HM 540

 

Budgeting & Finance for Health Care Managers

COURSE INFORMATION

This course is designed for health care managers who are not in financial management executive positions. It is particularly designed for first-line supervisors, department directors, operational managers and those in health care who have responsibilities for the management and budgeting of human and supply resources. This course is designed with an emphasis on content for managers with a non-financial background that require a sound understanding of the concepts of health care budgeting and financial management. The course covers a comprehensive amount of material going from introductory and foundational concepts in budgeting and finance, progressing into more intermediate and advanced concepts. Students receive a well-rounded course that will serve them very well in their roles as managers in health care practice.
Important content in this course includes models of budgeting in health care management, cost behavior and analysis, health care reimbursement methodologies, capital budgets, cash budgets, understanding financial statements, presenting budget and financial data, clinical quality improvement and financial outcomes, financial planning, health care business models, challenges to financial success, and the role of government in financial management of health care organizations. Course Code: HM 540. Contact hours of Continuing Education = 45

Level of Complexity = Intermediate to Advanced

This course is particularly designed for those who would like to become Certified as a Certified Health Care Manager by the American Institute of Health Care Professionals, Inc., however it is also offered to all health care and management professionals who may be interested in taking it.

Pre-requisite to enrolling in the continuing education program:

1. Requisite for all Applicants for Certification: applicants/candidates for certification must meet one of the following prerequisites to enter the program: is a licensed health care professional with a current and active license to practice, which includes the following: 1.) a registered nurse currently licensed to practice nursing, 2). a licensed social worker, 3). a health care licensed professional, 4). a health care provider with a minimum of a bachelors degree, 5). a licensed counselor or psychologist, 6). holds a bachelor's degree or higher in psychology, human services, or other health related field, 7.) a health care/nurse manager/leader/charge nurse, supervisor/nurse executive, 8). a licensed allied health care professional, 9). a corporate trainer in health care, 10).  a professional health care case manager or 11). a health care manager/supervisor or consultant, 12). a licensed physician.
2. or is currently employed in a health care setting with a minimum of five (5) years of work experience and is in a position that includes management/supervisory duties; or is in a position in which a supervisor verifies that the current position is one in which the candidate has the potential to be assigned management responsibilities or be promoted to a position of management/supervision in the future.
3. or have been approved to enter the health care manager certification program offered by AIHCP.

Course Refund & AIHCP Policies: access here

Instructor/Course Author:  Mark C. Barabas, BS, DHA, FACHE

Link to: Resume

Instructor: Your instructor for this course is Mark C. Barabas, BS, DHA, FACHE, a Fellow in the American College of Health Care Executives. Mark has extensive experience as a Health Care Executive, including Chief Executive Officer positions and has taught health care management courses at the college level. In addition to doing consulting work, he currently conducts Acute Care, Rehab and Critical Access hospital  accreditation surveys and inspections for the Healthcare Facilities Accreditation Program (HFAP). You may access his resume above.

BOARD APPROVALS: The American Institute of Health Care Professionals (The Provider) is approved by the California Board of Registered Nurses, Provider number # CEP 15595 for 45 Contact Hours. Access information

Course Refund & AIHCP Policies: access here

TIME FRAME: You are allotted two years from the date of enrollment, to complete this course. There are no set time-frames, other than the two year allotted time. If you do not complete the course within the two-year time-frame, you will be removed from the course and an "incomplete" will be recorded for you in our records. Also, if you would like to complete the course after this two-year expiration time, you would need to register and pay the course tuition fee again.

TEXTBOOK: There is one required Textbook for this course.

Health Care Budgeting and Financial Management, 2nd Edition. Praeger; December 14, 2015. ISBN-10: 9781440844287 ISBN-13: 978-1440844287

This book may be purchased online at Amazon.com: access here

Note: this book is also available on Kindle. There are also used copies on Amazon.com for purchase. You may also purchase this book at any other online or other bookstores.

You are required to order your own copy of the textbook. Please be sure to order your books as soon as possible so that you can begin your course of study.

Videos

Additional Assignments: there are Online Videos that are required for viewing for this course as well. Once enrolled into the course, students are provided with full information regarding Video Viewing and assignments. Videos are NOT required to be purchased.

GRADING: You must achieve a passing score of at least 70% to complete this course and receive the 45 hours of awarded continuing education credit. There are no letter grades assigned. You will receive notice of your total % score. Those who score below the minimum of 70% will be contacted by the American Institute of Health Care Professionals and options for completing additional course work to achieve a passing score, will be presented.

COURSE EVALUATION: upon submitting your responses to the examination questions, you are required to complete the online course evaluation. Course evaluations are accessed from the online classroom. A course evaluation must be completed in order to receive the CE course certificate

Enrollment: There is open enrollment. You may register and begin this course at any time. Registration: access here

Online Classroom Resources and Tools

* Examination Access: there is link to take you right to the online examination program where you can print out your examination and work with it. All examinations are formatted as "open book" tests. When you are ready, you can access the exam program at anytime and click in your responses to the questions. Full information is provided in the online classrooms.

* Student Resource Center: there is a link for access to a web page "Student Resource Center." The Resource Center provides for easy access to all of our policies/procedures and additional information regarding applying for certification. We also have many links to many outside reference sites, such as online libraries that you may freely access.

* Online Evaluation: there is a link in the classroom where you may access the course evaluation. All students completing a course, must, without exception, complete the course evaluation.

* Faculty Access Information: you will have access to your instructor's online resume/biography, as well as your instructor's specific contact information.

* Additional Learning Materials: All course handouts are available in the online Video classrooms. All E-Learning Books are available in the classrooms for students to download.

STUDENT RESOURCE CENTER: Please access our student resource center. The Resource Center contains all of our current policies, as well as important information regarding classroom and examination accesses. Also included are trouble-shooting tips when a student has any difficulties with classroom or examination accesses. The Resource Center also provides other information regarding our continuing education and certification programs. Access to online libraries is also provided. To Access the Student Resource Center: click here.

 

COURSE OBJECTIVES: Upon completion of this course, you will be able to:

1. Review and understand Health Care Budgeting and Financial Management paradigms for the working healthcare manager.
2. Review basic business and accounting concepts as they relate to healthcare financial management.
3. Relate the understanding of the differences between fixed and variable cost and direct and indirect cost and review the theory of overhead cost allocation and cost accounting concepts.
4. Understand and discuss healthcare reimbursement methodologies.
5. Discuss the budgeting process used by healthcare institutions and review the budget theory and methodologies used in first line financial management.
6. Review all components of the operating budget including the volume budget, the revenue budget, the staffing budget and the supply/services budget.
7. Provide an understanding of the capital budget process including packaging and justifying capital budget request. Determine how resources are allocated.
8. Review cash budget and cash flow considerations.
9. Relate the differences in healthcare financial statements including the balance sheet and income statements. Discuss the importance of financial ratios.
10. Review the use of performance measures and the use of dashboards and balanced scorecards and the value of dashboards.
11. Determine how healthcare providers use analytical tools and understand options of financial forecasting as well as distinguish between gross and net revenue.
12. Discuss the factors that influence productivity and understand how benchmarking is useful in the field.
13. Compare and discuss between revenue and expense strategies.
14. Understand and discuss strategies for budget meetings and options for presenting financial data to a review committee.
15. Identify obstacles to successful budgeting and performance in the field and explain a businesslike approach to budgeting.
16. Define and discuss variance an lysis.
    
17. Define and discuss financial forecasting.
    
18. Define and discuss decision analysis.
19. Define and discuss gross vs. net revenue.
20. Define and discuss ad hoc financial analysis.
21. Explain how to organize a financial analysis.
22. Identify and discuss appropriate strategies to enhance revenues in a healthcare organization.
23. Discuss the participative approach to revenue and expense strategies.
    
24. Discuss the centralized approach to revenue and expense strategies.
25. Understand and discuss the process of developing an effective business plan.
26. Discuss a business-like approach to budgeting and financial management.
27. Identify and discuss several strategies for success in financial planning and management.
28. Identify and discuss key challenges today for managers and leaders related to financial management in healthcare organizations.
29. Review, identify and discuss the proper role of the government in the financial management of healthcare organizations.
30. Review and understand a typical audit review letter
31. Review and understand budgeting and finance practice problems and their solutions

Course Content

Defining financial management
Strategies for financial management success
Today's health care dilemma
How health care is financed
Critical players in the health care dilemma
Business and accounting concepts
Asset valuation
The purpose of accounting
Approaches to recording transactions
Accounting concepts
Understanding cost behavior
The nature of operating costs
Fixed vs variable costs
Direct and indirect costs
Cost accounting
Manufacturing vs health care
Cost accounting vs financial accounting
Accounting for costs
Overhead cost allocation
Healthcare reimbursement methodologies
Setting prices
Billing and collecting
Budgeting
Budget planning models
Acquiring and using resources
Types of budgets
Planning documents
Sources of budgeting information
Operating budgets
The volume budget
The revenue budget
Making balanced decisions
Sources of funds
The balance sheet
The income statement
The cash flow statement
The annual audit
Financial ratios
Performance measurements
Reading financial reports
Dashboards and balanced scorecards
Leading vs trailing indicators
Populating the dashboard
Variance analysis
Types of variances
Forecasting
Decision analyses
Gross vs net revenues
Ad hoc financial analysis
Organizing the financial analysis
Improving performance
Benchmarking
Bilateral performance mapping
Process flow analysis
Productivity and efficiency
Resource use standards
Revenue and expense strategies
Revenue enhancement
Expense control and reduction
The participative approach
The centralized approach
Presenting budget and financial data
Presentation qualities
Strategies for budget meeting success
Clinical quality improvement and patient outcomes
The health care business model
Financial challenges for leaders and managers
The proper role of government in financial management of healthcare
Audit opinions
Practice problems and solutions

 Register for Course

Request Information