Financial Management and Accounting for Healthcare Business

This course offers a specialized focus on financial management and accounting principles tailored for the healthcare industry. It provides students with an in-depth understanding of accounting functions, financial planning, cost management, and auditing within a healthcare context. Designed for those aiming to manage financial resources efficiently in hospitals, clinics, and healthcare organizations, this course equips students with the tools needed to make informed financial decisions, optimize costs, and enhance profitability in the healthcare sector.

Section 1: Introduction to AccountingIn this section, students will explore the basic functions and principles of accounting. Emphasis will be placed on the primary objectives of accounting in healthcare organizations, focusing on the importance of accurate financial reporting and compliance with industry regulations. By the end of this section, students will have a strong foundation in accounting, understanding the role it plays in the financial health of healthcare institutions.

Section 2: Accounting ConceptsThis section delves into the essential accounting concepts and conventions, with a specific focus on how they apply to healthcare businesses. Students will learn about the accrual basis of accounting, matching principles, and consistency in financial reporting. The section also covers the different books of accounting, and introduces students to the audit process, helping them understand the importance of financial transparency and control in healthcare organizations.

Section 3: Profit & Loss AccountHere, students will gain a comprehensive understanding of the Profit and Loss (P & L) account and its significance in healthcare organizations. This financial statement is vital for evaluating the profitability and performance of healthcare providers. The section will explore the components of a P & L account, including revenues, expenses, and net profit or loss, while also discussing deferred revenue expenditure and its implications for healthcare business operations.