Do you have the financial skills you need for a role in health, aged or social care management?
If you are working as a Manager in health, aged or social care and you find yourself looking blankly at the finance team when they talk about your profit and loss reports OR you find yourself fumbling through the financial management aspects of your role, then this program might be the answer.
Why Finance for Non Financial Managers
Health, aged and social care is full of complexities with unique financial challenges such as government funding, managing demand, workforce shortages and regulatory compliance.
The Queensland Branch of ACHSM identified a gap in the training on offer for people working as managers/leaders in these sectors; and who didn't necessarily have a background in finance.
This course helps non-financial managers navigate the intricacies of health, aged and social care finance, and will provide participants with the ability to forecast financial needs, plan for expenditure, and understand financial reports.
This knowledge will not only contribute to your professional development but will give you the confidence to more effectively manage your team, ultimately leading to better consumer outcomes and financial stability.
There are two (2) micro credentials in this course, across four (4) modules.
Complete the content at your own pace, all online and with no timeframe for completion.
Complete the quiz at the end of each module, complete the micro credential and we will issue you with a digital badge; great for your performance review and that promotion you are looking for.
Microcredential 2: Using information to make decisions
Module 3
Module 3 equips non-financial managers with essential financial management concepts, budgeting skills, and financial analytics tools, enabling effective decision-making and resource allocation in health, aged care, and social care settings to enhance operational efficiency and organisational performance.
Module 4
This module introduces non-financial managers in health, aged, and social care to key financial concepts, including cost accounting, forecasting, managing budget deficits, and assessing financial risks. Participants learn to develop business cases and make informed financial decisions to enhance operational efficiency and support sustainable service delivery in their organisations.
Bonus Content
Dive deeper into the way finance works in Private Healthcare and Aged Care.
Cover content such as the way in which Medicare works in private healthcare, how private health insurance works and the importance of good financial management to private healthcare organisations.
Also learn about how Australia's aged care system is funded and how these funds are used to provide care to older Australians.
Curriculum
- Topic 3.1 Financial Management Concepts
- Topic 3.2 Internal financial and performance reporting
- 3.2.1 Interpreting Financial Reports
- 3.2.2 Gross profit and gross margin
- 3.2.3 Statement of Financial Position (Balance Sheet)
- 3.1 and 3.2 Quiz
- Topic 3.3 Budgets and Budgeting
- 3.3.1 Importance of Budgeting in Healthcare
- 3.3.2 Budgeting Approaches
- 3.3.3 Key Concepts
- 3.3.4 More Info
- 3.3 Quiz
- Topic 3.4 Financial Analytics in Health
- 3.4.1 Hospital Emergency Department Case Study
- 3.4.2 Skill sets for business analytics
- 3.4.3 Benchmarking
- 3.4.4 Workforce analytics
- 3.4.5 Monitoring acuity – raw and coded activity data
- 3.4 Quiz
- Ramsay Healthcare Case Study
- Further Reading
- Topic 4.1 Cost Accounting
- 4.1.1 Managing the cost of labour
- 4.1.2 Managing the cost of supplies and services (non-labour) items
- 4.1 Quiz
- Topic 4.2 Finance and Decision Making
- 4.2.1 Forecasting operational and financial performance
- 4.2.2 Useful information for forecasting
- 4.2.3 Budget deficits and implementing financial improvement plans
- 4.2.4 When time is against you
- 4.2.5 Effort–Reward matrix
- 4.2.6 Developing financial strategy
- Topic 4.3 Project Financial Management
- 4.3.1 What is a project?
- 4.3.2 Project budgets
- Topic 4.4 Financial Risk
- 4.4.1 Identifying and managing financial risk
- 4.4.2 Strategic or operational risk
- 4.4.3 Risk appetite statements
- 4.4.4 Management of Risk
- 4.4.5 Risk Examples
- 4.4.6 Internal audits and assurance
- 4.2, 4.3 and 4.4 Quiz
- Topic 4.5 Tools for financial management
- 4.5 Quiz
- References
- Funding in Private Healthcare
- Spending in Healthcare- Non Government
- Medicare: Looking through a non government lens
- Private Health Insurance
- Performance Management & Accountability
- Financial Governance in the Private Health Sector
- Business Cases in Private Healthcare
- Case Study
- Financial Statements in the Private Sector
- Business Analytics
- Financial, Administrative & Clinical Indicators
- References
- Quiz
