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Understanding and Using

Financial Reports
Dr. Suzanne Richins

Financial Statements
Income Statements or Statement of
Operations
General Ledger
Material Management Reports
Salary and Productivity Reports

Income Statement
A snapshot in time that explains what was
earned versus what it cost; to determine if
revenues covered costs.
Does not include deductions
Sometimes includes depreciation
Is not real money

Review of Income Statement


Is the statement volume adjusted?
Does the revenue and expense match, as a
percentage over or under budget?
How does it compare to this month last
year?

Cursory Review

IP
OP
Total

Volumes
Actual
Budget
Variance Variance
Current
Current
in
Month
Month
Percent
298484
265203
33281
12.55%
199543
225073
-25530 -11.34%
498027
490276
7751
1.21%

IP
OP
Total

Revenues
13626426 11755625
6809980 6335080
20436406 18090705

Expenses
Margin

1870801
474900
2345701

15.91%
7.50%
12.97%

7393482

2345701

9.73%

12323331 10697223

2345701

15.20%

8113075

Volumes and Revenues

IP
OP
Total

IP
OP

Volumes
Actual
Budget
Variance Variance
Current
Current
in
Month
Month
Percent
298484
265203
33281
12.55%
199543
225073
-25530
-11.34%
498027
490276
7751
1.21%
Revenues
13626426 11755625
6809980 6335080
20436406 18090705

1870801
474900
2345701

15.91%
7.50%
12.97%

Revenue
IP or OP
Minutes
Global
Acuity

Equipment
Global
Minute

Supplies
Bundled
Specific

Other
Supplies
Equipment loaner fees
Staff

Expenses
Salaries
Employed
Contracted
Agency

Med/Surg Supplies
Non Med/Surg
Maintenance Repairs

Rent/Lease
Repair
Memberships
Travel
Shipping

Expenses

Regular
Education
Overtime
Total

1097267
61770
213951
1372988

Salaries
1419741
47636
276257
1743634

-322474
14134
-62306
-370646

-22.71%
29.67%
-22.55%
-21.26%

More Expenses

Prosthesis
Med/Surg
Gases
IV Solutions
Drugs
Instruments
Total

Medical Serv
Repairs/Main
Temp Labor
Total

2936237
1753855
3768
3544
17400
51661
4766465

296313
212158
338748
847219

Supplies
2026850
1891826
1590
2950
16776
15000
3954992

909387
-137971
2178
594
624
36661
811473

44.87%
-7.29%
136.98%
20.14%
3.72%
244.41%
20.52%

Purchased Services
241850
54463
173500
38658
25686
313062
441036
406183

22.52%
22.28%
1218.80%
92.10%

General Ledger
Keeps track of raw data

Date of transaction
Affected accounts
Vendor
Change in accounts
Credits
Debits

General Ledger

General Ledger
Account # Description
4004
4104
4108
4221
4290

Pro Salaries
Pharmaceuticals
Instruments
Rent/Lease equip
Shipping/Freight

Doc #
JE12AK02
MM120132
PO120132
PO120132
AP120132

Post
Date
6
8
8
23
8

Account/TransAccount
Amount
Date
Description
12/5/2001 Reverse JE11A1AK05
4573.60cr
12/8/2001 Materials/MGT Trans
11660.45
12/8/2001 132126256 Walter Lorenz
542
12/23/2001 132126742 Laser Medical
775
12/8/2002 0221156 Sulzer Orthopedics
150

Salary
Evaluate regular time versus overtime
Is call-back separated from on-call?
Is contract labor separate from employed
labor?
Is leave expensed as earned or when it is
taken?
What happens when end-of-month is
different from end-of-pay period?

Productive Salary Variances


Rate variances
More overtime or call back than budgeted
Contract labor rather than employed labor
Hiring a very low or very high paid employee that is
different than the budget

Efficiency variances
Under or over staffing
Minimal staffing

Mix variances
More RNs or non RNs than budgeted

Productivity Reports
Productive hours
include

Regular hours worked


Educational hours
Orientation hours
Meetings

Non-productive hours
include

Vacation
Sick leave
Funeral leave
Jury duty
FMLA

Materials Management Reports


Disbursements
Stock
Non-stock

Usage reports

Item #
Description
Amount for month
Total year-to-date usage