Workshop on “Finance for Non-Finance Managers”

The Students of MBA-HHM batch 13-15 and batch 14-16 had the opportunity to attend a seminar titled “Finance for Non-finance Managers” on 29^th December, 2014 at SIHS auditorium at S.B. Road, Pune. Considering the fact that Finance is very important in the current industry scenario for healthcare professionals, SIHS conducted this pioneer event for its MBA-HHM students.

Eminent speakers for the morning sessions were C.A. Mr. Amey Sane, a visiting faculty member at Symbiosis School of Economics, and C.A. Miss Priyanka Satarkar, the visiting lecturer for finance subjects at SIHS. According to Mr. Amey Sane, everybody needs to know a little bit about accounts, finance and income tax.  He explained the concept of TDS (tax deducted at source), various tax slab rates, how to calculate income tax according to slab rates, section 80C, section 194, various heads of income etc. Miss Priyanka Starker also explained the importance of finance in healthcare. She briefed students about the concept of opportunity costs and explained that two things which are very important for an organization are planning and budgeting. She enlightened the students about the finance-related upcoming opportunities in healthcare viz. the growing popularity of insurance, the rising per capita spending on healthcare and increasing healthcare costs.

In the afternoon session, six students of the senior batch of MBA-HHM spoke on the same topic of “Finance for Non-finance Managers”. Starting from the speaking order, Dr. Akhila Nayak explained a case study followed by various types of accounting and importance of finance in healthcare. Dr. Amrita Singh spoke about importance of balance sheet and cash flow statements. Mr. Niranjan Lele explained about the accounting cycle and accounting process. Dr. Suchita Aggarwal explained the various concepts of accounting. Dr. Beauty Sinha spoke about cash budgets and cash flow statements and their benefits. Miss Shivani Sule spoke about the national budget.  The senior batch speakers were rated by members of the faculty, and Dr. Amrita stood first.

The seminar helped MBA-HHM students to understand that in the healthcare industry, finance is involved right from managing treatment costs to strategic planning for future expansion. Since the healthcare industry is vast and complex, financial planning helps in decision-making at every step. Finance brings value to healthcare, as we have moved from the traditional doctor-patient concept to a multidimensional system involving hospitals, pharmacies, insurance, IT and many more verticals where delivering affordable quality healthcare is the prime motto. 

Submitted by: Srishti Upadhyay