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. What would you like to do?
What are 5 things that fundamental documents accomplish?
- 1. Drive future decisions
- 2. Advertise to public what they can expect in clear, concise statement
- 3. Guide internal politics
- 4. Provide corporate identity consistent with community needs
- 5. Inform members of organization on standards for decision making
What are 4 things mission statement should specifiy?
- 1. Who we are
- 2. Community (geographic, demographic, financial group)- who we serve
- 3. Service provided- what sets us apart from competition
- 4. Financing
Broad mission vs narrow mission of financing:
- 1. Broad mission: provide services to paying public at lowest price consistent with long term financial needs & provide charity care to community
- 2. Narrow mission: services will be provided to all those who demonstrate sufficient resources
Mission, vision, values --> ____ --> _____ --> _____
- strategic plans --> long range financial plans
- --> environmental assessment
consistent guide to be followed under given set of circumstances
methods used to put policies into action in day to day operations
What are 3 objectives of P & P?
- 1. Enunciate corporate mission
- 2. Delineate ethical, strategic, and organizational parameters
- 3. Framework for mgmt decision making
5 basic elements of P & P manual?
- 1. scope of services
- 2. facility operations
- 3. employment related policy & procedures
- 4. emergency preparedness, safety, & infection control
- 5. pt care/best practices
Job cycle: ___ --> ____ --> _____ --> _____ --> ____ --> _____ -->
objectives --> job ID --> job analysis --> job description --> performance mgmt --> outcomes -->
- Objective: what needs to be done
- ID: who/what will do job
- Analysis: when/where job will be done
- Description: how job will get done
- Measurement: how well job is done
- Outcomes: why did we go through all of this
What are 3 elements of performance standards?
- 1. how duties are performed
- 2. how performance will be measured
- 3. benchmarks for performance
What are 4 potential outcomes of review process?
- 1. Feedback
- 2. Rewards- monetary, promotion, recognition
- 3. Development/remediation
- 4. Termination
What are 4 things commonly included in financial plan?
- 1. Budget
- 2. Goals for spending & saving future income
- 3. Allocates future income to various expenses
- 4. Reserves some income for short & long-term savings
What are 4 fiscal life stages?
- 1. Foundation
- 2. Accumulation
- 3. Conservation
- 4. Distribution
What are 4 things that affect foundation fiscal stage?
- 1. attitudes
- 2. values
- 3. hx
- 4. environment
What occurs during conservation fiscal stage?
Make decisions differently bc older & have less time to make up for mistakes
What occurs during distribution fiscal stage?
Senior part of life; give gifts, donations, wills/trusts
3 ways to earn money:
- 1. Affiliation: marriage, inheritance, gift
- 2. Effort of work
- 3. Make your money work for you: savings, investing, buy stocks, savings
- S: Specific
- M: Measurable
- A: Acceptable
- R: Results
- T: Time bound
Financial planning cycle: ____ --> ____ --> ____ --> ______ -->
Goal --> assess/analyze --> solutions --> implement --> review/revise -->
Process by which businesses adjust future expectations based on recent actual performance resulting in production of an updated forecast document
What are 2 other names for income statement?
budget sheet, P & L (profit & loss) statement
- -snapshot of financial strength & capabilities of specific point in time
- states what business is worth
- current: asset that can be converted into cash within a year
- fixed: may take a long time to convert into cash (ex: building, furniture, equipment)
- current: thing you know you'll pay for within the year
- long-term: loans, mortgages, etc
what owners have stake in the business
Assets = ____ + ____
liabilities + owner's equity
Statement of cash flow:
- -reports inflows & outflows of cash
- -shows changes over time
- -tells you about health of company
Assets & expenses: ___ credit & ____ debit
decrease credit, increase debit
Liabilities, income, & equity/capital: ____ credit & ____ debit
increase credit, decrease debit
5 elements of accounting:
- 1. asset accounts
- 2. liability accounts
- 3. equity accounts
- 4. income accounts
- 5. expense accounts
- -supplies: accounts payable
- -customers: accounts receivable
- -general: 5 elements of accounting
- income & expenses recorded when money is received or dispersed
- -fails to match revenues & expenses
- -income reported when sale is made whether or not you received money for it
- -expenses reported when goods received, not when payment made
Cash flow tracking vs accrual:
-cash flow is better for recording income & expenses except for long-term revenues
Day sales outstanding= ___ /____ x ____
What does it measure?
- Accounts receivable / invoiced sales in period x days in period
- Measures how long it takes to get paid for a service delivered
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