Course Length: 8 weeks
The healthcare environment today places increasing importance on the financial implications of both managerial and clinical decisions. This emphasis, in turn, has created a new need for financial skills among clinicians and managers. In this course, you will receive an overview of healthcare finance.
Coursework is designed for engagement and collaboration. Here is an example of just some of the assignments and projects you will complete as part of HCMG 7361.
- Use weekly learns to solve problems.
- Review articles and create presentations with your team.
Throughout the course, each week focuses on a different theme. Group discussions and coursework will align with that week’s theme, as well as its primary objectives.
Week 1 – Financial Environment and Reports
The first week of the course helps you understand the role financial accounting plays in healthcare. In both for-profit and non-profit healthcare organizations, financial reports help stakeholders evaluate how to utilize resources. Regulatory agencies also have reporting requirements. Revenue recognition is essential to the operating cycle, as well as billing and coding.
- Study the scope and issues of healthcare finance.
- Examine the structure and environment of the business of healthcare.
Week 2 – Costs and Profit
During week two you’ll analyze cost and profit. The economic picture weighs benefits versus costs, and this is how we make decisions on the net benefit of an activity. This helps organization perform in an efficient and effective manner.
- Use profit analysis to evaluate an activity or business.
- Learn the concepts of cost allocation, cost pool and cost driver.
Week 3 – Pricing and Service Decisions, Planning and Budgeting
In week three you’ll use tools from managerial accounting to evaluate pricing, services offered and budgeting.
- Examine price setting within organizational resources.
- Learn about service determination with set prices.
Week 4 – Time Value and Risk and Return
In week four you will study the elements of the time value of money. Cash flow, timing and interest concepts help determine the value of many financial assets and business operations or divisions. You will also study the trade-off between risks and return asset in economic allocation decisions.
- Explore why time-value-of-money is so important to health care financial management.
- Analyze the appropriate method to evaluate cash flows, time, interest, and present and future values.
- Study the concept and components of financial risk.
Week 5 – Debt and Financing
This week focuses on the various types of available debt, interest rates, equity financing, securities and the cost of capital.
- Study components of interest rates and factors that influence interest rates.
- Explore the types of debt and equity, debt and equity financing, credit ratings and efficient markets.
- Analyze the value and yield of securities.
- Learn the cost of capital, how to estimate it, and how it is used in investment decisions.
Week 6 – Capital Budgeting
During week six you will learn about capital budgeting and cash flow estimation, sensitivity and scenario analysis, and making risk assessments. Examine how competition impacts costs under traditional supply theory.
- Learn to conduct a capital budgeting analysis.
- Explore sensitivity analysis and scenario analysis.
- Learn to make a risk assessment for capital budgeting analysis.
Week 7 – Asset Management and Analyzing Financial Performance
In week seven you’ll learn about economic marginal analysis, the components of revenue cycles and supply chain management, financial statement analysis, operating indicator analysis, and economic value added.
- Study the economic marginal analysis of working capital management.
- Learn the components of revenue cycles and supply chain management.
- Conduct a financial analysis to assess financial condition.
Week 8 – Case Study and Evaluations
Week eight marks the last week in this course. In this week, you will assess an article, as well as conduct your final evaluations.
To learn more about this course, or other courses in the online MBA from Our Lady of the Lake University, call 855-275-1082 to speak with an admissions adviser or request more information.