Healthcare Financial Analysis

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Folks,

Do we have anyone here working as an accountant/management accountant/ financial analysist in healthcare sector?

I am looking for a help from those who involved in this field.

I have been asked to come up with key performance indicators/ variance analysis/ management reports from my CFO.

Unfortunately I have no idea how to formulate any of the above. So if anyone has already drawn up any reports relating to financial analysis I would appreciate if u could share with me.

Thanks in advance...
 
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What type of financial figures are being analyzed? Variance is broad and can relate to a number of things (e.g., overhead variance, budget to actual variance etc...). There are a number of kpi's as well...that could be as simple as googling kpi's in healthcare financial analysis, but to give a more detailed response i need to know what youre analyzing...i apologize but mgmt reports are also vast...it sounds like your cfo has a communication problem or isnt sure what hes looking for....the biggest waste of time are reports that arent value added
 
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Sounds like a very broad task. Not sure how I would approach that...you could spin your wheels for a while and not hit the nail on the head.

I work at the corporate level for a healthcare management company. We run a very condensed key indicator report. Usually consists of stats like: admissions, patient days, avg daily census, avg LoS, surgeries, ER visits, OP visits.

We usually have those stats in line with prior year actuals for comparison. We also list a condensed P&L below those figures as well.

Again, this is a very condensed corporate-level report (we have multiple facilities). If you're working at a single facility, your CFO may want to see a wide range of other analysis. Salaries, supplies, insurance, etc. Could go on for days...my suggestion is to ask for a little guidance on what he/she is wanting to see.
 
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Thank you very much for your reply and inputs.

The problem is a proper analysis have never been done in our facility. The management wants a lead where they can measure the operational and financial performance ( apart from financial statements)

Therefore, to start of, I need a template. I need to know what kind of KPI's are generally prepared to measure the performance of a healthcare organization.

It's great to hear from someone engaged in healthcare financial management.

Even though above replies provide some guidance, I would appreciate if anyone can elaborate these stuff little further.

Thanks again..
 

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