Accounting for Healthcare Professionals

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  • čas přidán 22. 07. 2023
  • 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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Komentáře • 22

  • @N.KikkeriMD-AffordableSurgery
    @N.KikkeriMD-AffordableSurgery Před 10 měsíci +3

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

  • @rinasiuta
    @rinasiuta Před 10 měsíci +1

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

    • @ahealthcarez
      @ahealthcarez  Před 10 měsíci +1

      Thank you for watching and for your feedback.

  • @jrjames5148
    @jrjames5148 Před 10 měsíci +2

    Solid as always doctor!

  • @evanjames3011
    @evanjames3011 Před 9 měsíci +1

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

  • @brockg7546
    @brockg7546 Před 6 měsíci +1

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

  • @moonasphere
    @moonasphere Před 8 měsíci +1

    Thank you!

  • @MJPerformance88
    @MJPerformance88 Před 4 měsíci +1

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

  • @JamieT-sh2dj
    @JamieT-sh2dj Před 10 měsíci +1

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

  • @joewhite8978
    @joewhite8978 Před 10 měsíci +1

    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
      @ahealthcarez  Před 10 měsíci

      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
      @Peace-yn4fu Před 10 měsíci

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

    • @thatwasinteresting3319
      @thatwasinteresting3319 Před 2 měsíci

      @@ahealthcarezto hide their administrative bloat

  • @JamieT-sh2dj
    @JamieT-sh2dj Před 10 měsíci +1

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