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Thomas R. Prince

ACCOUNTING INFORMATION & MANAGEMENT; HEALTH ENTERPRISE MANAGEMENT
Professor Emeritus of Accounting Information & Management

Print Overview
Thomas R. Prince is a Professor of Health Industry Management and Professor of Accounting Information and Management at the Kellogg School of Management, Northwestern University in Evanston, IL. He has been applying his professional experience in information technology to healthcare entities for more than 25 years. Prince has evaluated, designed, implemented, and assessed the information systems in many hospitals and medical centers. His current research centers on information technology and financial management of healthcare entities with special emphasis on computer-based patient records, clinical integration, Intranet, Internet, physician-hospital organizations, joint ventures, and medical technology.

Prince is the author of ten books. Extension of the Boundaries of Accounting Theory, Information Systems for Management Planning and Control, Financial Reporting and Cost Control for Health Care Entities, and Strategic Management for Health Care Entities: Creative Frameworks for Financial and Operational Analysis are his most referenced books. Professional papers include publications in Accounting Review, Health Care Management Review, Journal of Health Care Finance, Health Services Research, Commercial Lending Review, Municipal Finance Journal, American Bankruptcy Institute Law Review, Journal of Health Administration Education, Hospital & Health Services Administration, Journal of Ambulatory Care Management, and Hospital Progress. He is the co-author of many healthcare reports sponsored by foundations, state and local governments, and federal agencies. Prince directed the Patient Friendly Billing Project for the American Hospital Association and the Healthcare Financial Management Association in 2000 and 2001.

Prince joined Northwestern University immediately upon completion of his doctorate at the University of Illinois at Champaign-Urbana. His undergraduate degrees were from Mississippi State University, and his military service was at the U. S. Army Finance School. He is a certified public accountant and has served on the Illinois CPA Society's Committee on Health Care Institutions - Hospital Section. He is a faculty associate of the American College of Healthcare Executives and his memberships include the Financial Executives International, American Hospital Association, the American Institute of Certified Public Accountants, and Association of University Programs in Health Administration.



Areas of Expertise
Government Accounting
Healthcare Accounting
Managed Care Systems
Nonprofit Accounting
Print Vita
Education
PhD, 1962, Accounting, Economics, University of Illinois, Urbana-Champaign
MS, 1957, Accounting, Mississippi State University
BS, 1956, Accounting, Mississippi State University

Academic Positions
Professor of Health Industry Management, Kellogg School of Management, Northwestern University, 1972-present
Professor, Kellogg School of Management, Northwestern University, 1969-present
Chairman, Kellogg School of Management, Northwestern University, 1968-1975
Associate Professor, Kellogg School of Management, Northwestern University, 1965-1969
Assistant Professor, Kellogg School of Management, Northwestern University, 1962-1965
Instructor, University of Illinois Urbana-Champaign, 1960-1962
Accounting Instructor (part-time), Butler University, 1958-1960
Accounting Instructor (part-time), Indiana University, 1959-1960
Instructor, U.S. Army Finance School, 1957-1960

 
Print Research
Articles
Prince, Thomas R.. 2007. Comprehensive Approach to Automated Assistive Telemanagement for Seniors in Their Home or Residence--Pilot Program Results. Journal of Ambulatory Care Management. 30(4): 318-326.
Abstract
Prince, Thomas R., John E. Croghan, Phillip H. Sheridan and Jonathan D. Weatherly. 2005. Enhancing Efficiency and Quality of Ambulatory Care Through Telehealth Technology. Journal of Ambulatory Care Management. 28(3): 222-229.
Abstract
Prince, Thomas R.. 2002. Supporting Patient-Centered Care in Medical Groups With Information Technology. Journal of Ambulatory Care Management. 25(1)
Abstract
Prince, Thomas R. and Julie A. Sullivan. 2000. Financial Viability, Medical Technology, and Hospital Closures. Journal of Health Care Finance. 26(4): 1-18.
Abstract
Prince, Thomas R.. 2000. Information Technology and Hospital Closures. American Bankruptcy Institute Law Review. 8(1): 115-123.
Abstract
Prince, Thomas R.. 2000. Information Technology and Medical Group Management. Journal of Ambulatory Care Management. 23(4): 22-30.
Abstract
Prince, Thomas R.. 2000. Reserves Are Essential for the Financial Survival of Nonprofit Hospitals. Michigan Health & Hospitals Magazine. 36(3)
Abstract
Ferrell, Karen, Nancy A. Peterman, Thomas R. Prince, Thomas J. Salerno and Keith J. Shapiro. 2000. The Healthcare Industry Bankruptcy Workouts Forum. American Bankruptcy Institute Law Review. 8(1)
Prince, Thomas R. and Julie A. Sullivan. 1999. Assessing Medical Technology Investments and Y2K Status: The Hidden Bankruptcy Crisis. Commercial Lending Review. 14(4): 17-22.
Prince, Thomas R.. 1999. Determining Total Cost of Ownership. Decisions in Imaging Economics, Supplement. 12(6)
Altman, Stuart H., Joseph R. Martin and Thomas R. Prince. 1999. Financial Viability Measures for Hospitals and Healthcare Systems. Healthcare Financial Management, Supplement. 53(12)
Abstract
Martin, Catherine M., Thomas R. Prince and Julie A. Sullivan. 1999. What Is Your Institutional IT Quotient?. Decisions in Imaging Economics. 10(4): 44-50.
Abstract
Prince, Thomas R.. 1998. A Medical Technology Index for Community Hospitals. Health Care Management Review. 23(1): 52-63.
Abstract
Prince, Thomas R.. 1998. Cash In On the Learning Curve. Materials Management.: 36-42.
Prince, Thomas R., Julie A. Sullivan and Catherine M. Martin. 1998. Getting Value from Information Technology Investments.
Prince, Thomas R.. 1998. Strategic Assessment of Hospitals and Health Systems: A Financial Analyst's Perspective. Commercial Lending Review. 13(3): 11-20.
Abstract
Prince, Thomas R.. 1997. Imaging Business; Asset Management. Decisions in Imaging Economics. 10(3): 66-71.
Prince, Thomas R.. 1997. Technology's Value; Major Investments in Medical Technology Must Be Preceded by Sound Consumer- Based Economic Assessments. Decisions in Imaging Economics. 10: 66-71.
Prince, Thomas R.. 1997. Understanding Product Life-Cycle Cost. Decisions in Imaging Economics. 10(1): 33-38.
Prince, Thomas R.. 1994. Assessing Catholic Community Hospitals Versus Nonprofit Community Hospitals, 1989-1992. Health Care Management Review. 19(4): 25-37.
Abstract
Prince, Thomas R. and Ramachandran Ramanan. 1994. Bond Ratings, Debt Insurance, and Hospital Operating Performance. Health Care Management Review. 19(1): 64-73.
Abstract
Prince, Thomas R. and Ramachandran Ramanan. 1994. Operating Performance and Financial Constraints of Catholic Community Hospitals, 1986-1989. Health Care Management Review. 19(4): 38-48.
Abstract
Prince, Thomas R.. 1993. Medicare and Medicaid: Assessment of Reporting and Entitlement Changes. Municipal Finance Journal. 14: 54-75.
Prince, Thomas R. and Ramachandran Ramanan. 1992. Collection Performance: An Empirical Analysis of Not-for-Profit Community Hospitals. Hospital & Health Services Administration. 37(2): 181-196.
Prince, Thomas R.. 1991. Assessing Financial Outcomes of Not-for-Profit Community Hospitals. Hospital & Health Services Administration. 36(3): 331-349.
Prince, Thomas R.. 1988. Community Hospital Statistics by Ownership and Bed-Size Group: 1962-1985. Journal of Health Administration Education. 6: 85-108.
Prince, Thomas R.. 1983. Book Review: Management Accounting for Health Care Organizations, by James D. Suver and Bruce R. Neumann. Journal of Health Administration Education. 1: 306-308.
Prince, Thomas R.. 1982. Changes in Accounting Practice Necessitate Modification in Panel Survey. Health Services Research. 17: 391-398.
Prince, Thomas R., Edward Hughes and Stanley R. Pliska. 1979. An Assessment of the Validity of the Results of HCFA's Demonstration and Evaluation Program for the Early and Periodic Screening, Diagnosis and Treatment Program (EPSDT): A metaevaluation. Center for Health Services and Policy Research.
Prince, Thomas R.. 1978. Model for Forecasting Welfare Caseload and Budgets, Grant No. 18-P-90220/5-02 To State of Illinois, Legislative Advisory Committee on Public Aid.: 1-136.
Prince, Thomas R.. 1978. Selecting a CPA Firm. Hospital Progress. 59: 62-66.
Prince, Thomas R.. 1977. An Analysis of Utilization and Financial Experience of PSROs Final Report to Private Initiative in P.S.R.O..: 1-173.
Prince, Thomas R.. 1977. PSRO: An Evaluation of the Professional Standards Review Organization, Volume 5: A Comprehensive Case Study: The Colorado PSRO Experience. Health Services Administration. 5: 1-393.
Prince, Thomas R.. 1974. Book Review: Development of Information Systems for Education, by Khateeb M. Hussain. Accounting Review. 49(3): 632-634.
Abstract
Prince, Thomas R. and Thomas R. Prince. 1971. Report of the Committee on Accounting and Informations Systems. Accounting Review. 49(Supplement): 286-350.
Prince, Thomas R.. 1971. The Accounting Model from an Informations Systems Perspective. Accounting Review. 46: 75-89.
Abstract
Prince, Thomas R.. 1969. Book Review: Characteristics of an Effective Management Control System in an Industrial Organization, by Robert H. Deming. Accounting Review. 44(2): 424-426.
Abstract
Prince, Thomas R.. 1965. A Critical Analysis of ARS No. 6--Reporting the Financial Effects of Price-Level Changes. New York Certified Public Accountant. 35: 744-752.
Prince, Thomas R.. 1965. Book Review: Financial Accounting Theory, by Harold Bierman, Jr. Accounting Review. 40(4): 921-922.
Abstract
Prince, Thomas R.. 1964. Another Perspective on 'Reporting Financial Effects of Price - Level Changes. Illinois Certified Public Accountant. 27: 7-14.
Prince, Thomas R.. 1964. Electronic Data Processing and Accounting Practice. Proceedings of the Seventh Annual Northwest Join Computing Conference. 7: 8-22.
Prince, Thomas R.. 1964. Information Systems for Management Control. Accounting Review. 39: 467-472.
Abstract
Prince, Thomas R.. 1964. The Motivational Assumption for Accounting Theory. The Accounting Review. 39: 553-562.
Abstract
Prince, Thomas R.. 1963. Book Review: Scientific Method: Optimizing Applied Research Decisions, by Russell Ackoff. Administrative Science Quarterly. 7: 551-553.
Prince, Thomas R.. 1963. Who Should Determine the Contents of Published Annual Reports?. The Illinois Certified Public Accountant. 26: 5-10.
Prince, Thomas R.. 1961. Why Fixed Asset Accounting Without Accompanying Depreciation. Army Finance Journal. 4
Prince, Thomas R.. 1959. Why the Reconciliation of Costs to Obligations?. Army Finance Journal. 2: 14-16.
Working Papers
Goodman, Denise, Jason Adler, Thomas R. Prince, Ed Ogata and Grady Wade. 2004. Management and Outcomes of Uncomplicated Bronchiolitis in Infants with Initial Admission to Free-Standing United States Pediatric Hospitals: 1992-2002.
Abstract
Prince, Thomas R.. 2003. A Recalibration of the Medical Technology Index.
Abstract
Book Chapters
Prince, Thomas R.. 1999. "Financial Stability of Hospitals and Health Systems." In Wiley Bankrupcy Law Update, edited by Keith J. Shapiro and Nancy A. Peterman, New York, NY: Aspen Law & Business.
Abstract
Prince, Thomas R.. 1992. "Assessing Financial Outcomes of Not-for-Profit Community Hospitals." In Hospital Leadership and Accountability, edited by Samuel Levey, Ann Arbor, MI: Health Administration Press.
Balachandran, Bala and Thomas R. Prince. 1987. "An Information System for Administering Welfare Programs." In Research in Governmental and Nonprofit Accounting, edited by James L. Chan, Greenwich, CT: JAI Press.
Prince, Thomas R.. 1978. "Effect of PSRO on Hospital Utilization and Costs." In Final Report: Private Initiative in Professional Standards Review Organization, edited by Paul D. Sanazaro, Ann Arbor, MI: Health Administration Press.
Prince, Thomas R.. 1970. "An Overview of Conceptual Measurement Issues in Financial Accounting Theory." In Theory Formulations, edited by Williard Stone, Gainesville, FL: University of Florida.
Prince, Thomas R.. 1969. "Information Systems for Planning and Control." In Management Science in Planning and Control, edited by John Blood, Jr., 243-259. New York: Technical Association of the Pulp and Paper Industry.
Other
Prince, Thomas R.. "Asset Utilization and Asset management in Medical Imaging." Internet: www.medassets.com/forum, April.
Prince, Thomas R.. "Critical Financial Indicators Series." Internet www.ahanews.com/news/Finance.html, Dec 6, 1997 - Jan 20, 1999.
Prince, Thomas R.. "Final Report--Volume I, Demonstration and Evaluation Results, Contract HSM-110-70-368 (Supplemental Agreement No 2) Demonstration and Evaluation of a Shared Modular Hospital Information System.".
Books
Prince, Thomas R.. 1998. Strategic Management for Health Care Entities: Creative Frameworks for Financial and Operational Analysis. Chicago, IL: American Hospital Publishing.
Link
Prince, Thomas R.. 1997. Product Life-Cycle Costing and Management of Large-Scale Medical Systems Investments. Best, Netherlands: Philips Medical Systems.
Prince, Thomas R.. 1992. Financial Reporting and Cost Control for Health Care Entities. Ann Arbor, MI: AUPHA Press/Health Administrative Press.
Prince, Thomas R.. 1975. Information Systems for Management Planning and Control. Homewood, Illinois: Richard D. Irwn, 3rd edition.
AbstractLink
Prince, Thomas R.. 1970. Information Systems for Management Planning and Control. Homewood, Illinois: Richard D. Irwin, 2nd. Edition.
Prince, Thomas R.. 1966. Information Systems for Management Planning and Control. Homewood, Illinois: Richard D. Irwn.
Prince, Thomas R.. 1963. Extension of the Boundaries of Accounting Theory. Cincinnati, OH: South-Western Publishing Company, Inc..
Prince, Thomas R.. 1959. Military Comptrollership Manual: Part IIIA. Fort Benjamin Harrison, Indiana: Finance School US Army.
Cases
Prince, Thomas R.. 1999. The McGill University Health Centre - Case A, The McGill University Health Centre - Case B, The McGill University Health Centre - Case C"..
Prince, Thomas R.. 1999. The McGill University Health Centre - Case B..
Prince, Thomas R.. 1999. The McGill University Health Centre - Case C..

 
Print Teaching
Full-Time / Part-Time MBA
Accounting For Decision Making (ACCT-430-0)

This course counts toward the following majors: Accounting.

This course acquaints students with the process used to construct and understand the financial reports of organizations. The objective is to understand the decisions that must be made in the financial reporting process and to develop the ability to evaluate and use accounting data. Emphasis is placed on understanding the breadth of accounting measurement practices and on being able to make the adjustments necessary for careful analysis. The course highlights the linkages between accounting information and management planning, and decision making and control.

Information Technology In Healthcare Management (ACCT-432-0)

This course counts toward the following majors: Accounting,Health Enterprise Management, Health Industry Management, Technology Industry Management.

This course examines accounting concepts as they apply to planning and management control of healthcare institutions with current information technology in a connected world. Topics covered include cost accounting, hospital information systems, activity-based costing, clinical information systems, responsibility accounting, management control, product costing, financial reports, cost benefit analysis, performance assessment, computer-based medical records, medical clinic information systems and enterprise-wide information networks. Information technology in a connected world encompasses all healthcare relationships, which are examined with case studies.

Financial Assessment and Performance Evaluation of Healthcare Entities (ACCT-479-0)

This course counts toward the following majors: Accounting, Health Industry Management, Health Enterprise Management

This course focuses on accounting, operational, utilization and financial systems as they apply to the financial management of healthcare entities with current information technology. Topics include financial statements of different types of healthcare entities, financial viability, medical technology, hospital closures, physician performance, patient treatment profiles, short-term financing, management of patient accounts, payor analysis, long-term financing, issuance of tax-exempt securities and bond ratings. Students perform a strategic assessment of healthcare entities in a marketplace using published data provided by the instructor and make a class presentation of the findings.