Assignment: Operational Basics for Financial Management
Overview
This section will review the details of operationalizing the healthcare finance information in an assisted living operation. The information will review:
*Financial Records
*Accounts Receivable
*Accounts Payable
*Risk Management
Reading:
Gapenski’s Textbook:
Chapter 7 – pages 184 – 205
Chapter 11 – pages 319 – 344
Chapter 12 – pages 350 – 377
Chapter 13 – pages 382 – 400
Instructor’s Notes:
YouTube Video:
Can You Pay for Assisted Living with Medicaid and Medicare (Web view)
https://www.youtube.com/watch?v=WJvRgcXc4GU (Web view)
Optional Reading:
Chapter 4 (pages 119 – 125) (127 – 130)“The Health Services Executive (HSE) – Olson, DM; Knapp, KR (2020)
Chapter 10 (pages 136 -172) – “Assisted Living Administration and Management – Yee-Melichar, D; Flores, C.; Boyler, AR (2021)
Assignment. Write a paper the responses to the items noted below. The paper can include other outside references, including the assigned textbook.
*Describe the role of the following reports for managing an assisted living facility:
*Monthly financial statement
*Monthly accounts receivable aging report
*Check registers
*Payroll journal
*What are the differences between the following:
*Balance Sheet
*Income Statement
*Cash flow statement
*What are the roles of the following positions in preventing losses of assets:
*External auditors
*Facility Bookkeeper
*Corporate Chief Financial Officer
Assisted Living Director
