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Productivity and Value

Healthcare Financial Management, Productivity and Cost Control

Practical tools for making better financial decisions and maximising financial performance in healthcare organisations

The Course Course Content Next Session

About the course

Healthcare organisations must excel at many things.  They must deliver a high level of quality and safety, excellent clinical outcomes and a superlative patient experience.  Just as importantly, private healthcare providers must be profitable despite increasing competition from other hospitals and clinics, while public providers must remain financially sustainable in the face of growing demand for care.

Many of the decisions that healthcare leaders and managers make will have significant financial implications.  IHLM’s Healthcare Financial Management, Productivity and Cost Control course provides comprehensive coverage of the fundamental concepts, models and methods required by both non-financial and financial managers in all types of healthcare organisation or service: giving you the working knowledge to make sound decisions that help deliver financial sustainability and profitability.

Delivered via IHLM’s online learning platform and through live interactive Zoom webinars, you will become part of a global community learning how to transform financial performance together.

What you’ll learn

On completion of this course you’ll be able to:

  • understand the factors that are driving healthcare costs and changing the ways that healthcare providers get paid
  • analyse the financial performance and viability of your own healthcare facility or service
  • manage money prudently and allocate financial resources effectively
  • measure the costs of an episode of patient care and reduce those costs by enhancing productivity
  • make difficult decisions about when to outsource, when to invest and how to set the price of a healthcare service

How you’ll learn

This course is broken down into ten manageable weekly modules:

  • work at your own speed through a carefully curated collection of self-paced online learning materials that include video lectures, podcasts, interviews and real-world case studies
  • evidence-based research from peer-reviewed publications will help you dig more deeply into topics that really interest you
  • you are not alone – you will interact with other course members, collaborate on learning activities and get direct feedback and coaching from the course leader during weekly Zoom webinars
  • earn professional certification by completing weekly learning activities and mini-projects

This course should take approximately 4 – 6 hours per week.  You can expect to devote about 1 – 2 hours per week to watching video lectures and reading learning materials, 1 – 2 hours per week preparing for and participating in the webinar and 1 – 2 hours per week applying your knowledge through learning activities and practical assignments.  Every webinar is recorded so you can rewatch it at any time.

Who should take this course?

This is a highly practical and interactive course that will benefit anyone who manages money or controls budgets in a healthcare organisation, service or department.  It is an ideal programme for:

  • non-financial managers and healthcare professionals who need to learn tools and techniques for managing healthcare costs, budgets and investments and for transforming financial performance, and
  • finance managers or professionals who have financial expertise or qualifications and are seeking a programme that provides specialist coverage of financial, cost and management accounting techniques applied in a healthcare context.

About the certificates

Upon successful completion of the course you’ll receive an:

  • IHLM Certificate of CPD Completion – This may be useful for course members who belong to professional bodies that have Continuing Professional Development requirements.  The programme has an estimated 60 hours of guided learning.
  • IHLM Professional Certificate in Healthcare Financial Management, Productivity and Cost Control – This is evidence of the healthcare finance capabilities you’ve developed during the course.  The award of a professional certificate requires completion of learning activities and mini-projects during each module.

How to register

Ready to start?  Just click the ‘Register now’ button at the top of this page or use the ‘Ask us a question’ button if you’d like to talk to one of our course facilitators.  The fee for this course is £995 per person.  If you’d like to pay in instalments you can arrange this by contacting us at: registration@ihlm.org.

We provide discounts to organisations registering 3 or more staff in the course and can also provide a customised in-house version tailored to your organisation’s specific needs.

All registrations are subject to our terms and conditions which are available here. By registering for an IHLM course you are accepting these terms and conditions and agreeing to be bound by them.

 

Module 1: The Context for Financial Management in Healthcare

  • explore the factors that drive healthcare costs and affect the financial performance and sustainability of health services

Module 2: How Healthcare is Paid For

  • understand the main business models and payment systems used in healthcare
  • the major types of healthcare payment systems
  • the reforms that are rapidly changing the way care is funded and paid for

Module 3: Understanding Financial Data from Healthcare Organisations

  • how to read the basic financial statements common to most healthcare organisations: income statements, balance sheets and cash flow statements.

Module 4: Evaluating the Financial Performance of Healthcare Organisations

  • discover the Key Performance Indicators (KPIs) used to analyse the financial performance and sustainability of healthcare providers
  • use these KPIs to analyse the financial health of your healthcare service or organisation.

Module 5: Working Capital, Revenue Cycle and Inventory Management

  • understand the working capital management strategies that keep healthcare providers solvent
  • how to manage receivables and payables to assure there is always sufficient money on hand to pay for the delivery of healthcare services

Module 6: Accounting and Budgeting

  • define the purposes of budgeting and the planning-and-control cycle and identify its five key dimensions
  • learn how to construct each of the major types of budget used by healthcare services and departments.

Module 7: Calculating the Costs of Care

  • calculate how much it costs your healthcare facility to deliver an episode of patient care

Module 8: Controlling Costs and Enhancing Productivity

  • understand what ‘value’ in healthcare means and learn how to dramatically improve it

Module 9: Cost Behaviour and Pricing Decisions in Healthcare

  • understand the distinctions between different types of healthcare costs
  • learn how to use Cost-Volume-Profit (‘CVP’) analysis to make important decisions about when to and how to outsource and when to add, expand, reduce or drop a clinical service line

Module 10: Investment Decisions in Healthcare

  • determine whether a healthcare investment is worthwhile and decide how it should be financed.

 

Course Leader

Benedict Stanberry

Course Factfile

  • Next session: 16 June 2023
  • Duration: 10 weeks
  • Commitment: 4-6 hours a week
  • Qualification: Certificate
  • Cost: £995
  • Location: Online

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