Leadership

Class 113 - last blog...
Please watch the YouTube/Ted talk by Simon Sinek.  What did you think of it?  Please comment on what his message means to you and your group relating to your future plans.

http://www.youtube.com/watch?v=qp0HIF3SfI4

Plan are due Sep 30th in hard copy on my desk nlt 4pm CST.
Let me know if you need anything.  They will be available for pick up the week of Graduation.  Best of Luck to you all.  I have enjoyed reading your comments and getting to know you.  Alexis

Ethics, Fraud, and Embezzlement

Class 113 - This past week we discussed the concern with fraud and embezzlement in the workplace. There is not a day goes by that you cannot read or hear about situations like this which negatively impact an employer. It is devastating!

The three areas you should be aware of are:

• Cash schemes involving accounts receivables and not fully recording services, writing off bad debts which have previously paid but not recorded.
• Accounts Payable: ficticious vendors, including personal bills in mass payments
• Payroll: ghost employees, incorrect time cards

In regard to internal and external ethics. The banker wants to know what internal controls you have in place to ensure compliance and safety in your business - remember they are looking to make a safe investment in your business and want to minimize their risk. Make sure to address HIPAA, OSHA, Handicap assessability and internal controls for financial management.

Business plans are due on my desk (not in the mail) Sep 30 - 4pm CST. in hard copy and ready for a banker to critique.

This week's blog topic is about financial controls. How will you protect your assets? What issues have your doc's come across? and how did they change their processes so the situation did not happen again?

Alexis

Looking for a job

Class 113 - Just a reminder that your plans are due 3 weeks from today, in hard copy on my desk (not in the mail) nlt 4 pm CST.  If you need any assistance, please feel free to contact me. 

This week's discussion is in regard to finding a good fit with an associateship. What are you looking for and how will you know what is a good fit for you?  What are you doing to find an associateship.  Be specific, be creative.  Also, list two questions you have asked or plan to ask the Doctor during the interview process.  Team challenge - you can't list the same questions as someone has already posted.  Last who has been successful?

Have a great week.  "Odd Team" Blogs are due Monday Sep 12th.  Alexis

Financial Statements and Financial Ratios

Welcome Class 113 - First an announcement:  There will be no class on Sep 7th.  You are to use this week to finalize your business plan.

This week we looked at the "Big Three" - The balance sheet, income statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting we discussed the previous week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.

The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity. The line items are listed in order of liquidity to cash.

The income statement reflects revenues less expenses to show whether the company has made a profit or loss.

The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing. Operating is the catagory to watch. You want to be able to operate profitably.

Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.

My understanding is that very few students have any experience or understanding of financial statements.  "Even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements. List web links if you find ones that are helpful.  Also, preceptors - ask your Doctor specifically what they monitor in their practice in regard to finances?

Have a great week.  Alexis