Monthly Finances and Reporting

1
Monthly Finances and Reporting

• Eric J. Johnson, CPA, CIA, MBA, MS
• Business Administrator
• Department of Pathology
• University of Oklahoma Health Sciences Center

2
Monthly Finances and Reporting

• Who wants to know
• What do they want to know
• How often do they want to know
• About Departmental Finances.
• How is it presented to them.

3
True Deposition in Texas

• Defining the Specialties
• This excerpt from the recent deposition of a
  doctor comes from Richard E. Hanson of Wichita
  Falls (Oldham Hanson). Q. But when it comes
  to a surgeon, youre kind of separate and
  distinct from all the other medical specialties
  that is, you actually go in and perform surgical
  procedures on the human body is that correct?
• A. Well, it brings to my mind an old aphorism.
  Internists, which is kind of what, in part, you
  know, gastroenterology is, they know everything
  but they dont do anything. Now, surgeons arent
  supposed to know anything, but they do it all.
  Now, pathologists know everything and do
  everything, but its all too late.

4
Last Year

• Establish an Internal Financial reporting system
• The Department is financially sound (and we now
  have reports to prove it!)

5
What do we report and to Whom?

• Allotment Accounts
• Faculty
• Residents
• Financial Statements
• Chair
• Vice-Chair
• Associate Vice-Chair
• Faculty

6
What do we report and to Whom?

• Pro-Forma
• Pathology Management
• Deans Office

7
How Often

• Allotment Accounts
• Quarterly
• Sooner if requested
• Financial Statements
• Monthly
• Pro-Forma
• Yearly

8
Types of Reports

• Allotments
• Quicken reconciliation
• Beginning balance
• Transactions
• Ending balance
• Cover page outlining the time period of
  reconciliation including a request to report any
  discrepancies immediately

9
Financial Statements for Department

• PeopleSoft Income Statement provided by Deans
  Office.
• PeopleSoft Income Statement adjusted for
  liabilities.

10
Financial Statements for Department

• Shadow system reporting
• 1 database for Accounts Receivable
• Aging Report for Contract Billing
• Item count

11
Accounts Receivable Aging
12
OUHSC - Department of Pathology 07/06/04 Sales by
Item Summary Accrual Basis January through
December 2003
13
Financial Statements for Department

• 1 database for financial statement reports
• Income statement for clinical operations
  monthly and YTD
• Budget Overview
• Budget vs. Actual
• Common Size Statements
• Month
• YTD

14
Financial Statements for Department

• Reports from IDX
• Charges
• Collections
• Charge Lag
• Ending A/R
• Days in A/R
• Total
• By Division

15
Whats my job?

• To make the Chairs job easier!!