Advanced Financial Management in Healthcare Organizations

CSO 713 Subject & Catalog Number

Description

Building upon clinical operations leaders' experience and knowledge in healthcare financial management, this course will teach students how to assess and synthesize key metrics to develop a holistic view of an organization's financial position. Students will learn how to use that information to establish appropriate financial performance targets and apply strategies that healthcare systems have utilized to maintain and improve operating expense management and efficiency initiatives such as population health management, active asset management and process improvement via automation. Students will gain a deeper understanding of how patient care revenue is generated and what the payment sources are. Students will learn how to apply principles of healthcare business planning and will explore approaches to generate clinical program growth by enhancing case mix and developing service lines.

The course will illustrate how external factors, including health reform, regulatory changes and a pandemic can impact healthcare finances. Upon completion of the course, students will be able to develop and manage healthcare operating, capital and research budgets on a departmental and system level, and develop business plans and financial forecasts that reflect sound assumptions and an appropriate return on investment. The course will also prepare students to exercise leadership during budget and business planning processes and to track and monitor financial performance.