Accounting for Healthcare Professionals

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AHealthcareZ - Healthcare Finance Explained

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Super Simple Accounting for Healthcare Professionals.
3 Financial Statements Explained:
1. Balance Sheet: Similar to an individual's 'Net Worth.' It is a 'snapshot' in time.
The balance sheet takes into account Assets, Liabilities and Shareholders Equity (or Net Assets if a Non-Profit Organization).
Examples of Assets are Cash, Buildings, Accounts Receivable and Investments.
Examples of Liabilities are unpaid Expenses, Accounts Payable and Debt.
2. Income Statement: Similar to an individual's personal 'Budget.'
The income statement is Revenue minus Expenses equals Profit.
Another name for revenue is 'Sales.'
Sales minus Cost-of-Goods-Sold (C.O.G.S.) equals Gross Profit
Gross Profit minus Operating Expenses (Sales, General & Administrative, Research & Development) equals Operating Income.
Operating Income minus Non-Operating Expenses (interest payments on Debt) equals Pre-Tax Income.
Pre-Tax Income minus Taxes equals Net Income = Profit = Earnings
3. Cash Flow Statement: Similar to an individual's 'Checking Account.'
There are several categories of money coming in to and leaving out of a 'Checking Account' for an organization.
Operating Activities.
Investment Activities.
Financing Activities.
Video includes an example of how an Income Statement can be 'spun' to make a hospital look 'poorer' than it actually is.
Sources:
• TraderLion 2023 Tradin...
www.springly.org/en-us/blog/n...
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Пікірлер: 22

@N.KikkeriMD-AffordableSurgery 11 ай бұрын

Thank you for this informative video, Great job-Nagaraj👍

@ahealthcarez 11 ай бұрын

Thank you for watching.

@evanjames3011 11 ай бұрын

Thank you, I hear some of these terms all the time in meeting. I will rewatch again next to let the terms sink again.

@ahealthcarez 11 ай бұрын

Good idea. Thank you for watching.

@jrjames5148 11 ай бұрын

Solid as always doctor!

@ahealthcarez 11 ай бұрын

Thank you for your feedback.

@rinasiuta 11 ай бұрын

Wow, you made it easy to understand. Thank you doctor👏🏽

@ahealthcarez 11 ай бұрын

Thank you for watching and for your feedback.

@brockg7546 8 ай бұрын

Have my subscription and like. That was well done and very helpful!

@ahealthcarez 8 ай бұрын

Thank you for your feedback.

@moonasphere 9 ай бұрын

Thank you!

@ahealthcarez 9 ай бұрын

Thank you for watching.

@MJPerformance88 5 ай бұрын

Thank you. I am working in medical writing and starting an accounting degree. This is a good choice.

@ahealthcarez 5 ай бұрын

Thank you for your comment.

@MJPerformance88 5 ай бұрын

I appriciate that. Thank you!@@ahealthcarez

@JamieT-sh2dj 11 ай бұрын

Would you be willing to create a video on Any Willing Provider laws?

@joewhite8978 11 ай бұрын

Hospitals do not show a COGS or SGA on lines on their Income statement. They just have operating expenses and non-operating expenses (interest expense). Most hospitals are struggling as inpatient revenue is shrinking and labor costs are increasing.

@ahealthcarez 11 ай бұрын

Thank you for your comment. Why do they not show COGS or SGA? Doesn’t HCA since it is a public company? Thank you for your help.

@Peace-yn4fu 11 ай бұрын

@@ahealthcarez - I appreciate your authenticity and willingness to embrace continual learning. GREAT work, sir!

@thatwasinteresting3319 4 ай бұрын

@@ahealthcarezto hide their administrative bloat

@JamieT-sh2dj 11 ай бұрын

Would you be willing to create a video on Any Willing Provider laws?

@ahealthcarez 11 ай бұрын

Thank you for your suggestion.