Schedule
Faculty
Registration Info
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SEAK, Inc. is now conducting SEAK Business School For Physicians. This two-day seminar is designed to impart to the physician attendee the most essential principles and techniques taught in a standard two-year MBA program. Unlike a two-year program, however, our program is specially tailored for physicians. You will have an opportunity to immediately apply the techniques learned. The course concludes with the class breaking into groups and developing a strategic plan for a sample medical practice. Adult learning principles will be utilized and the course will feature numerous interactive exercises and problems. Substantial time will be dedicated to group discussions and questions and answers.
Learning Objectives
At the completion of this seminar you will be able to:
Understand balance sheets, income statements, and cash flow statements.
James W. Fairfield-Sonn, Ph.D is an Associate Professor of management at the University of Hartford where he teaches courses for the Executive MBA Health-Care Professionals Program. He received his Ph.D in organizational behavior from Yale University. Jim has significant experience working within and consulting for hospitals, HMOs, non-profit healthcare providers, and public healthcare agencies.
Barbara Lamberton, Ph.D. is an Assistant Professor at the University of Hartford where she teaches courses for the Executive MBA Health-Care Professionals Program. She received her Ph.D. in accounting from Michigan State University. She is a certified public accountant, has done extensive research on the health-care industry and has substantial experience in the health-care industry.
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Registration Information: The $695 tuition includes a valuable seminar reference manual, continental breakfast and lunch each day with faculty, coffee breaks, and a dynamic learning experience.
Saturday, August 3, 2002
A discussion of the most important elements of financial accounting. Included is a detailed discussion of the balance sheet, the income statement, cash flows, the efficient market, and ratio analysis. A detailed explanation of key financial accounting terms and concepts will be provided including accruals, retained earnings, current ratio, net worth, leverage ratios, earnings per share, the DuPont Principle, opportunity cost, discounted cash flow analysis, and return on investment. The tax advantages of the Modified Accelerated Cost Recovery System (MACRS) are explained.
An explanation of the use and importance of computer spreadsheets is followed by analysis of examples demonstrating cash management in the money market, the use of credit to invest in sales, accounts payable management, the cost of financing a business through debt or equity, operational leverage, pro forma discounted cash flow analysis, and real estate tax leverage.
Physicians will learn how to calculate the risk (relevant, diversifiable, and nondiversifiable) and value of an investment through statistical analysis. The concept of beta is explained. An analysis of financial leverage is undertaken to show how earnings and value can be increased through the appropriate use of fixed-cost financing (i.e. debt). An explanation of how to calculate the optimum amount of debt that will maximize the value of a practice is provided. Also provided is a detailed explanation of the capital asset pricing model (CAPM) and the significance of the positive or negative correlation of risk of two or more investments.
Physicians will learn how the value of business investments can be analyzed and projected. Physicians will also learn how to forecast future revenues through the least squares regression method. Spreadsheet examples of the above principles are explained and discussed. The Gordon Model of valuation, debt coverage ratios, utility theory, and the theory of efficient markets are also explained.
Sunday, August 4, 2002
Physicians will learn how to determine in which assets a business should invest in order to maximize the value of the enterprise and how to determine the ideal amount of fixed-cost financing for a business. Explained and demonstrated are: hurdle rates, the weighted marginal cost of capital (WMCC), net present value analysis, internal rates of return, terminal cash flow, and degree of financial leverage testing (DOFL).
Physicians will learn the difference between growth and income stocks and how such stocks are valued. Physicians will also learn how the price of bonds and interest rates interrelate and why coupon yields on bonds are tax disadvantaged. The significant advantages to tax deferred investment vehicles such as IRAs and 401(k) plans are explained as well as the tax, return, and diversification implications of mutual funds.
Physicians will learn how managed care health insurance companies are operated. Ideas for maximizing earnings under the constraints of managed care will be presented and frankly discussed.
Physicians will learn how to recruit and select a highly talented and motivated team and manage that team to work effectively together. The concepts of process inclusion and structure are explained. The importance of the annual review is also explained as is when and how to terminate an employee.
Physicians will learn the importance of market research and the four "P's" of a successful marketing effort (product, place, price, promote). Physicians will also learn how to market and promote a medical practice in today's managed care environment and how to market that practice to the referring physician. Successful marketing strategies will be elicited from the group and frankly discussed.
This detailed case study serves as a vehicle to apply the concepts learned in the previous two days. Physicians will break into groups and develop advanced management solutions to the challenges facing a hypothetical company, Weatherbridge Medical Facilities, Inc. These challenges include financing expansion of the business, staffing, broadening or narrowing of services provided, marketing, and the possibility of merger or sale.
© SEAK, Inc. PO Box 729 Falmouth, MA 02541 Phone: 508.457.1111 Fax: 508.540.8304 Email: Mail@seak.com.