Recall that financial accounting focuses on communicating organizational-level data in the business’s financial statements aimed at external users, while managerial accounting focuses on creating comprehensive departmental plans and forecasts to be used internally by managers.
To perform a meaningful analysis of the three most common financial statements (income statements, balance sheets, and cash flow statements), health care managers must use financial ratios. Financial ratios are used to determine an organization’s profitability, asset management, and liquidity. They can also inform budgeting decisions and be used for comparative purposes (for example, to compare an organization’s current results to historical results or to the results of peer organizations).
For this assignment, you will interview a healthcare manager in an organization in your area. This could be a hospital department manager, a clinic manager, business office manager, or other setting. This person must be responsible for financial management and accountability. Be sure to include the following interview questions:
How does financial accounting enable you as a manager to record, summarize, and share financial information?
As a manager, what is an example of a fixed cost and a variable cost that you measure for your department?
How do you utilize a balance sheet in your ongoing operations?
What are the financial ratios that you utilize for effective monitoring of financial status?
Which of the budgeting techniques is used in your organization (fixed, flexible, incremental, or zero-based)?
Your submission should be a two- to three-page paper (not including the required title and references pages) and conform to APA standards and three scholarly references (peer-reviewed).
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