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Cost Accounting For Health Care Entities Training Class
Course ID: 12940
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Cost Accounting For Health Care Entities Training Seminar
We designed and developed this intensive three-day program specifically for accounting and cost professionals who serve health care entities. This program will give you a clear and concise grasp of health care cost accounting. You won't find a better program to show you how to effectively determine the true costs of determining the true cost of services and protocols. Now you can understand what it really costs you to deliver a product and maximize profitability at the same time. The most successful health care facilities truly understand the cost of their operations including managed care, Medicare and Medicaid, Emergency Services, pharmaceutical services and inventories, and other activities integral to your facility. You'll learn how to develop budgets and standards, track and determine the true causes of variances, and use the cost information as a profit enhancement tool Also, you will learn how to determine pricing for goods and services and make the best use of people, money and materials.
You will take a step-by-step walk through typical cost accounting procedures. You will solve realistic cost-process problems than can be immediately applied to your unique environment...comparing job-costing and process-costing procedures...determining how to apply direct costing techniques...and developing a master plan that coordinates accounting and budgeting.
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Agenda |
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Program Agenda:
Day One:
The International Business Environment
This section provides an overview of the strategic, tactical, and operational aspects of today's global health care entity. During this session, participants develop their specific learning objectives for the program, and gain an understanding of the benefits and limitations of cost analysis.
Overview of Cost Management
This section will provide an overview of the responsibility accounting environment, and the unique aspects of the needs and applications of cost information within the health care environment.
Fundamentals of Cost Accounting
Understanding what costs truly are, how they behave, and typical classifications of cost is the first step. In this section, you will learn the various objectives of effective cost accounting, what costs are, and the various classifications of costs including, total vs. conversion, Product vs. Period, direct vs. indirect, factory vs. corporate, fixed vs. variable, and much more.
Activity-Based Costing as an Effective Cost Accounting Tool
Activity-Based Costing (ABC) is the most effective cost methodology in existence. However, many companies fail to use this key tool due to the perceived incongruence with GAAP Accounting. . However, there are a number of ABC concepts which you can integrate into many of cost accounting techniques which will help tell you not only the "What" of service costs, but also "Why." In this section, you will learn how to use the concepts of ABC to move cost information from the tactical stage to the strategic level.
Day Two
Developing Standards as a Strategic Decision Support Tool
The development of cost standards has risen to an entirely new strategic level in many of today's health care organization. In order to effectively manage the unique challenges of a health care provider, you must be able to identify the true drivers of costs. The need for timely and realistic cost information now overshadows the use of standards strictly as a tool for service cost determination. The provider's need for reasonable total product cost to support strategic business decisions is greater than ever. These include service pricing, Medicare and Medicaid cost reimbursement reporting, determination of the true cost of protocols, service continuation and new service introduction. In this section, you will learn how to set standards that address not only external reporting requirements but provide a basis for key internal decision support.
Effective Determination of Joint- and By-Product Costs
Many companies, by the nature of their manufacturing processes, create certain products that are "spin-offs" of their core product lines. These "joint- or by-products" present cost professionals with a unique set of challenges. In this section, you will discuss situations in which a company would have joint costs. You will learn how to apply the various methods for allocating joint costs including net realizable value, physical unit's method, constant gross margin method, and relative cost method. You will also discuss the non-relevance of joint costs for decision making.
Developing the Target Cost Model
Your organization continually faces the issue of pricing a product to achieve a reasonable margin vs. the customer's level of perceived value and quality. This section provides the tools and insight essential to support the strategic decisions associated with engineering the product to meet specific cost limitations, pricing a product to achieve required levels of profitability, and the potential of line expansion or abandonment. You will learn how to augment the cost data typically presented in traditional cost reporting systems to support these key decisions.
Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of Product Cost Variances
Once you develop standards, you need to convert them into a powerful tool to support variance analysis. The true benefit of variance analysis is when management uses the results as a process-improvement tool. This section will go far beyond the typical cost of goods sold variances into the strategic world total product cost management. You will learn how to calculate those variances that are essential to strategic decision-support.
Day Three
Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of Product Cost Variances
Once you have developed standards, you then need to determine how variances will be calculated and reported to the level of management within the organization than can identify and eliminate the cause. Variances are powerful tools to identify needed change, and improved operations. The true benefit of variance analysis is when you use it as a process-improvement tool. This section will go far beyond the typical labor and material variances into the strategic world total product cost management. You will learn how to calculate those variances that are essential to strategic decision-support.
Fixed Assets and Cost Accounting
Today's cost accountants must know the impact of investments in fixed assets to the product cost structure. Using depreciation as a cost standard may lead to erroneous product cost and price determinations. In this section you will learn how to effectively for asset consumption costs, as well as alternatives to the common fixed asset costing techniques.
Assigning Service Department Costs to Determine Total Product Cost
If the use of ABC is not an option, this section will provide alternative methods of allocating traditional service costs, such as Finance and Accounting, Pharmacy, Dietary Services, Housekeeping, Laundry, Information Services, and Human Resources to the product to determine total product cost.
Developing the Capital Spending Budget and Justification Models
Is the investment in an additional fixed asset truly justified? Are you using the right tools to ensure the organization will maximize its investment in capital spending? In this section, you will learn how to develop the Capital Purchase Model, perform Lease/Purchase analysis, evaluate the potential benefit of Outsource v. Purchase decisions and other key analysis that are key to the maximization of the use of scarce capital resources.
Course Summary and Wrap-Up
This section provides you with the opportunity to address any specific issues with the total group as a resource, to review any specific issue or topic addressed in the program, or to just recap the benefits received from the program and the group as a whole. Your specific learning objectives are addressed and program evaluations are completed |
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Audience |
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This program is for anyone who needs to understand the nature and structure of the costs incurred during the process of delivering a health care products or services. It is aimed at those professionals with little or no cost accounting experience. Also, internal and external auditors, Cost Managers, Marketing Professionals who have a little or no product cost background, department heads, hospital management personnel, and anyone who needs to use understand the nature and purpose of product cost information
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Pre-requisites |
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Participants should have a basic knowledge of Accounting
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Cost Accounting For Health Care Entities Training Course Dates and Locations
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Course ID: 12940
| Course Duration: 3 Days
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Locations: |
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