Gain the finance and management skills needed to advance your career in the health care industry.
The advanced certificate in health care finance is an ideal way for health care professionals to deepen their understanding of health care financial management. The four-course, 12 credit hour curriculum supports student understanding how the US health care system is financed, the impact of efforts to reform the system, as well as the development of financial management skills within for-profit and not-for-profit health care organizations. To meet the needs of working professionals, courses in this advanced certificate are available online.
The advanced certificate may serve as a stand-alone credential, or, at a later date be applied to the MS program in health systems management.
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Health Care Finance, advanced certificate, typical course sequence
Sem. Cr. Hrs.
Health Care Financial Management I: Principles & Practice
This course provides a basic understanding of health services financial management. We begin with elementary accounting concepts and then focus on financial statement preparation and analysis. Special topics areas include discounted cash flow, risk, capital investments evaluation, debt/equity financing, and financial decision making models such as break-even analysis, cash flow forecasting and the like.
Health Care Financial Management II: Concepts/Applications
This course builds on the foundational learning from Health Care Financial Management I: Principles & Practice. Course emphasis will be on for-profit entities within the health care sector. The course goes into greater depth on discounted cash flow analysis, risk, financial performance evaluation, capital investments, capital budgeting, debt, and equity financing. A key objective of this class is to develop the student’s ability to engage in long-term financial modeling. Students will complete a comprehensive financial forecast as their final graded assessment for this field of study.
Management of Risk in Health Care
This course identifies the risk inherent within health care institutions, organizations, agencies and for individual providers. The management of risk is explored as part of a strategic response of an organization or individual within health care. Specifically the risk inherent within health care organizations; in communications and sharing of data; in the embracing of new technologies and drug treatment therapies; and the expectations of corporate compliance will be discussed. The role of quality assurance will be reviewed as a strategy to control risk. This is a required course in the Health Systems Administration program and assignments/ applications are focused on healthcare issues.
Lean Sigma in Health Care
This course teaches the principles Lean-Sigma and the application of its process improvement methodologies (and tools) in a health care environment. The curriculum examines the current challenges encountered in the healthcare industry and how the application of Lean-Sigma techniques can improve overall performance. A specific focus of the course is to learn the methodology used to obtain desired results of streamlining operations and enhancing administrative effectiveness in the clinical, administrative and service segments of health care.
Total Semester Credit Hours
To be considered for admission to the advanced certificate in health care finance, candidates must fulfill the following requirements:
Hold a baccalaureate degree (or equivalent) from an accredited university or college.
Submit official transcripts (in English) of all previously completed undergraduate and graduate course work.
Have a minimum cumulative GPA of 3.0 (or equivalent).
Submit two letters of recommendation from individuals who have the opportunity to observe the applicant’s work output.
International applicants whose native language is not English must submit scores from the TOEFL, IELTS, or PTE. A minimum TOEFL score of 88 (internet-based) is required. A minimum IELTS score of 6.5 is required. The English language test score requirement is waived for native speakers of English or for those submitting transcripts from degrees earned at American institutions.
Please note: Certain countries are subject to comprehensive embargoes under US Export Controls, which prohibit virtually ALL exports, imports, and other transactions without a license or other US Government authorization. Learners from Syria, Sudan, North Korea, the Crimea region of the Ukraine, Iran, and Cuba may not register for RIT online courses. Nor may individuals on the United States Treasury Department’s list of Specially Designated Nationals or the United States Commerce Department’s table of Deny Orders. By registering for RIT online courses, you represent and warrant that you are not located in, under the control of, or a national or resident of any such country or on any such list.