Healthcare Financial Management
This module provides an understanding of the financial operations of health care organizations including financial reporting, cost management, sources of revenue, and budgeting in health care organizations.
It will focus on the theory and application of health care finance as it applies to health care organizations. The module includes specific emphasis on financial statements and reports, CFO responsibilities, revenue cycle, coding, reimbursement mechanisms, managed care contracting, personnel expenses, supply chain and materials management, operating and capital budgeting, variance analysis, benchmarking, and capital funding. Throughout the course, there is a focus on solving problems within financial operations by studying and applying current best practices in the industry.
Upon completion of the course, students should be able to:
- Describe the functions of the various departments that report to the CFO
- Demonstrate understanding of the basic financial statements used in a health care organization
- Describe the taxation issues of for-profit and nonprofit organizational forms and the impact of
recent legislation on the community benefit standard
- Describe different clinical staffing models and how personnel expenses are generated, and utilize
this knowledge to calculate FTEs and related personnel expenses
- Describe the supply chain and related revenue capture and expense control processes and their interdependence with IT systems
- Demonstrate understanding of the advantages and disadvantages of static and flexible operating budgeting methodologies and the process of capital budgeting and project analysis
- Prepare statistical, operating, cash, and capital budgets for a health care organization
- Describe sources of capital funding, and calculate and interpret related capital costs
- Apply variance analysis techniques to budget and actual reports, financial statements, and ratio calculations; apply benchmarking standards as comparisons; and analyze results
- Describe the processes in the health care revenue cycle and the impact of collections on fiscal viability
- Differentiate between the various types of reimbursement used in the health care industry
- Perform a basic analysis of the payment terms of a provider contract
- Utilize membership in HFMA to access current industry articles to learn best practices in health care financial management
- Apply best practices to solve operational problems in personnel, supply chain, revenue cycle, and contracting areas
- Critically evaluate current and future trends in the health care industry with an eye toward the financial implications of industry changes
Meet the faculty of Module 3: Healthcare Financial Management, the third learning module in the MHA@GW program:
Take the Next Step
If you are ready to advance your career in health care management with an online MHA from GW, request more information today.