Objectives
develop annual operating and capital budgets to effectively forecast fiscal requirementsmanage annual operating and capital budgets to effectively use fiscal resourcesgenerate and collect revenue to ensure financial viability of the facilitynegotiate, interpret, and implement contractual agreements (e. g. , organized labor, managed care, vendors, consultative services)ensure the integrity of financial audit programs and reporting systemsensure protection of the facility’s financial assets (e. g. , insurance coverage, risk management)ensure that financial practices are planned, implemented, and audited to comply with federal and state standards and regulations.
To do this, you should have knowledge of:
federal and state regulations affecting nursing home reimbursementbudgeting methods and financial planningaccounting methodsfinancial statementsreimbursement sources and methodsadditional revenue sourcesinternal controlspayroll procedures and documentationbilling, accounts receivable, and collections managementaccounts payable procedureseligibility and coverage requirements from third-party payersresident trust fundimportance of integration of clinical and financial systemscontractsgeneral and professional liability insurance
You should possess skills in:
analyzing and interpreting budgets and financial statementsinterpreting financial regulations as they apply to reimbursementmanaging cash flowanalyzing and identifying trends in the financial performance of the facility
There are a total of 150 questions on the examination, which are broken down as follows:
Resident Centered Care and Quality of Life (57 questions)Human Resources (20 questions)Finance (19 questions)Environment (22 questions)Leadership & Management (32 questions)
In addition, there are 15 sample questions that will not affect a candidate’s score. These sample questions are randomly distributed throughout the exam.
Measure of Real Success
An exam will give people the baseline for entering the profession. The real keys to success go beyond that. Consider:
Your number one priority should be the care of your residents. The successful administrator makes time to make rounds. The successful administrator builds a cohesive team. The successful administrator has empathy. The successful administrator sets reasonable expectations for everyone. The successful administrator knows marketing and sales. The successful administrator recognizes and rewards people for performance.
No one said it would be easy. But rewards are numerous: Gratitude for high-quality care, providing a sense of security for both the resident and family members, unique, fascinating stories from people of varied experiences and giving—and receiving—peace of mind in a caring setting. Is this career right for you? Check out our site and then get busy making plans.
