Finance, Budgeting, and Analysis Made Simple for Long-Term Care

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Finance, Budgeting, and Analysis Made Simple for Long-Term Care

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Finance, Budgeting, and Analysis Made Simple for Long-Term Care

Brian Garavaglia, PhD

SNFs and nursing homes today face far more competition from alternative long-term care communities such as assisted living facilities and home health agencies. These facilities must focus on quality and exercise prudent expense management to achieve sustainable profit margins if they hope to stave off this competition and remain profitable.

However, many individuals entering a leadership position in the long-term care industry and faced with managing a business budget have limited or no formal training in accounting, finance, budgeting, or statistics.

Finance, Budgeting, and Analysis Made Simple for Long-Term Care will provide readers with the financial and decision-making skills they need to achieve quality and compliance on dwindling profit margins.

After finishing this book, readers will be able to:

  • Apply important financial and budgetary principles to address current cost issues, adequately manage the facility’s finances and anticipate future capital-based needs
  • Understand how to calculate per patient days to provide a detailed interpretation of the daily budget and monitor costs
  • Identify the core concepts of analytics to measure the facility’s status in a streamlined fashion
  • Understand how to interpret service contract terms for efficient negotiation and positive financial impact
  • Apply real-world examples and case studies that illustrate effective finance and budgeting management
  • Download all the forms necessary for successful budget management

About the Author:

Brian Garavaglia, PhD, is a long-term care administrator, gerontologist, consultant, author, and educator. He has 27 years of experience in healthcare, especially in dealing with older adults in the long-term care setting. He currently works as a nursing home administrator in Michigan and is also affiliated with colleges and universities within Michigan and Arizona.

Published: May 2018

Page Count: 252
Dimensions: 8.5x11
ISBN: 978-1-68308-683-3

Table of Contents

Chapter 1: The General Accounting Procedure
Chapter 2: Financial Statements
Chapter 3: The Financial Captain: The Balance Sheet
Chapter 4: The Accounting Cycle
Chapter 5: Inventory
Chapter 6: Planning and Budgeting
Chapter 7: Cost Containment in Long-Term Care
Chapter 8: PPDs as the Benchmark for Measurement
Chapter 9: Labor Costs
Chapter 10: Cost Saving Strategies for Multiple Departments
Chapter 11: Medicaid, Medicare, and Third-Party Payment
Chapter 12: Financial Implications for Insurance Policies
Chapter 13: Consolidated Billing and the MDS
Chapter 14: Using Analytics as a Foundation for Quantitative Management
Chapter 15: Common Quantitative Analytical Techniques for Healthcare Administration
Chapter 16: Correlation: The Importance of Measuring Relationships Between Variables
Chapter 17: Additional Analytical Tools for Healthcare Management
Chapter 18: The Time Value of Money and Forecasting
Chapter 19: Planning Through the Use of Networks
Chapter 20: Basic Economic Principles
Chapter 21: Negotiating Service Contracts to Minimize Financial Risk