Financial Data Analysis
Financial Data Analysis
Tracey White
HCS/577
April 15, 2013
David Mier
Financial Data Analysis
In addition to delivering health care of the highest quality, another main goal of a health care organization is to remain profitable and viable through effective financial management. In an effort to do so, members of administration along with the Chief Financial Officer (CFO) work diligently in attempting to maintain and sustain a successful health care organization by monitoring the flow of cash (in and out) in accordance to GAAP (Generally Accepted Accounting Principles), while ensuring the needs and wants of the consumers are met. With this being the case, health care accounting skills are equally important in deciphering how to obtain and use historical financial information necessary to achieve the financial goals of the organization. Patton-Fuller Community Hospital is a for-profit facility, located in Northwest Valley; dedicated and committed to providing high quality, personalized, and compassionate care to the patients who are served. Opening its doors in 1975, Patton Fuller Community Hospital has grown to a capacity of a 600-bed facility offering service health care to the surrounding communities. With the majority of their revenue resulting from inpatient encounters (80%), this facility favorably draws revenue from other outpatient services including emergency services.
Unfortunately, in 2009, due to declines in stock and real estate markets, Patton- Fuller Community Hospital began to see significant changes in the overall financial decision making of the organization. Financial statements and balance sheets from 2008 and 2009 were drawn to examine the comparable changes that resulted in reassessing company investments. Favorable decisions made by the Board and the CFO, which despite the uneven economy provided this organization the confident to be successful in the future years to come.
In an effort to
Tracey White
HCS/577
April 15, 2013
David Mier
Financial Data Analysis
In addition to delivering health care of the highest quality, another main goal of a health care organization is to remain profitable and viable through effective financial management. In an effort to do so, members of administration along with the Chief Financial Officer (CFO) work diligently in attempting to maintain and sustain a successful health care organization by monitoring the flow of cash (in and out) in accordance to GAAP (Generally Accepted Accounting Principles), while ensuring the needs and wants of the consumers are met. With this being the case, health care accounting skills are equally important in deciphering how to obtain and use historical financial information necessary to achieve the financial goals of the organization. Patton-Fuller Community Hospital is a for-profit facility, located in Northwest Valley; dedicated and committed to providing high quality, personalized, and compassionate care to the patients who are served. Opening its doors in 1975, Patton Fuller Community Hospital has grown to a capacity of a 600-bed facility offering service health care to the surrounding communities. With the majority of their revenue resulting from inpatient encounters (80%), this facility favorably draws revenue from other outpatient services including emergency services.
Unfortunately, in 2009, due to declines in stock and real estate markets, Patton- Fuller Community Hospital began to see significant changes in the overall financial decision making of the organization. Financial statements and balance sheets from 2008 and 2009 were drawn to examine the comparable changes that resulted in reassessing company investments. Favorable decisions made by the Board and the CFO, which despite the uneven economy provided this organization the confident to be successful in the future years to come.
In an effort to
References: Johnston, K., (2009). What is an income statement-revenue ans expenses explained. Retrieved April 16, 2013, from http://www.businessplanhut.com/what-income-statement-revenue-and-expenses-explained