Accounting for Healthcare Professionals

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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[@N.KikkeriMD-AffordableSurgery]

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

[@ahealthcarez]

Thank you for watching.

[@jrjames5148]

Solid as always doctor!

[@ahealthcarez]

Thank you for your feedback.

[@rinasiuta]

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

[@ahealthcarez]

Thank you for watching and for your feedback.

[@evanjames3011]

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]

Good idea. Thank you for watching.

[@brockg7546]

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

[@ahealthcarez]

Thank you for your feedback.

[@moonasphere]

Thank you!

[@ahealthcarez]

Thank you for watching.

[@MJPerformance88]

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

[@ahealthcarez]

Thank you for your comment.

[@MJPerformance88]

I appriciate that. Thank you!@@ahealthcarez

[@joewhite8978]

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]

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]

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

[@thatwasinteresting3319]

@@ahealthcarezto hide their administrative bloat

[@JamieT-sh2dj]

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[@JamieT-sh2dj]

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

[@ahealthcarez]

Thank you for your suggestion.