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Industry Experience – Penn Medicine

Industry Experience – Penn Medicine. MIS 3581. Michael McKenna Department Accountant. 7/30/2014. Penn Medicine. Developed in 2001 Consolidated hospital entities and SOM to create a powerful umbrella g overnance structure Quick facts Nation’s first hospital, medical school

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Industry Experience – Penn Medicine

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  1. Industry Experience – Penn Medicine MIS 3581 Michael McKenna Department Accountant 7/30/2014

  2. Penn Medicine • Developed in 2001 • Consolidated hospital entities and SOM to create a powerful umbrella governance structure • Quick facts • Nation’s first hospital, medical school • Ranked #1 in region. #7 in nation; U.S. News and World Report 14-15 • SOM top 5 in nation (16 consecutive years) • 175 ‘top docs’ Philly Mag ’14 • 21,000+ Employees • 2,200+ physicians

  3. Penn Medicine Major Revenue & Cost Streams • Revenue Streams ($4.3 bil- FY13) • Net Patient Revenue ($3.55 bil) • = Charge – insurance payments (contractual agreement) – patient payments • Research ($749 mil) • Grants ($583 mil): Sponsored money from national institution e.g. NIH ($392 mil) • Gifts/Endowments: ($166 mil) • Gifts: donated money to particular area (e.g. med school alumni gift to University) • Endowments: donated for to particular area with designated purpose, (e.g. fund for Alzheimer's research) • Cost Streams • Direct costs • Dollars tied to billable services or research projects • IET support (Revenue allocated to departments to support them) • Indirect costs • Marketing • Overhead • Space/Rent • Capital Construction • Administration salaries • Malpractice insurance

  4. My Role: Full-Time Accountant • Standard accountant duties - uPennand hospital) • Department expense recon • Salary management, fund reallocations, payroll coordination • Faculty productivity reporting, budgeting • GL inquiry, journal entries etc. • Where does MIS come in?? • Data warehousing on uPenn side and hospital side • Webi report building for University side • Data mining and drill down reporting for hospital side SAP business objects Lawson (Infor ERP) SAP business objects UMIS PennWorks Oracle – Hyperion, SmartView SAP Business objects Lawson (Infor ERP) Oracle - BEN Lawson (Infor ERP) SAP – Business Objects McKesson – Horizon Performance Management SAP – Business Objects Hyperion ESSBASE UHC FPSC

  5. Accountant in-action • E-mail from Chief Operating Officer: “Mike, can you please pull the 4th quarter new patient visits at all satellite locations this year compared to last year” Source of that info: Excel embedded multi-dimensional database Simplify it and think like them Drill deeper to find satellite locations

  6. “I Am Penn Medicine” • Penn Medicine Vision • Provide Excellent Patient Care. • Transparent faculty reporting helps them be more productive. • Detailed reporting leads to efficient marketing and compliance decisions. • Provide environment that promotes creativity and rewards teaching. • Used business intelligence reports to automate manual expense recon. process. Educated corporate on the idea of saving time and money using Webi. • Educated management on financial reporting and excel techniques; interns on revenue cycle, data retrieval, and Excel. • Strive to be a world leader in advancing medical science by continually improving the quality and impact of its research. • Continuously revamping department’s research fund and principal investigator reporting. • Assisting in the rollout of an SOP for online grant submission to improve pre and post award process for a grant.

  7. FOX Core Curriculum Work • Business Communications BA2196 • Concision and effectiveness – oral, written • Enterprise IT Architecture MIS2501 • Communication to higher entities • Data Analytics MIS2502 • Analyzing data • Retrospective data projects • Forecasting, budgeting • Data Visualization • Data Innovation and Design MIS3504 • Being a business analyst in any situation • Seeing processes with an “improvement” state of mind

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