This course is the continuation of "Intro to Finance in Healthcare." If you have not yet taken the introductory course, it is recommended that you complete that course prior to this course. The foundational knowledge is carried through in this deeper dive into financial management in healthcare.
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In this course, you will continue to explore concepts and topics related to accounting and finance basics for healthcare organizations. You will learn how to read, interpret, and use a financial statement in order to understand the financial health of an organization. You will explore long-term financing and learn about the types of debt available to healthcare organizations. You will also be introduced to financial planning and analysis and how to best assess the financial performance of a company.
You will be asked to put yourself in the position of a financial officer within a healthcare organization as you explore the complexities and challenges healthcare organizations face when managing healthcare financial decisions. Throughout this course, you will be given the opportunity to evaluate your understanding through engagement in a course project, discussions, and through completion of content quizzes along the way.
Syllabus
Assets, Liabilities, and Equity
Module 1
Understanding the balance sheet is an essential aspect of analyzing a business's financial health. In this module, we will explore the basics of the balance sheet, including assets, liabilities, and equity. In this module we will learn more about this crucial financial statement and gain a deeper understanding of how it can give us valuable information about a company's financial standing.
Financial Planning & Analysis (FP&A)
Module 2
Financial Planning and Analysis, or FP&A, is an important area in a company that helps align the organization's financial data with its financial statements and supports strategic business decisions. A key product of most FP&A departments is developing the finance plan of a company which covers key areas such as assessment of the financial condition, working capital management, payer contracting strategy, analytics & reporting, and data management. Financial planning and budgeting are critical to the success of a company and its ability to achieve its goals. In this module, we will discuss the key functions of FP&A, the elements of the financial plan of a company, and the overall importance of budgeting and financial planning.
Long-Term Financing
Module 3
It is important to understand the crucial role that capital plays in the acquisition and financing of assets for healthcare providers, as well as to examine the different financing options available to them. This module explains that capital is necessary for healthcare providers to operate and purchase assets, and it can be obtained through either debt financing or equity financing. In this module we will also explore the cost of capital and how companies raise capital through selling bonds. We will also explore how long-term debt is crucial for healthcare providers and that the cost of capital is influenced by several factors.
Financial Condition Analysis
Module 4
Financial stability is critical to the success of any healthcare organization. To determine a company's ability to fulfill its mission, it's important to assess and understand its financial and operating performance. This module will cover the key indicators, ratios, and techniques used in financial and operating performance analysis.In essence, financial condition analysis is a vital tool for evaluating a company's financial and operating performance. By utilizing techniques like financial statement analysis, operating indicator analysis, and ratios like profitability, liquidity, debt management, and asset management ratios, it's possible to gain a comprehensive understanding of a company's financial health. We will explore these concepts and more during this module.
