Cost:

Free for HFMA Members
Buy HFMA Membership to Attend

Audience:

Hospitals and Other Providers
Business Partners
Physicians and Other Practitioners

Career level:

Experienced Professional
Early Careerist
Student

Recommended for:

Budgeting
Accounting

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 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 bu...
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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

Financial Planning and Budgeting

Course | Intermediate | Budgeting

Financial Planning and Budgeting

Description

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
After this program, you'll be able to..
  • Identify the level of management responsible for an operating budget
  • Identify a budget calendar
  • Identify the common sources of information used to develop the budgets included within the operating budget
  • Recognize the two most common approaches to departmental budgeting
  • Identify what is required to develop projections based on zero-based budgeting 
  • Identify the process of controlling utilization of resources, particularly labor, and incorporating benchmarking techniques and usage
  • Name the advantage of flexible budgets over fixed budgets
  • Define responsibility reports
  • Identify an effective responsibility reporting process, including steps and responsibilities
  • Name some of the significant variances that department heads should explain to upper management
  • Recognize the common capital investment evaluation techniques
  • Define the concept of ratio analysis
  • Recognize the specific uses of ratio analysis
  • Recognize how ratio analysis can help in determining how much of a debt burden an organization can assume
  • Name several types of profitability ratios
  • Name several liquidity ratios
  • Name several activity ratios
  • Define capital structure ratios

Related Courses | Budgeting

On Demand Webinar | Basic | Coronavirus

The CFO Checklist: Financial strategy & forecasting during COVID-19

The COVID-19 pandemic is causing major economic disruptions and has left many health systems struggling to find ways to drive cash supply and forecast budgets. The ability to pivot and prepare a financial operating plan that provides a path toward solid financial footing and support from banks, rating agencies, and stakeholders represents a new discipline that will help to ensure your ability to carry out your mission - to save lives and maintain healthy communities. Presenters will discuss new financial planning and forecasting strategies that consider 90+ factors to help you validate and pressure test your forecasting models six-month, 12-month, three-year outlook.

Original Live Webinar Date: 7/24/20

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

Budgeting and Forecasting

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

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.