SHSMD Education 2020 On Demand Course | Financial Management for Health Care Planners

Date: Feb 07, 2020 - Dec 31, 2020


Description:

Financial Management for Health Care Planners
2020 On Demand Course
24/7 Access

Health care organizations operate like any business and rely on strong financial management. The process works best when finance and strategic planners’ systems are aligned. In this course you will learn:

  • The importance of financial acuity in health care and how to strategically address financial planning in a time of disruption.

  • How to build stronger a relationship with the finance department

  • Ways to leverage the interdependence between strategic and financial planning

  • All of these elements are critical to a health care organization’s success.

 

Course Overview 

The following modules will be covered in this on demand, self-paced course. All live webinars from the 2019 live program were recorded and are available to access 24/7 within the course platform. Modules include webinars, discussion boards and access to a library of additional resources (conference session recordings, templates, white papers, articles, etc.):

 

Module 1: Integrated Strategic-Financial Planning in a Time of Disruption

The disruptive health care environment puts new pressures or organizations’ financial well-being: They need to perform at a top level of efficiency at a time when volume and payment are under pressure and expenditures are growing faster than revenue. At the same time, they need to begin making unprecedented investments in transforming for a future that requires a new digital platform and involves extraordinarily large new competitors. This presentation shows the new level of integrated strategic-financial planning that will be necessary—one that defines the performance needs of today and establishes the financial boundaries and scenarios for successfully staging investments for the future.

  • Changing competitive landscape: entrance of large new competitors focusing on outpatient and telehealth
  • Imperatives of health care transformation in the now, near, and far
    • Now: Improve cost structure, assess scale, identify trapped capital, identify capabilities needed for the future
    • Near: Map financial plan that times shift of investment from strategies for the “now” to strategies for the “far”
    • Far: Achieve system that differentiates on cost and access, develop transformative health care delivery platform
  • Process of identifying strategic priorities for new capabilities, matching priorities to financial needs, and timing shift of financial resources to those new capabilities

 Presenter: Jeffrey B. Kilpatrick

 

Module 2: Building a Stronger Relationship Between Strategic and Financial Planners

Effectively leveraging the interdependence between strategic planning and financial planning is critical to a health care organization’s success. However financial planners and strategic planners often have different educational and experiential backgrounds, speak different languages, and are separated organizationally.

A strategic plan is only as good as a leadership team’s ability to successfully implement the key initiatives outlined in the document. And a strong financial component that includes capital and operational investments, impact on annual operating expenses and revenues, and overall return on investment is essential to ensure sustainability and long-term success. This session will focus on the important working relationship between strategic planners and their counterparts in finance, who provide critical insights and information necessary for successful planning.

Key Takeaways:

  • Better relationships between Finance and Planning are at the heart of successful planning processes and plan implementation
  • Finance’s involvement in the planning process must be effectively choreographed to achieve desired results

Presenter: Burl Stamp

Module 3: Integrating Strategic and Financial Planning

Effectively leveraging the interdependence between strategic planning and financial planning is critical to a health care organization’s success. Fiscal policy and the financial plan should frame the parameters for strategic planning and the strategic plan should enhance the organization’s financial position. This is a long-term dynamic relationship. However financial planners and strategic planners often have different educational and experiential backgrounds, speak different languages, and are separated organizationally.

 

Presenter: Thomas R. Miller, PhD, MBA

 

Module 4: Case Study

The final webinar will be a case study review applying the insights shared in modules 1-3.