Course description
Healthcare institutions operate like every other business, requiring efficient finance and accounting management. Healthcare Finance Management is the process of developing strategies that will help healthcare organizations generate enough revenue for future expenses and growth. It involved handling the organization’s resources and cash and evaluating investment opportunities.
What are the objectives of healthcare finance management?
Healthcare Finance Management aims to find new ways to generate income, provide sound financial decisions, and manage the healthcare institution’s working capital, contracts, and long-term investments.
Upcoming start dates
Suitability - Who should attend?
Who Should Attend?
The Healthcare Finance and Accounting Management Certification Course by Rcademy is suitable for anyone involved in a healthcare organization’s finance and accounting management. It is an ideal course for:
- Senior management officials:involved in the finance and accounting management of healthcare organizations
- Senior executives, accounting managers, and finance managers:involved in the process of financial management
- Professional:working in the Finance and accounting department of a healthcare organization
- Accountants and other finance professionals:interested in furthering their careers in Healthcare Finance and Accounting Management
- Board members:responsible for reviewing and overseeing healthcare financial management to ensure financial sustainability and patients well being
- Hospital administration managers:responsible for preparing or overseeing healthcare budgets
- Investors: interested in investing in healthcare organizations
Outcome / Qualification etc.
The Healthcare Finance and Accounting Management Certification Training Course by Rcademy aims to achieve the following objectives:
- Learn how to manage money and risks in a way that ensures optimal maximization of the financial goals of healthcare institutions
- Equip trainees with the required expertise and knowledge to analyze investment opportunities that could expand the healthcare company
- Learn how to oversee working capital in such a way that ensures reduced cost and effective management of the healthcare organization
- Learn and understand how-to guides on expanding financial opportunities
- Understand financial data and learn how to assess the financial growth of an organization by reviewing key metrics and reports
- Learn how to keep financial and accounting operations as efficient as possible with exceptional analytical skills
- Obtain the required knowledge of the key principles and techniques of financial management
- Learn how to participate effectively in healthcare sector budgeting processes
- Learn how to apply the key financial accounting and management skills
- Learn how to estimate cash flows, operating costs, and internal return rates for healthcare institutions
- Comprehensively understand the medical billing/collection regulations and standards that healthcare institutions are expected to comply with, ranging from HIPPA, Medicare, Medicaid, and the Affordable Care Act
Training Course Content
Module 1: Overview of Healthcare Finance
- The characteristic feature of the healthcare industry
- Definition of healthcare finance
- Purpose of healthcare financing – Sourcing money for health – Efficient management of resources
- Modes of healthcare financing – Raising revenues – Pooling of funds – Purchasing of services
Module 2: Healthcare Finance Management (HFM)
- Introduction
- Meaning of Healthcare Finance Management
- Scope of HFM – Estimation of capital requirements – Deciding on capital structure – Drafting Investment strategies
- Roles of HFM – Management of money and risk to achieve the financial goals of the healthcare organisation – Provision of efficient healthcare to clients
Module 3: Goals of Healthcare Finance Management
- Evaluation and planning
- Income generation
- Financing decisions
- Long-term investment decisions
- Capital management
- Contract management
- Tax status protection
- Financial risk management
Module 4: Healthcare Financial Assessment
- Healthcare Financial Management Reporting – Meaning of healthcare financial reports – Analysis – Purpose of healthcare financial reports – Features of healthcare financial reports – Error and fraud in financial reporting
- Healthcare Financial statements – Meaning – Purpose – Elements of financial statements – Comparative financial statements
- Measuring assets and liabilities
- Financial ratio analysis – Profitability ratios – Liquidity ratios – Leverage ratios – Activity ratios
Module 5: Healthcare Finance Budgeting
- Meaning of health care finance budgeting
- Types of healthcare finance budgeting – Strategic budgeting: – Cash flow budgeting – Capital investment budgeting
Module 6: Healthcare Finance Manager
- Who is a healthcare finance manager?
- Roles and responsibilities – Aggressive cost management – Draft financial report – Financial planning – Make investment decisions – Facilitate contract negotiations
Module 7: Accounting in Healthcare Industry
- Introduction
- Meaning of healthcare accounting
- Importance of healthcare accounting
- Effect of Healthcare Accounting Management
Module 8: Accounting Management Strategies
- Cost and margin analysis – Meaning of healthcare costs – Forms of healthcare costs: – Fixed cost – Variable cost – Operating expenses – Direct cost – Indirect cost
- Cost allocation
- Constraint analysis
- Capital budgeting
- Inventory valuation and product costing
- Trend analysis and forecasting
Module 9: Healthcare Accounting Concepts
- Accrual method
- Cash method
- Generally Accepted Accounting Principles (GAAP)
- Depreciation
- Multi-entity accounting
Module 10: Accrual Method
- Meaning of accrual method
- Advantages
- Disadvantages
Module 11: Cash Method
- Meaning
- Advantages
- Disadvantage
Module 12: Generally Accepted Accounting Principles (GAAP) Guidelines
- Meaning
- Principles – Regularity – Consistency – Permanence of methods – The principle of Uberrimae Fidei
- Mandatory requirement of health care institutions according to GAAP – Asset depreciation – Medical Service Payments and Receivables – Credit Balances – Performance reporting – Payer Mixes
- Importance of adhering to GAAP
Module 13: Depreciation
- Meaning
- Formula
- Examples
Module 14: Multi-Entity Accounting
- Meaning
- Formula
- Examples
Module 15: Healthcare Accounting Manager
- Who is a healthcare accounting manager?
- Roles and responsibilities – Analyzing the cost of products or services – Modeling and forecasting cash flows – Undertaking cost and margin analysis – Recording income and expenses – Tracking tax liabilities – Preparing balance statements
Module 16: Healthcare Finance and Accounting Management
- The relationship between healthcare finance and accounting management
- The dissimilarities between healthcare finance and accounting management
- Essential aspects common to both management types – Planning – Controlling – Organization and directing – Decision making
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...