Training on Healthcare Financial Management

Proper management of a health organization’s finances allows it to improve patient care, minimize risk, make needed investments, and explore new streams of revenue. Financial issues are fundamental in the healthcare environment, and managers must be prepared as they endeavour to improve the delivery of health services.

This course is aimed at enhancing the financial management skills of professionals working with the healthcare organizations to enable them make informed financial decisions in today’s high value healthcare environment.

Target Participants

This training is designed for health finance professionals who have financial expertise and are seeking to learn financial management skills applicable to the healthcare context. The course is also ideal for non-financial managers and other health professionals who need to learn tools and techniques for healthcare financial management.

What you will learn 

By the end of this training the participants will learn to:

• Understand financial planning and budgeting in healthcare
• Understand the fundamentals of financial accounting in healthcare 
• Analyze and interpret healthcare financial reports
• Effectively manage cost and cash flow in the healthcare sector
• Implement effective internal control systems 
• Make informed and accurate financial decisions

Course Outline

• Introduction to Financial Management in Healthcare 
• Healthcare operating models:
• Introduction to healthcare finance
• The role of finance in health services organizations
• Understanding the financial management lifecycle in healthcare
• Concepts of financial management
• Financial challenges in healthcare
• Financial Planning in Healthcare
• Defining financial objectives and goals
• Gathering and analysis financial information
• Developing a financial plan
• Implementation and review of the financial plan
• Budgeting for Healthcare Organizations 
• Budgeting process in healthcare sector
• Functions and types of budgets in healthcare 
• Budget development in healthcare sector
• Budget management in healthcare sector
• Budget regulations/requirements
• Cash Flow Management in Healthcare
• Cash flow forecasting
• Consolidated budgets and budgeting for core costs
• Elements of cash flow
• Cash Vs Profit
• Managing cash
• Bank accounts management
• Cost Management in Healthcare Organization
• Types of costs in healthcare organizations
• Elements of Cost
• Cost Structures and Methods – costing services and products
• Procurement
• Cost allocations
• Healthcare Financial and Management Reporting
• Importance of financial reporting in healthcare
• Understanding elements of financial statements
• Financial Statements; Income Statement, Balance Sheet, Cash Flow Statement
• Management accounting in healthcare entities
• Measuring Finance Performance in Healthcare
• Introduction to financial Analysis
• Steps in financial analysis
• Financial ratios
• Budget monitoring
• Cash flow monitoring
• Internal Control Systems in Healthcare Financial Management
• Organization financial management policies
• Role of audit
• Financial fraud
• Financial spending cross approvals
• Risk Management in Project Financial Management
• Integrating Management Reporting in Healthcare
• Identifying organizational key success factors
• Measuring economy, efficiency and effectiveness
• Developing Key Performance Indicators
• Use of balanced scorecards

Training Approach

This course is delivered by our seasoned trainers who have vast experience as expert professionals in the respective fields of practice. The course is taught through a mix of practical activities, theory, group works and case studies.

Training manuals and additional reference materials are provided to the participants.

Certification

Upon successful completion of this course, participants will be issued with a certificate.

Tailor-Made Course

We can also do this as a tailor-made course to meet organization-wide needs. Contact us to find out more