Nursing Home Administration, 8th Edition
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Copyright Dedication Preface Springer Publishing Resources Part 1: Learning How to Manage the Healthcare Organization Part 2: Understanding the Departments and Managing Human Resources 2.1: Organization of the Nursing Facility and its Staff 2.2: Identifying Human Resources Functions 2.3: Planning Employment Needs: Writing Job Descriptions 2.4: Forecasting Future Employment Needs 2.5: Recruiting Employees 2.6: Hiring Staff 2.7: Training Staff 2.8: Retaining Employees 2.9: Evaluating Employees 2.10: Paying Employees 2.11: Disciplining Employees
Part 3: Learning to Manage the Organization’s Finances 3.1: The Administrator’s Role as Financial Manager 3.2: Generally Accepted Accounting Principles 3.3: Two Approaches to Accounting: Cash Accounting and Accrual Accounting 3.4: The Two Main Steps in the Accounting Process: Recording Transactions and Preparing Financial Statements 3.5: Putting Financial Statements To Work: Working Capital, Ratio Analysis, and Vertical Analysis 3.6: Additional Accounting Procedures that Help the Administrator Maintain Control Over the Facility 3.7: The Concept Of Depreciation 3.8: Using “Costs” in Managerial Decisions 3.9: Budgets and Budgeting 3.10: Finance: The Broader Context
Part 4: Learning the Continuum of Long-Term Care 4.1: Origins, Overview, and Current Profile of the Nursing Facility Industry 4.2: The Social Security Act: Medicare and Medicaid 4.3: Older Americans Act 4.4: Labor and Management: Laws and Regulations 4.5: Workplace Safety: The Occupational Safety and Health Act 4.6: Fire Safety: The Life Safety Code 4.7: Americans With Disabilities Act Accessibility Guidelines for Facilities 4.8: Voluntary Operating Standards: The Joint Commission 4.9: The Affordable Care Act 4.10: The Elder Justice Act 4.11: Patient Driven Payment Model 4.12: Value-Based Care and Pay for Performance
Part 5: Building Your Resident Care Skills Part 6: Putting the Systems Together 6.1: Setting Policies for the Facility 6.2: Developing a Person-Centered Care Plan 6.3: The Quality Indicators Survey: The Regulatory Survey and Inspection Process and Plan of Correction 6.4: The Report Card 6.5: Getting Reimbursed for Care Given 6.6: A Glance at the Horizon 6.7: Summary Observations from a Career of Nursing Facility Administration
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3.2: Generally Accepted Accounting Principles
Copyright Dedication Preface Springer Publishing Resources Part 1: Learning How to Manage the Healthcare Organization Part 2: Understanding the Departments and Managing Human Resources 2.1: Organization of the Nursing Facility and its Staff 2.2: Identifying Human Resources Functions 2.3: Planning Employment Needs: Writing Job Descriptions 2.4: Forecasting Future Employment Needs 2.5: Recruiting Employees 2.6: Hiring Staff 2.7: Training Staff 2.8: Retaining Employees 2.9: Evaluating Employees 2.10: Paying Employees 2.11: Disciplining Employees
Part 3: Learning to Manage the Organization’s Finances 3.1: The Administrator’s Role as Financial Manager 3.2: Generally Accepted Accounting Principles 3.3: Two Approaches to Accounting: Cash Accounting and Accrual Accounting 3.4: The Two Main Steps in the Accounting Process: Recording Transactions and Preparing Financial Statements 3.5: Putting Financial Statements To Work: Working Capital, Ratio Analysis, and Vertical Analysis 3.6: Additional Accounting Procedures that Help the Administrator Maintain Control Over the Facility 3.7: The Concept Of Depreciation 3.8: Using “Costs” in Managerial Decisions 3.9: Budgets and Budgeting 3.10: Finance: The Broader Context
Part 4: Learning the Continuum of Long-Term Care 4.1: Origins, Overview, and Current Profile of the Nursing Facility Industry 4.2: The Social Security Act: Medicare and Medicaid 4.3: Older Americans Act 4.4: Labor and Management: Laws and Regulations 4.5: Workplace Safety: The Occupational Safety and Health Act 4.6: Fire Safety: The Life Safety Code 4.7: Americans With Disabilities Act Accessibility Guidelines for Facilities 4.8: Voluntary Operating Standards: The Joint Commission 4.9: The Affordable Care Act 4.10: The Elder Justice Act 4.11: Patient Driven Payment Model 4.12: Value-Based Care and Pay for Performance
Part 5: Building Your Resident Care Skills Part 6: Putting the Systems Together 6.1: Setting Policies for the Facility 6.2: Developing a Person-Centered Care Plan 6.3: The Quality Indicators Survey: The Regulatory Survey and Inspection Process and Plan of Correction 6.4: The Report Card 6.5: Getting Reimbursed for Care Given 6.6: A Glance at the Horizon 6.7: Summary Observations from a Career of Nursing Facility Administration
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DOI:
10.1891/9780826148476.0022
Abstract
The administrator is the one person held accountable for the entire financial operation of the facility. This section briefly discusses the accounting principles to which the administrator must adhere. The accounting system defines how financial records must be kept, and the generally accepted accounting principles are used by nearly every type of organization, including nursing facilities. Maintaining the books constitutes bookkeeping. The books are used to prepare the financial statement. The financial statements are simply a summary of all the transactions recorded in the books, and they reflect the soundness of the organization’s financial status. Another basic rule of accounting is the consistency concept. This concept requires that the accounting reports for a facility be prepared in the same way from year to year to compare the reports between two or more different periods accurately.
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