Healthcare workers in a variety of specialties and roles in hospitals, clinics, and community health settings will benefit from this training course on healthcare financial and accounting management as they navigate the intricacies of contemporary healthcare organizations and make valuable contributions to their operational and financial success. The many treatments and therapies offered by modern healthcare organizations are complex. Their operational models, strategic goals, and financial objectives vary from the UK’s national healthcare systems, which are funded by taxes, to the US’s insurance-financed healthcare systems and profit-making businesses.
Whether operating within limited financing limits or turning a profit, these models depend heavily on cost, efficiency, and economic management. Healthcare personnel from all specialties must have a solid understanding of their organization’s financial accounting and management systems in order to manage and accomplish these objectives. You will gain the necessary abilities to comprehend financial reports and run your healthcare organization efficiently from the Oxford training center. We examine healthcare financial management and its function in maintaining the financial health of healthcare organizations in the healthcare management training courses. This conversation will shed light on some healthcare finance options that might improve efficiency and promote long-term viability.
Objectives and target audience
Objectives
Upon completion of this course in healthcare financial and accounting management, students will:
- Recognize the foundations of financial accounting in the medical field.
- Examine and evaluate financial reports related to healthcare.
- Effectively engage in the budgeting processes of the healthcare industry.
- Recognize the fundamentals of making decisions about capital investments.
- Make choices based on cash management and “value for money.”
- Help in the creation and application of management dashboards.
Target audience
- Members of the healthcare budgeting team.
- Specialists in healthcare planning.
- Members of the management accounting and finance teams.
- Holders of clinical and surgical budgets.
- Managers of hospital administration.
- Managers of dental practices and dental surgeons.
How will attendees benefit?
- A thorough introduction to financial accounting and management methods
- Acquisition of sophisticated abilities in financial interpretation and analysis
- Using real-world expertise to predict revenue and expenses
- Practical understanding of the concepts and procedures of budgeting
- Practical understanding of the procedures used to make investment decisions
- Functional expertise in creating dashboards for integrated management
Course contents
Fundamentals of healthcare management and accounting
- State, nonprofit, and insurance-funded healthcare operating models.
- Principles of healthcare shareholder and stakeholder value.
- Value for money (VfM) principles in healthcare budgeting.
- Fundamentals of financial accounting with a focus on healthcare accounting.
- Accounting for cash vs. accruals in the healthcare industry.
- In healthcare organizations, financial accounting contrasts with management accounting.
Healthcare management and financial reporting
- Useful reporting structures for healthcare institutions.
- Unique features of financial reports for healthcare.
- The five components of healthcare financial statements.
- Assets and liabilities: healthcare-specific recognition and measurement guidelines.
- Types and categorization of revenue and costs in the healthcare industry.
- Management accounting’s function in healthcare organizations.
Understanding and assessing cost behavior in healthcare settings
- Essential to measuring and managing healthcare performance.
- Regulating the link between cost, volume, and profit in healthcare services.
- Thorough comprehension and analysis of healthcare financial reports.
- The healthcare industry’s toolbox for financial analysts.
- Interpreting reports from healthcare entities that use financial ratio analysis.
- Examining and evaluating cash flow statements for healthcare to get the best possible financial management.