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Accounting for Healthcare Professionals

Super Simple Accounting for Healthcare Professionals. 3 Financial Statements Explained: 1. Balance Sheet: Similar to an individual's 'Net Worth.' It is a 'snapshot' in time. The balance sheet takes into account Assets, Liabilities and Shareholders Equity (or Net Assets if a Non-Profit Organization). Examples of Assets are Cash, Buildings, Accounts Receivable and Investments. Examples of Liabilities are unpaid Expenses, Accounts Payable and Debt. 2. Income Statement: Similar to an individual's personal 'Budget.' The income statement is Revenue minus Expenses equals Profit. Another name for revenue is 'Sales.' Sales minus Cost-of-Goods-Sold (C.O.G.S.) equals Gross Profit Gross Profit minus Operating Expenses (Sales, General & Administrative, Research & Development) equals Operating Income. Operating Income minus Non-Operating Expenses (interest payments on Debt) equals Pre-Tax Income. Pre-Tax Income minus Taxes equals Net Income = Profit = Earnings 3. Cash Flow Statement: Similar to an individual's 'Checking Account.' There are several categories of money coming in to and leaving out of a 'Checking Account' for an organization. Operating Activities. Investment Activities. Financing Activities. Video includes an example of how an Income Statement can be 'spun' to make a hospital look 'poorer' than it actually is. Sources:    • TraderLion 2023 Trading Conference Da...   https://www.springly.org/en-us/blog/n... AHealthcareZ is 200+ Healthcare Finance Educational Videos. 💥 BOOK: Check out Dr. Bricker’s Book 16 Lessons in the Business of Healing here: https://www.ahealthcarez.com/healthca... AHealthcareZ Viewers Include: Employee Benefits Professionals, HR, CFOs, Insurance Brokers, Benefits Consultants, Doctors and Nurses in Leadership Roles, Hospital and Health System Administrators, Health Insurance Carrier and PBM Professionals, Pharma and Med Device Professionals, Academic Professors and Students in Healthcare Administration and Public Health. 90,000+ Views Per Month Across All Platforms. Visit AHealthcareZ.com to Subscribe to the Healthcare Finance Video Newsletter.