- Course type: Self-paced
- Available Lessons: 96
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1Healthcare Finance: Definition, Function & Specialization
Course SummaryHealth 305: Healthcare Finance & Budgeting has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. With this self-paced course, you get engaging lessons, expert instructors who make even the most challenging health topics simple, and an excellent resource for getting a head start on your degree.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
The course objective is to describe and analyze healthcare system finance and budgeting. The course covers various processes of healthcare financial management on individual and organizational level.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and become eligible for college credit for this course is 210 points, or an overall course grade of 70%. The table below shows the assignments you must complete and how they'll be incorporated into the overall grade.
|Proctored Final Exam||100|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Assignments are intended to assess your application, analysis, and critical thinking skills in relation to the concepts you learn in the course. Two assignments are required for this course. You can access them here.
- All assignment scores will total up to 100 points.
- Your assignment(s) will be graded by a Study.com instructor.
- The instructor will provide a graded rubric for you along with feedback on what you did well and what could be improved.
- If you are unsatisfied with your score, you will be able to revise and resubmit your assignment(s) twice. You are free to resubmit an assignment within two weeks of your most recent exam attempt or at any point if you have an active college accelerator membership.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 90 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
Items Allowed on Study.com Proctored Exam for Health 305: Healthcare Finance & Budgeting:
- Blank scratch paper
- Pen or pencil
- A non-graphing, scientific calculator (We'll provide you access to Desmos scientific calculator during the final exam.)
Items NOT Allowed on Study.com Proctored Exam for Health 305: Healthcare Finance & Budgeting:
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
- Graphing calculators
Upon completion of the course, you will be able to:
- Define healthcare finance and identify the role of financial reporting, management, and budgeting in healthcare organizations.
- Identify types of healthcare organizations and describe various organizational structures.
- Define healthcare compliance, identify fraud and abuse laws, and differentiate between error and fraud in financial reporting.
- Identify types of health insurance and reimbursement methods and apply strategies to transition to value-based reimbursement.
- Describe financial, receivable, cash, and supply chain management activities in healthcare organizations.
- Identify and analyze components of financial statements.
- Apply financial ration analysis and benchmarking procedures.
- Classify capital projects and develop operating budgets for healthcare organizations.
- Conduct various analyses to assess and manage risk in healthcare organizations.
- Forecast staffing needs and calculate full-time equivalents and prevailing wage.
There are no prerequisites for this course.
Health 305: Healthcare Finance & Budgeting consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by ACE for 3 semester hours in the lower division baccalaureate degree category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
- Complete Health 305: Healthcare Finance & Budgeting by watching video lessons and taking short quizzes.
- Take the Health 305: Healthcare Finance & Budgeting final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
|Introduction to Healthcare Finance||Define healthcare finance; identify the role of financial management and the finance department in the health services industry; differentiate between financial and managerial accounting.|
|Organizational Structure in Healthcare||Define organizational structure; identify forms of business ownership, describe a service organization and a non-profit business; recognize the tax advantages of a non-profit business.|
|Healthcare Organizations & Services||Identify types of healthcare organizations and describe the settings in which healthcare services are delivered, including hospitals, medical practices, outpatient care, long-term care and integrated health systems.|
|Financial Reporting in Healthcare||Identify the purpose of financial reporting and statement examples, including asset, liability, equity and income; differentiate between errors and fraud in financial reporting; define healthcare compliance; identify federal and state regulations of healthcare providers; explain basic healthcare fraud and abuse laws.|
|Health Insurance & Reimbursement||Articulate the key provisions of the Affordable Care Act; identify health insurance and third party payers; differentiate between insurance methods in healthcare; explain the transition to value-based reimbursement; explain the medical coding process.|
|Estimating Healthcare Costs||Recognize healthcare operating expenses, including fixed and variable costs; differentiate between direct and indirect costs; define the concept of cost allocation and calculate depreciation expense.|
|Healthcare Financial Management||Identify the goals of financial management; define the revenue cycle; assess the functions of receivables management and cash and supply chain management; identify related measurement tools and methods; explain how costs and revenues are managed.|
|Accounting & Income Statements in Healthcare||Differentiate between the accrual and cash basis of accounting; describe the income statement and its components; define net income.|
|Using Balance Sheets in Healthcare Finance||Explain the purpose of a balance sheet and identify its components; define assets and liabilities; calculate equity and describe the statement of cash flows.|
|Financial Assessment in Healthcare||Explain financial statement analysis; define and apply financial ratio analysis; differentiate between profitability, liquidity, leverage and activity ratios; describe concepts of benchmarking and profit analysis.|
|Healthcare Planning & Budgeting||Differentiate between strategic and operational business plans; define operating and capital budgets; classify capital projects; explain financial policy and cost of capital; differentiate between debt and equity capital.|
|Project Costs & Evaluation in Healthcare||Define risk analysis and risk management; identify types of financial risk; project cash flow; define break even and marginal analysis; calculate internal rate of return; evaluate a budget using the net present value method.|
|Healthcare Staffing Needs & Forecasting||Define and calculate a full-time equivalent; explain how staffing needs are forecasted for healthcare providers.|
|Trends in Healthcare||Discuss U.S. healthcare reform as it affects the financing of healthcare services; describe accountable care organizations and medical homes; describe the significance of data breaches in healthcare; evaluate the ways in which information technology is changing healthcare.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed all lessons in Health 305: Healthcare Finance & Budgeting course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
|Please note: Assignments are required to complete this course for credit. You have submitted / required assignments for this course.|
Please meet all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
Earning College Credit
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To learn more, visit our Earning Credit Page
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