Financial Management in Healthcare
Course Info
Code IND05-120
Duration 5 Days
Format Classroom
Course Summary
Healthcare is a sector that society cannot survive without, and for healthcare organisations to function efficiently, there must be high levels of financial management in place. Without effective financial management, the organisation will struggle to maintain any sort of standard of care, leading to the potential of great harm to patients.
There are many financial challenges within the healthcare sector, and it is the responsibility of those in charge of finances to investigate, plan and strategize ideal methods and tactics to navigate through these issues. Many have turned to technology to aid in this process, to reduce time taken to gather and collect data relating to the finances.
Not only must the organisation find ways to reduce waste internally, but they must look for external sources of income. Finance management also involves the process of equity and investment banking. Building relationships with stakeholders with the hope of securing income is crucial for the success of the organisation.
During this course, you’ll learn:
- To understand the vitality of effective financial management within a healthcare organisation.
- To conduct financial audits to evaluate the types of purchases made by the organisation.
- To assess the effects of evolving patient demands on the finances of the organisation.
- To explain the role of stakeholders and health insurance providers for a healthcare facility.
- To investigate all sources of income to identify other potential methods of generating income.
- To analyse financial costs and utilise various methods and techniques to reduce resource waste.
- To conduct risk assessments to identify potential financial risks and implement risk management strategies to reduce these.
This course is designed for anyone within healthcare who is responsible for managing finances and wishes to increase their knowledge. It would be most beneficial for:
- Hospital Directors
- Pharmaceutical Directors
- Clinical Managers
- Healthcare Facilities Managers
- Finance Directors
- Senior Executives
- Risk Analysts
- Risk Managers
This course uses a variety of adult learning styles to aid full understanding and comprehension. Participants will review financial statements and other finance documents of established healthcare organisations to highlight effective methods of budgeting and cost reduction.
They will participate in a variety of learning exercises and methods proved to aid in knowledge development. This includes seminars, group discussions, case studies and role-playing activities. This assortment of learning methods guarantee the participants will develop a full and comprehensive understanding of the taught content and all related practical skills.
Course Content & Outline
Section 1
Financial Healthcare Environment
- Exploring the overall nature of the financial healthcare environment.
- Identifying what internal and external factors can influence the nature of finance within a healthcare organisation.
- Recognising and explaining various objectives of finance management in healthcare.
- Understanding common financial challenges faced within healthcare and how these can best be mitigated.
- Expanding on financial challenges and why these are becoming such a rampant problem.
Section 2
Integrating Technology and Finances
- Evaluating how technology can resolve key financial issues faced within healthcare.
- Reducing the talent and time taken to complete administrative tasks by implanting automated technologies.
- The vitality of information and data management when concerning finances – how to utilise organisation data to provide greater insight into finances.
- Utilising technology to improve compliance programs and knowledge, resulting in a better managed budget.
Section 3
Capital Acquisition
- Focusing on debt financing to pay off all outstanding payments as quickly and safely as possible.
- Increasing passive income through selling shares and increasing investment banking.
- Communicating and building relationships with stakeholders to acquire one-time or consistent payments through donations, investments, research grants and more.
- Ensuring high levels of securities valuation, market efficiency and debt refunding.
Section 4
Reducing Resource Waste
- Utilise costs and expenditure reports to identify areas of excessive waste.
- Investigate the use of equipment, employee talent and other important resources to plan and strategize potential adjustments.
- Improving the quality of resources and equipment to reduce the potential of maintenance and replacement costs over time.
- Automating certain aspects using technology to remove the necessity for employees.
Section 5
Risk Management
- Conducting regular risk assessments to identify potential areas of financial risk throughout the organisation.
- Creating risk management plans detailing classifications of risk, probability, preventative measures, and potential corrective actions.
- Financial crisis management – how to proceed quickly and carefully to reduce significant impacts.
- Carrying out regular financial condition analysis and financial forecasting to ensure these align with identified risks.
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