the future. The organization then implements the plan and takes steps to control operations so as to keep to the plan. Finally, the organization reports the results of operations so that internal managers and outside observers can analyze the organization’s financial health.
The first half of the course focuses on managerial accounting: tools for developing, implementing, and controlling the plan. Major topics include operating budgets, cash budgets, capital budgets, long-term financing options, and variance analysis.
The second half of the course focuses on financial accounting: tools for reporting on and analyzing an organization’s financial position and the results of its operations. Major topics include the preparation of financial statements for non-profit organizations, and financial-statement analysis.