Cost:

Free for HFMA Members
Buy HFMA Membership to Attend

Audience:

Hospitals and Other Providers
Physicians and Other Practitioners

Career level:

Mid-Senior
Executive

Recommended for:

Budgeting
Financial Planning

Delivery Method:

Self Study

Advance Preparation:

None

Prerequisites:

None

Course Availability:

18 Months

Blog | Budgeting
HFMA’s Chad Mulvany provides a list of Medicare and Medicaid regulatory payment impacts to consider when developing budgets.
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Blog | Budgeting
A review of the possible implications for alternative payment models and provider payment rates in the wake of the national debt cresting at $1 trillion with a possible recession looming.
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Course | Intermediate | Budgeting
This course describes how organizations use budgets and presents an overview of types of budgets. It outlines steps in the budgeting process and describes two common budgeting methods. It reviews common cost behaviors and explains how they ...
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How To | Budgeting
For some healthcare providers, a combined budgeting approach using advanced statistical forecasting techniques in conjunction with a rolling budget process provides an optimum balance between traditional budgeting techniques and future fore...
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Case Study | Budgeting
New processes, coupled with decision-support software, have helped New Jersey’s largest health system save on equipment service and better plan for equipment replacement.
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Course | Intermediate | Budgeting

Budgeting and Forecasting

Course | Intermediate | Budgeting

Budgeting and Forecasting

Description

This course introduces budgetary control and explains the principles of strategic planning. It also describes the components of a business plan, explains the types of control budgets, lists the types of budgeting techniques, and explains budget variables. The course describes reporting functions, including responsibility reporting and offers details about types of cost behaviors. It introduces ratio analysis and discusses the four broad categories of ratio analysis.

Estimated course completion time: 2 hours
After this program, you'll be able to..
  • Recognize the principles of strategic planning
  • Identify the components of a business plan
  • Identify the components of budgetary control
  • List the types of budgets and budgeting methods
  • Recognize the importance of reporting on budget variances
  • List the types of debt instruments available for capital financing
  • Identify the factors associated with credit ratings
  • Name and describe the types of cost behaviors
  • Name the broad categories of ratio analysis
  • Recognize when ratio analysis is useful to predict future financial health

Related Courses | Budgeting

Certification | Overview | Accounting and Financial Reporting

Certified Specialist Accounting & Finance Recertification

The CSAF recertification program is recommended for active, eligible HFMA CSAF certificants with an upcoming maintenance due date of October 1, 2020*. Not sure when your CSAF expiration date is? Sign in, click your profile image in the upper right corner, select My Development, and then click on the Certifications tab near the center of the page. You'll see your certifications along with their expiration date.


HFMA requires that eligible CSAF certificants gain continuing competence in the accounting and finance arena by taking a short assessment every two years. This program provides healthcare organizations with a means to ensure that their staff has the body of knowledge necessary to meet their demands. 

CSAF recertification course outline:
  • Financial Planning and Budgeting
  • Financial Reporting: Liabilities and Long-Term Debt
  • Financial Reporting: Relationships and Procedures
  • Financial Reporting: Revenue and Assets
  • Accounting Oversight and Internal Control
Assessment information:
This online program includes the above recertification courses and a recertification assessment. The assessment has 50 multiple choice questions and you have 90 minutes to complete it in one sitting. The passing score is 70%. If you do not pass on the first attempt, there is a mandatory 30-day waiting period. Please keep this in mind, as the deadline to complete the recertification assessment (to maintain your certification) is October 1, 2020*.

*During this unprecedented time HFMA is committed to meeting the need of its certified individuals. HFMA is implementing a certification maintenance grace period to allow for additional time to meet the recertification requirement. The maintenance deadline will be extended from May 31, 2020 to October 1, 2020.

Course | Intermediate | Budgeting

Financial Planning and Budgeting

This course describes how organizations use budgets and presents an overview of types of budgets. It outlines steps in the budgeting process and describes two common budgeting methods. It reviews common cost behaviors and explains how they figure into flexible budgeting approaches. The course describes the role that reporting plays in financial planning and budgeting, and explains how organizations can evaluate capital requests. This course outlines the concept of ratio analysis and presents a broad look at four categories of ratio analysis.


Estimated course completion time: 1 hour and 15 minutes

Certification | Overview | Finance and Business Strategy

Operational Excellence Exam - Module II of CHFP

Demonstrate a deep understanding of healthcare finance when you earn HFMA's flagship certification, the Certified Healthcare Financial Professional (CHFP).

Dive into the new financial realities of health care and come up with a better business skill set, new ideas on financial strategy, and insights into future trends. Earning this certification indicates a level of knowledge and expertise across four essential pillars:

  • Business acumen
  • Collaboration
  • Financial strategy
  • Understanding future trends
The Operational Excellence exam is Module II of the Certified Healthcare Financial Professional (CHFP). Paid student members are eligible to register for and take both modules of the CHFP certification program (included with membership). Student members who successfully complete the CHFP requirements will earn their designation upon assuming Professional or Business Partner level member status.

Once you complete the Operational Excellence exam, you will have the knowledge to work more effectively toward the shared goal of improving patient health.

Available online, 24/7, this key concepts guide, assessment, certification maintenance, and digital badging related costs are all included in HFMA membership.

"The Certified Healthcare Financial Professional credential was the missing piece in my extensive healthcare background. Being certified has broadened my possibilities in controlling my future or career path." - Isabelle M. Guembou, LEAN 6 Sigma Executive, Organizational Improvement and Planning

Course Outline:
The intent of Module II of the CHFP is for you to exhibit your mastery of the information learned in Module I, HFMA's Business of Health Care. In the Operational Excellence exam, you will apply that learning through your careful responses to case study challenges that comprise the exam. The Module II concepts guide is provided as an instructional document is to assist certification candidates in earning the Certified Healthcare Financial Professional (CHFP) designation by identifying the primary business challenges faced by providers, physicians, and payers today.

Assessment information:
The Operational Excellence exam is a 56-question case-study based exam. You are presented with 8 case studies and 7 questions for each. The passing score is 65%. If you do not pass on the first attempt, there is a mandatory 30-day waiting period. You'll have access to the exam summary and key concepts guide while you wait for your next attempt. The exam summary will show you how you did on the questions from each case study.

Note: If you are an HFMA member and currently registered for this program and need additional time because it is expired and expiring soon, please email elearning@hfma.org to request an extension.

Course | Overview | Finance and Business Strategy

HFMA Business of Health Care (for CME)

Understand how your decisions impact the delivery of quality care with HFMA's Business of Health Care online program.

No matter your role in healthcare, this online program is designed to provide essential context around the business fundamentals of pricing, cost, revenue, payment, and delivery models.

Once you have completed this online program, you will have the knowledge to work more effectively toward the shared goal of improving patient health.

Available online, 24/7, and at no additional cost when you are a member of HFMA.

Course Outline:

The Big Picture
Financial Accounting Concepts
Cost Analysis Principles
Strategic Financial Issues
Managing Financial Resources
Looking to the Future

Assessment information:
The online course is hosted by Healthcare Financial Management Association and the assessment is hosted by Postgraduate Institute for Medicine. Instructions for accessing the assessment are at the end of the online program. The assessment has 75 multiple choice questions and you have 90 minutes to complete it in one sitting. The passing score is 70%.

Title: HFMA Business of Health Care®
Original Release Date: 3/1/2016
Renewal Date: 4/1/2020
Expiration Date: 4/20/2021
You have access to this course for 18 months from purchase date
HFMA Business of Health Care online study materials PIM cost: $399

PIM designated this continuing education activity for 13.5 CME contact hour(s)
Estimated time to complete activity: 14 hours

Click here for the Postgraduate Institute for Medicine details.

For CME/CE questions, contact Postgraduate Institute for Medicine at www.pimed.com

For HFMA Business of Health Care for CME examination (through CME University) technical assistance, you may contact inquiries@pimed.com.