Financial Management in Health Care: Concepts and Applications

Healthcare Industry Courses, On Campus Courses

Introduction:

Financial management in health care is the process of planning, organizing, controlling, and monitoring the financial resources and activities of a health care organization. Financial management in health care is essential for the effective and efficient operation of health care facilities, such as hospitals, clinics, and other medical institutions. Financial management in health care also supports the delivery of safe, high-quality, and person-centred care and services that meet the needs and expectations of the community.

This course will provide you with a comprehensive overview of the key concepts and tools of financial management in health care, and how they can be applied to real-world problems and cases. You will learn about the sources and uses of funds in health care, the role and rationale of financial management frameworks and systems, the tools and techniques for financial analysis and decision making, the methods and measures for financial performance and improvement, and the best practices and standards for financial management in health care.

Objective

The objective of this course is to equip you with the knowledge and skills to:

Understand the basic concepts and theories of financial management and how they relate to health care systems and policies
Analyse the sources and uses of funds in health care and the factors that influence them
Evaluate the benefits and challenges of financial management in health care and the factors that enable or hinder its implementation
Apply financial management concepts and tools to address real-world problems and cases in various health care settings and contexts
Communicate effectively and persuasively about financial management in health care to various audiences and stakeholders

Target Audience

This course is designed for professionals who work in or are interested in the health care sector, such as:

Health care providers (e.g., physicians, nurses, pharmacists, therapists, etc.)
Health care managers and administrators (e.g., hospital directors, clinic managers, health plan executives, etc.)
Health care policymakers and regulators (e.g., government officials, public health agencies, health care organizations, etc.)
Health care researchers and consultants (e.g., academics, analysts, evaluators, etc.)

Benefits Of Taking This Course

By taking this course, you will:

Enhance your analytical and critical thinking skills in the health care domain
Gain a deeper understanding of the current issues and trends in the health care sector and their implications for financial management and quality improvement
Learn how to use financial management frameworks and tools to inform and improve your health care decisions and actions
Develop your ability to communicate and collaborate with other health care professionals, managers, policymakers, and researchers

Content

The course will consist of five days of lectures, discussions, exercises, and case studies, covering the following topics:

Day 1: Introduction to Financial Management in Health Care
- What is financial management and why is it important in health care?
- What are the main concepts and theories of financial management and how do they relate to health care systems and policies?
- What are the main sources and methods of data collection and analysis in financial management in health care?
Day 2: Sources and Uses of Funds in Health Care
- What are the sources and uses of funds in health care and how are they defined and classified?
- What are the drivers and constraints of funds in health care and how do they vary across different health care settings and contexts?
- How do health care consumers, providers, insurers, and regulators perceive and respond to funds in health care?
Day 3: Financial Management Frameworks and Systems in Health Care
- What are the role and rationale of financial management frameworks and systems in health care and how are they designed and implemented?
- What are the components and functions of financial management frameworks and systems in health care and how do they interact and integrate with each other?
- What are the best practices and standards for financial management frameworks and systems in health care and how are they evaluated and improved?
Day 4: Financial Analysis and Decision Making in Health Care
- What are the tools and techniques for financial analysis and decision making in health care and how are they applied and used?
- What are the criteria and methods for financial prioritisation and decision making in health care and how are they applied and used?
- What are the strategies and actions for financial optimisation and innovation in health care and how are they applied and used?
Day 5: Financial Performance and Improvement in Health Care
- What are the methods and measures for financial performance and improvement in health care and how are they applied and used?
- What are the challenges and opportunities for financial performance and improvement in health care and how are they addressed and exploited?
- What are the benefits and outcomes of financial performance and improvement in health care and how are they measured and communicated?