Intro to Finance in Healthcare from Coursera

This course is best suited for individuals currently in the healthcare sector, as a provider, payer, or administrator. Individuals pursuing a career change to the healthcare sector may also be interested in this course.

In this course, you will have an opportunity to explore concepts and topics related to accounting and finance basics for healthcare organizations.

After an introduction to the financial statements of healthcare entities, you will then learn how to read, interpret, and use a financial statement in order to understand the financial health of an organization. Your attention will be primarily focused on the Balance Sheet and Income Statement and basics surrounding revenue and expenses.

This course will tie together the financial elements learned, to the risks facing healthcare entities, as the industry continues to evolve from the COVID 19 pandemic and its resulting impact on labor, supply chain expenses, and value-based care reimbursement models. Throughout this course, you will be given the opportunity to evaluate your understanding through engagement in course discussions, application of course concepts to a course assignment, and through completion of content quizzes along the way.

What's inside

Syllabus

Overview of Health Market Actors

In this module, we will explore the complexity of the healthcare industry by learning about the various actors involved. The healthcare industry is diverse and made up of government, providers, health plans, employers, and the pharmaceutical industry. Understanding the role of each actor and the factors that drive the cost of healthcare is essential for patients, healthcare providers, and other stakeholders in the industry.

Overview of Financial Statements

Financial statements are crucial documents that are used to provide information about a company's financial performance and position. The 5 main financial statements are: Management Discussion & Analysis, Balance Sheet, Income Statement, Statement of Cash Flows, and Notes to financial statements. The financial statements are critical tools that provide valuable insights into a company's financial performance and position. In this module, we will explore these statements in greater detail and discuss the importance of these documents.

Revenue

Healthcare providers play a crucial role in ensuring that patients receive quality care while also generating revenue. The healthcare industry is divided into three primary market segments - commercial, Medicare, and Medicaid - each with its own reimbursement rate. In this module, you will explore these market segments in closer detail. You will also compare various reimbursement models used to pay doctors and hospitals - including capitation.

Expenses

Expense management is also a critical component of the healthcare industry as expenses in an income statement represent the costs of doing business. These expenses must be closely monitored to ensure the financial stability of healthcare providers. In this module, you will review the major expense categories that are reported in the income statement and identify fixed and variable expenses. You will also explore depreciation expense, differentiate it from other expense line items, and reflect on its relationship to the balance sheet. Finally, you will contrast operating and non-operating income and the differences between net income and cash flow.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Ideal for professionals currently working in healthcare or considering a career change to this industry

Covers accounting and finance basics tailored specifically for healthcare organizations

Focuses on understanding the financial health of healthcare organizations through financial statements

Examines the risks and challenges facing healthcare entities in the evolving industry landscape

Provides opportunities for hands-on practice and engagement through discussions, assignments, and quizzes

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Intro to Finance in Healthcare with these activities:

Seek Mentorship from Healthcare Finance Professionals

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Connect with experienced healthcare finance professionals who can provide guidance and support, enhancing your learning journey and career development.

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Identify potential mentors working in healthcare finance
Reach out to mentors and express your interest in mentorship
Establish regular meetings and communication with your mentor

Review Financial Statements

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Prepare for this course's topics on financial statements by reviewing core concepts and terms associated with them.

Browse courses on Financial Statements

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Review the structure of the Balance Sheet
Review the structure of the Income Statement
Understand the importance of financial statements for assessing financial health

Review accounting principles

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Strengthen your understanding of core accounting principles to better grasp the content covered in this course.

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Review debits and credits
Analyze financial statements
Refresh basic accounting formulas

Seven other activities

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Read an introduction to Accounting

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Refresh your knowledge of basic accounting principles to better understand course content.

Browse courses on Financial Accounting

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Review chapters on the Accounting Equation, Income Statement, and Balance Sheet

Explore financial news and analysis

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Stay updated with current events and expert insights to contextualize the healthcare industry's financial landscape.

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Follow financial news websites
Set up Google Alerts on relevant topics
Read industry reports and research papers

Discussion Group: Current Trends in Healthcare Finance

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Engage with your peers in discussions on the latest trends and developments in healthcare finance, expanding your knowledge and perspectives.

Browse courses on Healthcare Finance

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Participate in online discussions
Share insights and research on current trends in healthcare finance
Discuss the implications of these trends on healthcare organizations

Analyze Financial Ratios

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Strengthen your understanding of financial ratios and their use in evaluating and assessing healthcare organizations' financial health.

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Calculate financial ratios using provided financial statements
Interpret the results of the calculated financial ratios
Identify trends and patterns in financial ratios over time

Create a glossary of healthcare financial terms

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Enhance your vocabulary and reinforce your understanding of healthcare-specific financial terms by compiling a glossary.

Browse courses on Medical Billing

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Identify unfamiliar terms from course materials
Define terms precisely using online resources
Organize terms into categories

Case Study: Financial Analysis of a Healthcare Organization

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Apply your knowledge of financial statements and analysis to a real-world scenario, deepening your understanding of healthcare finance.

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Review the provided financial statements of a healthcare organization
Conduct a financial analysis using appropriate ratios and metrics
Develop recommendations for improving the organization's financial performance

Project: Healthcare Financial Plan

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Integrate your learning by developing a comprehensive financial plan for a healthcare organization, enhancing your comprehension of strategic financial management.

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Identify the financial goals and objectives for the healthcare organization
Develop strategies to achieve the identified financial goals and objectives
Create a detailed financial plan outlining the strategies and their implementation

Career center

Learners who complete Intro to Finance in Healthcare will develop knowledge and skills that may be useful to these careers:

Health Care Financial Analyst

Health Care Financial Analysts develop financial plans to ensure the financial stability of healthcare providers, such as hospitals and clinics. They analyze financial data, prepare budgets, and forecast future financial performance. The Intro to Finance in Healthcare course from Northeastern University can help you build a foundation in accounting and finance basics for healthcare organizations. This course will provide you with the knowledge and skills needed to understand the financial health of healthcare entities and make sound financial decisions.

See salaries and explore the career path for Health Care Financial Analyst

Health Care Administrator

Health Care Administrators plan, direct, and coordinate healthcare services. They oversee the day-to-day operations of healthcare facilities, such as hospitals, clinics, and nursing homes. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial management skills needed to succeed in this role. This course will provide you with a comprehensive understanding of financial statements, revenue, and expenses in healthcare organizations.

See salaries and explore the career path for Health Care Administrator

Medical Insurance Underwriter

Medical Insurance Underwriters assess the risk of insuring individuals and groups for medical expenses. They determine the premiums that policyholders will pay and the coverage that will be provided. The Intro to Finance in Healthcare course from Northeastern University can help you understand the financial aspects of health insurance. This course will provide you with the knowledge and skills needed to evaluate the financial health of insurance companies and make sound underwriting decisions.

See salaries and explore the career path for Medical Insurance Underwriter

Health Care Consultant

Health Care Consultants provide guidance to healthcare organizations on a variety of issues, such as financial management, operations management, and strategic planning. They help healthcare organizations improve their efficiency and effectiveness. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the financial challenges that healthcare organizations face.

See salaries and explore the career path for Health Care Consultant

Healthcare Revenue Cycle Manager

Healthcare Revenue Cycle Managers are responsible for managing the financial aspects of patient care. They ensure that patients are billed correctly and that payments are collected. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial management skills needed to succeed in this role. This course will provide you with a comprehensive understanding of revenue cycle management in healthcare organizations.

See salaries and explore the career path for Healthcare Revenue Cycle Manager

Healthcare Finance Director

Healthcare Finance Directors are responsible for the overall financial management of healthcare organizations. They develop and implement financial plans, manage budgets, and oversee financial reporting. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial leadership skills needed to succeed in this role. This course will provide you with a comprehensive understanding of healthcare finance and the challenges that healthcare organizations face.

See salaries and explore the career path for Healthcare Finance Director

Healthcare Investment Banker

Healthcare Investment Bankers provide financial advice to healthcare companies. They help companies raise capital, merge with other companies, and acquire other businesses. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the financial markets.

See salaries and explore the career path for Healthcare Investment Banker

Healthcare Venture Capitalist

Healthcare Venture Capitalists invest in early-stage healthcare companies. They provide funding to help these companies develop and commercialize new products and services. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the venture capital process.

See salaries and explore the career path for Healthcare Venture Capitalist

Healthcare Private Equity Investor

Healthcare Private Equity Investors invest in healthcare companies that are not publicly traded. They provide funding to help these companies grow and expand. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the private equity process.

See salaries and explore the career path for Healthcare Private Equity Investor

Healthcare Portfolio Manager

Healthcare Portfolio Managers manage investment portfolios that include healthcare stocks and bonds. They make investment decisions based on their analysis of the healthcare industry and individual companies. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the investment management process.

See salaries and explore the career path for Healthcare Portfolio Manager

Healthcare Equity Research Analyst

Healthcare Equity Research Analysts provide research and analysis on healthcare companies to investors. They write reports and make recommendations on whether to buy, sell, or hold healthcare stocks. The Intro to Finance in Healthcare course from Northeastern University can help you develop the financial expertise needed to succeed in this role. This course will provide you with a deep understanding of the healthcare industry and the equity research process.

See salaries and explore the career path for Healthcare Equity Research Analyst

Healthcare Actuary

Healthcare Actuaries use mathematical and statistical methods to assess the financial risk of healthcare plans. They help health plans design benefits packages and set premiums. The Intro to Finance in Healthcare course from Northeastern University may be useful for this role. This course will provide you with a basic understanding of healthcare finance and the role of actuaries in the healthcare industry.

See salaries and explore the career path for Healthcare Actuary

Healthcare Economist

Healthcare Economists use economic principles to analyze the healthcare industry. They study the cost and quality of healthcare services and the impact of healthcare政策on the economy. The Intro to Finance in Healthcare course from Northeastern University may be useful for this role. This course will provide you with a basic understanding of healthcare finance and the role of economics in the healthcare industry.

See salaries and explore the career path for Healthcare Economist

Healthcare Policy Analyst

Healthcare Policy Analysts analyze health policy and its impact on the healthcare system. They make recommendations on how to improve the quality and efficiency of healthcare services. The Intro to Finance in Healthcare course from Northeastern University may be useful for this role. This course will provide you with a basic understanding of healthcare finance and the role of policy analysis in the healthcare industry.

See salaries and explore the career path for Healthcare Policy Analyst

Healthcare Data Analyst

Healthcare Data Analysts use data to improve the quality and efficiency of healthcare services. They analyze data to identify trends and patterns and to develop solutions to healthcare problems. The Intro to Finance in Healthcare course from Northeastern University may be useful for this role. This course will provide you with a basic understanding of healthcare finance and the role of data analysis in the healthcare industry.

See salaries and explore the career path for Healthcare Data Analyst