Question 1
Preparing for the annual healthcare facility audit is a major undertaking. It consumes a considerable portion of the CFO's time and energy each year. Review the items presented in Exhibit 1.3 of your textbook, and consider which of these areas might be most susceptible to adjustments by the auditors. What can the facility's management team do to reduce audit adjustments in these areas?Your response must be at least 200 words in length.
Question 2
An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts, and briefly describe the procedure for each. Your response must be at least 200 words in length.
Question 3
The demand for healthcare administrators has gone up substantially over recent decades, as has the salary range for the position. The job of managing healthcare facilities has become more challenging and more important than ever before. How would you describe the dual purpose of financial management in health care today? Your response must be at least 200 words in length.
Question 4
It is important to understand the annual calendar of healthcare finance. Truly, everything that happens in this field is an annual cycle. Describe how healthcare managers begin to operate within this annual cycle, living within the finance committee and board of directors' calendar. Your response must be at least 200 words in length.