HACM9103 Financial Management in Aged Care

Topic only available to students meeting the eligibility requirements for entry to the postgraduate health and aged care administration courses.

The Syllabus includes:

• Introduction to accounting and finance
• The financial statements - balance sheet, income statement and cash flow statement
• Analysis and interpretation of financial statements
• Cost - volume - profit analysis and marginal analysis
• Capital investment decisions
• Key trends affecting demand for aged care services
• Funding sources for aged care
• Financial management of residential aged care - budgeting, managing cash flows, capital investment decisions
• Financial governance
• Risk management
• Reporting - Key Performance Indicators

This topic aims to provide students with introductory resource management and accounting principles, and the knowledge of how these are applied within aged care.

2. Discuss how accounting functions as a tool in the decision making, planning and control process within aged care
4. Outline the purpose and function of the three main financial reports, namely the Balance Sheet, the Income Statement and the Cash Flow Statement
6. Apply commonly used techniques to analyse an organisation's financial statements
8. Explain the nature of the relationship between volume of activity, costs and profit and how knowledge of this relationship can be used to make decisions and assess risk
10. Describe the nature of funding sources for aged care
12. Demonstrate an understanding of budgeting and cash flow management
14. Apply the methods commonly used in making capital investment decisions
16. Appreciate the importance of adopting appropriate financial governance and risk management strategies