How to Manage Hospital Budgets and Financial Performance in Healthcare Settings (HFM 202)

HFM 202: Healthcare Budgeting and Financial Performance focuses on the practical application of financial management skills in the context of hospital settings. Effective hospital budgeting and financial performance management are essential for maintaining financial health, ensuring operational efficiency, and delivering high-quality care. This course provides students with a comprehensive understanding of how to develop, manage, and monitor hospital budgets while maintaining cost-effective care delivery.

Course Overview:

In HFM 202, students learn the critical components of hospital budgeting, including revenue forecasting, expense management, and cost allocation. The course emphasizes understanding the financial performance of healthcare organizations by exploring the use of financial statements, performance metrics, and variance analysis. Students will also learn about the strategies healthcare administrators can use to ensure that hospitals remain financially sustainable while optimizing care quality and patient satisfaction.

Key Learning Outcomes:

By the end of HFM 202, students will:

Develop Hospital Budgets: Learn how to create and manage detailed hospital budgets, forecast revenue, and track expenses to ensure that resources are allocated effectively.
Monitor Financial Performance: Use financial tools and metrics to evaluate the performance of a hospital, including understanding financial statements such as balance sheets, income statements, and cash flow statements.
Conduct Variance Analysis: Understand how to perform variance analysis to compare budgeted amounts with actual results, identify discrepancies, and implement corrective actions as necessary.
Optimize Resource Allocation: Develop strategies to allocate hospital resources efficiently, ensuring that both operational costs and patient care requirements are balanced.

By completing HFM 202, students will be equipped to oversee hospital finances, ensuring that budgets align with strategic goals while optimizing financial performance and maintaining high-quality healthcare services.