Business of Surgery: The Hospital's Side

Behind The Knife: The Surgery Podcast

Education, Science, Health & Fitness, Medicine

4.8 • 1.4K Ratings

🗓️ 17 October 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the third episode in our 4 part “What’s Your Worth” series, Lauren covers the hospital-side of finances, going through the world of financial literacy. In this episode, basic definitions and importance of income statements, metrics of financial performance, and others including revenue and expenses are reviewed. She also provides an inside view as to considerations that hospitals have to take into account for the overall financial portfolio and how that may play into determining salaries, wages, and benefits.

Lauren Klein, MAcc, CPA, Executive Director, Financial Operations, Main Campus Submarket, Cleveland Clinic, Cleveland, OH.

Linkedin: https://www.linkedin.com/in/lauren-klein-cpa-67787213/

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Transcript

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0:00.0	Behind the surgery podcast, relevant and engaging content designed to help you dominate the day.
0:13.0	I'll
0:15.0	I owe you.
0:17.0	I owe you BTK listeners it's Scott here and I wanted to introduce this new series looking
0:28.3	at physician salaries.
0:30.4	Money may be something that you don't feel comfortable talking to your family members or even your closest colleagues.
0:36.0	It may be something that you're actually even embarrassed a little bit about bringing up to your boss.
0:56.1	Salaries are complex. There's many things that go into the work that you do and we here at BTK want to make sure that you have a much more thorough understanding of all that goes into it. So what can you negotiate for?
1:01.2	What is it that goes into your benefits package? What is the hospital side of the house?
1:04.5	All of these things are concepts that we are going to delve into and hopefully give you a much more thorough understanding of it so
1:09.1	that you feel prepared in these discussions. So we look forward to you sharing this podcast series with us as we
1:16.6	help you dominate the day. So Scott here and we are extremely proud to have Lauren Klein, who is the Executive Director of Finance for Main campus here in Cleveland Clinic in beautiful Cleveland, Ohio. And Lauren, welcome to Behind the Knife.
1:32.0	Thank you. I'm excited to be here.
1:34.0	So I always like to give a little bit of background to everybody.
1:37.0	So can you tell me a little bit about yourself, kind of, where'd you grow up, where'd you train,
1:41.0	and what is it exactly that an executive director of finance at
1:44.0	main campus does?
1:46.0	Sure. So I grew up in Solon, Ohio close to the Cleveland Clinic.
1:50.0	I went to school at the University of Wisconsin where I did both undergrad and have a
1:54.2	Masters of Accounting and then got my CPA. And then I started in my career here at
1:58.8	Cleveland Clinic as actually a finance intern. I did a rotational program, spent some time in our
2:04.4	chief of staff office and then recently became the executive director in our
	...

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