How “Healthy” Is Your Center’s Departmental Financial Performance?

The current world in which health centers operate is complex and challenging with constantly changing policies, accounting standards, and compliance requirements. Also, more complications include limited resources, competitive funding, rigid reporting requirements, and high employee turnover. In a complex world, health centers need to understand their financial performance at a much more granular level than in the past. A health center’s ability to prepare departmental budgets and set up a working accounting and reporting framework to monitor its cost centers’ financial health can make the difference between operational success or failure.  This session will address the challenges usually faced by health centers when establishing departmental budgets and setting up cost center accounting, and what can be done to address those challenges. Presenters will discuss ways to utilize cost center accounting and monitoring to enhance financial viability and operational success of programs, including the development of departmental dashboards to monitor operating metrics and their impact on business performance.