Financial Growth In Allied Health Organizations

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Posted on 18th November 2011 by admin in Uncategorized

Growth in allied health organizations is often accompanied by an expansion of technology, plant and equipment well in advance of the ultimate receipt of cash from customers.  Growing organizations can avoid bankruptcy with careful financial planning concerning their liquidity and solvency in relation to growth.  The key is to focus on the long-term plans for cash.  It is often said that banks prefer to lend to those who don’t need the money.  Certainly banks do not like to lend to organizations who are desperate for money.  When studying how to become an accountant they teach the key to focus on long-term plans for cash.  A more sensible approach for expanding an allied health organization then going to the bank in March, would be to lay out a long-term debt plan for how much it expects to grow and what the cash needs are for that amount of growth.  The money can then be obtained from the issuing of bonds and additional shares of stock….or orderly bank financing can be anticipated and approved well in advance.

Apparently, even in a profitable environment cash flow projections are a real concern.  Liquidity and solvency are crucial to an organization’s viability.  In accounting of allied health organizations we return to the issues of liquidity, solvency, profitability, and expansion.  A substantial amount of emphasis in financial accounting is placed on providing the user of financial information with indications of any organizations liquidity and solvency.

Discovering the Right Nursing Options

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Posted on 14th November 2011 by admin in Uncategorized

How can you learn more about career opportunities in nursing?  Read nursing journals, and get out to career fairs!  Other ideas would be to use the internet and browse career sites that offer information about all the clinical and non-clinical specialties in nursing and attend conventions and continuing education classes related to various specialties.

Another good idea would be to talk to other nurses in your facility who work in different specialties or who do some unusual things like wound care, infection control, occupational health, education, or management.  Ask them about what they do, what the pros and cons are of their specialty, and how they got started.  When you encounter a nurse from an outside entity, like a transplant nurse or a research nurse, find out what his or her job is all about.

Try things that sound interesting to you.  This is how you find your niche.  Success is a journey.  I tried on many different hats before I figured out my career path.  I spent the first twenty years of my career trying different things, challenging myself, accumulating experiences, and discovering what I was good at and what I enjoyed doing.

My business places me in constant touch with nurses from all over the world.  talking to nurses in various specialties is a part of what I love about my job.  Even though I have considerable expertise in career opportunities for nurses, I am constantly meeting or talking to nurses who are doing something I haven’t heard of before – something interesting and innovative.  It is very uplifting to hear about all the ways and places nurses are making a difference.

Networking

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Posted on 9th November 2011 by admin in Uncategorized

There are opportunities to network virtually everywhere.  Since overcoming my fear of talking to people I don’t know, I have met some of the most interesting people in the most unusual places.  A trip to the beauty parlor once turned into a great networking opportunity.  I was sitting next to a woman and couldn’t help but overhear her conversation.  I suspected she was a nurse by the way she was talking and asked her if she was.  She looked at me quite surprised and said, “why yes, I am.”  We talked, and I learned a lot about hospice nursing, which was her area.  She gave me a unique insider’s perspective and we exchanged business cards and still stay in touch.  You will make amazing connections and learn a great deal if you take small risks, like I did that day, and talk to more people wherever you go.

Now you should be convinced that networking is important.  So how do you get started?  Networking involves talking to people and staying in touch with people, so start by setting a goal to introduce yourself and talk to at least one new person at the next meeting you attend.  Exchange contact information with him or her and stay in touch.  Introduce yourself by saying, “Hi, I am ______, an RN working in cardiac care at City General Hospital.  How about you?”  Or try starting with an icebreaker such as “Have you ever been to this even before?”  Usually the conversation will go from there.  With practice, you will eventually feel comfortable introducing yourself.

What is Financial Management?

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Posted on 1st November 2011 by admin in Uncategorized

This blog today focuses on health care accounting and finance.  accounting is a system for providing financial information.  It is generally broken down into two principal elements: financial accounting and managerial accounting.  Finance has traditionally been thought of as the area of financial management that supervises the acquisition and disposition of the organization’s resources, especially cash.

The financial accountant of your allied health organization is simply a historian who uses dollar signs.  An integral part of the financial accountant’s job is to report the health organization’s history from time to time to interested individuals (such as the government).  Usually the government requires an organization’s quarterly and annual reports.  When a student studies how to become an accountant, they learn how to prepare all these documents.

The managerial accountant of an organization does a slightly different job; It looks forward while a financial accountant looks backward.  Instead of reporting on what has happened, managerial accountants provides financial information that might be used for making improved decisions regarding the future.  In many health care organizations, the same individual is responsible for providing both financial and managerial accounting information.

Finance in Allied health fields has expanded significantly from the functions of borrowing funds and investing the excess cash resources of the firm.  In it’s broader sense, the finance function involves providing financial analysis to improve decisions that affect the wealth of the organization you work for.  Whereas the managerial accountant provides the information for use in analysis, the finance officer often performs the actual analysis.