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Test Number : CHFP
Test Name : Certified Healthcare Financial Professional (CHFP)
Vendor Name : Financial
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CHFP test Format | CHFP Course Contents | CHFP Course Outline | CHFP test Syllabus | CHFP test Objectives


Module I - Business of Health Care: Participation and successful end-of-course assessment of the HFMA Business of Health Care® online program offering participants an overview of healthcare finance, risk mitigation, evolving payment models, healthcare accounting and cost analysis, strategic finance, and managing financial resources.

Module II - Operational Excellence: CHFP aspirants must also complete HFMA's Operational Excellence exam, which includes exercises and case studies on the application of business acumen in health care.

Please note HFMA membership is a required aspect for earning and maintaining the CHFP credential.

Paid student members are eligible to register for and to take both modules of the CHFP certification program (included with membership). Student members who successfully complete the CHFP requirements (two modules) will earn their designation upon assuming Professional or Business Partner level member status.

The Big Picture Healthcare environment

- Reform/Current State of US Healthcare
- Transformation Under Reform
- Payment System Overview
- The Role of Financial Management in Health Care Organizations
- Management Roles & Hierarchy
- What Keeps CFOs Up at Night=>

Financial Accounting Concepts Accounting Principles

- Analysis of Financial Statements
- Management Reports
- Accounting Terminology
- Reports for financial analysis

Cost Analysis Principles Cost Management

- Definitions
- Traditional Cost-Finding Methods
- Setting Prices
- Profit analysis

Strategic Financial Issues Basics of Strategic Planning

- Budgeting Concepts
- Variance Analysis
- Revenue & Performance Budgeting
- Controlling Operating Results
- Benchmarking, Productivity, and Cost-Benefit/Cost-Effectiveness
- Analysis

Managing Financial Resources Financing the Healthcare System: Revenue Cycle

- Working capital management
- The Use of Metrics and Data
- Long-Term Financial Resources

Looking to the Future ACA, ACOs & Bundled Payments:
Evolving Reimbursement
The Need for Business Intelligence & Analytics
Population Health Management
Aligning Clinicians and Finance Professionals to Drive Value
Accountable Care Organizations – Payer Cancers
Premium Growth in a Shifting Environment
Denials of coverage
Limitations on profits
Health Insurance Exchanges
Payer consolidations
Unsustainable rates
Payer Differentiation
Rise of Business Process Outsourcing
Consumerism and physicians
Physician –Hospital alignment
Demand for Physician Collegiality
Emerging Ancillary Positions
Physician Burnout
Physician Independence
Physician Shortages (Leakage)
Physicians as Entrepreneurs
Reform and Physician Liability
Physician – Hospital Financial
Relationships
Hospital Consolidations
Hospital – Physician Alignment
Hospital Facing Bankruptcy
Provider- Payer Consolidations
Physician Engagement and Leadership
Integrated Care Delivery
Physicians Remaining
Independent
Accountable Care Organizations
Sustainability of Physician
Employment

Module I Concept Guide – It is recommended that you preview this guide prior to working through the online materials. For example, the pages in this guide associated with the Patient Protection and Affordable Care Act (PPACA) may be viewed before working in the first course, Healthcare Finance -- The Big Picture. This preview indicates the key concepts that will be covered and attunes you to areas of professional practice that may be less familiar. Feel free to make notes in this document. By taking the time to customize this guide, you can develop a handy reference tool as you continue your work in health care.

• Module II Concept Guide - It is recommended that candidates preview the key=> concept guide prior to working through this online course. The module is itself an examination with three (3) hours allowed for completion. This preview indicates the key business challenges that will be presented and attunes candidates to areas of professional practice that may be less familiar. The learner guide can then be used to focus additional outside practicing and study on unfamiliar issues



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Financial Professional exam

The CPA examination: What You deserve to understand | CHFP Study Guide and test Braindumps

so that you’ve decided you need to turn into a licensed public accountant. in case you've taken all of the undergraduate and graduate-degree classes in accounting, enterprise legislation, and widespread reports that your state requires, and have logged some work experienced (as required in all but a couple of states), you’re ready to take the Uniform CPA Examination. this is a considerable conducting. Let’s review what’s involved.

CPA test structure

The CPA examination has 324 dissimilar-option questions, 20 project-primarily based simulation questions, and three writing parts. These are divided into 4 leading sections: Auditing and Attestation (AUD), financial Accounting and Reporting (far), rules (REG), and company ambiance and ideas (BEC). each and every part is taken for my part, and candidates can select the order by which they take them. once a candidate passes his or her first test section, the last three should be passed inside 18 months.

The American Institute of CPAs (AICPA) administers and scores the verify, grading each and every part on a scale of zero to ninety nine. You need to ranking as a minimum seventy five to circulate every area. assorted-alternative questions count for 70% of the whole ranking, simulations are 20% and written conversation is 10% of the remaining ranking. each query is weighted in response to issue, so acing the diverse choice questions and flunking the simulations and written constituents will influence in a failing rating. the full time for the test is 14 hours.

The test sections employ multi-stage testlets. the first testlet is all the time of medium problem. Candidates who do well on that half are sent to a tougher follow-up testlet. Candidates who don't do as well are despatched to an extra medium-tricky testlet.

Let's study what each and every area covers.

financial Accounting and Reporting

The a ways area exams skills and knowing of the fiscal reporting framework used by means of company agencies, no longer-for-income agencies, and govt entities. It comprises 90 assorted-choice questions as well as seven task-based simulations that use precise-existence work situations to examine your skill.

This part offers with specifications for economic statements, what needs to be covered in statements, and the way to account and record for executive corporations, non-profits, and different styles of groups. verify takers are anticipated to put together financial statements, together with steadiness sheets, profits statements, statements of retained earnings, equity, finished profits, and money flows. They additionally ought to evaluation supply files and enter facts into subsidiary and well-known ledgers.

examine takers must reveal they take note the procedure through which accounting necessities are set and the roles of a lot of governmental and business companies such because the U.S. Securities and change fee (SEC), the monetary Accounting necessities Board (FASB), the foreign Accounting requirements Board (IASB), and the Governmental Accounting specifications Board (GASB).

for many individuals, a ways is the hardest portion of the normal CPA exam. you have got up to four fours to take it.

Auditing and Attestation

The different four-hour segment, AUD, is slightly less demanding, specially so if you’ve tackled some distance first. It too has ninety varied-choice questions and seven task-based simulations. It covers the planning and reviewing of engagements, inner controls, obtaining and documenting information, and communications practise.

As with a ways, test-takers deserve to reveal competencies of overseas accounting necessities, in selected, the difference between international requirements on Auditing (ISAs) and U.S. auditing specifications. They should identify cases that may be unethical or a violation of knowledgeable requirements and examine the applicable motion to these instances. in addition, they have to establish key risks in a economic assistance know-how atmosphere.

AUD also covers requisites for Preparing stories on audited monetary statements, government auditing necessities, compliance with laws, laws, and internal handle, along with other conversation standards accountants need to recognize. This area will also look at various your expertise of the ethics and independence required through the AICPA, the Sarbanes-Oxley Act of 2002, the government Accountability office, and the department of Labor.

law

You’re allowed up to 3 hours to take REG. It covers ethics and knowledgeable responsibility, business legislation, tax methods and accounting, and federal taxation for people, entities, and property transactions. This part has 72 varied-choice questions and 6 project-based simulations.

verify-takers have to show that they consider the knowledgeable and criminal duties of certified public accountants, as neatly as the legal implications of business transactions as they relate to accounting, auditing, and fiscal reporting. This section deals with federal and largely adopted state legal guidelines. You need to reveal you be mindful the rights, duties, and liabilities of debtors, creditors, and guarantors as well as the audit and appeals process employed with the aid of the internal salary carrier (IRS). This area additionally covers the option minimal tax and both property and gift taxation.

company atmosphere and ideas

BEC is arguably the easiest part, and most candidates flow it on their first attempt. The BEC area has seventy two dissimilar-option questions and three written communique elements, wherein check takers must reply in a letter or memo structure to a work state of affairs. here is used to assess candidates’ writing potential as well as their firm, readability, and conciseness.

This three-hour area addresses business structures, economic concepts, fiscal administration, and suggestions technology. You must demonstrate you consider company governance, financial risk management, economic management tactics, strategic planning, and operations administration. This section also assessments your understanding of the economic ideas of global business and the way they have an impact on an entity’s enterprise method.

look at various-takers are referred to as to verify the influence of business cycles on an entity’s operations and consider operations and nice control initiatives to measure and manipulate performance and costs. 

are expecting to be validated on the rights, obligations, and ethics of an entity’s board of directors, officers, and other employees. Questions will also cowl tips techniques and technology dangers, the Committee of Sponsoring companies of the Treadway commission (COSO), as well as company responsibility and economic disclosures necessitated by way of the Sarbanes-Oxley Act of 2002.

The base line

Even devoid of the mandatory schooling and work experience, CPA look at various takers have their work cut out for them. however the reward is a revered professional designation that most often comes with a drastically better price of pay.


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