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Healthcare Budgeting and Forecasting

11 Lessons
CPEs 3.0
Finance

Master the essentials of budgeting and forecasting in healthcare with this comprehensive course. Learn to develop robust budgets, apply data-driven forecasting techniques, manage costs, and analyze variances through practical case studies tailored to the healthcare industry.

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Course Description

Dive into the critical financial skills needed to excel in healthcare management with the "Healthcare Budgeting and Forecasting" course. Designed for finance professionals and healthcare administrators, this course equips you with the tools to create comprehensive budgets, forecast patient volumes and revenues, and implement cost management strategies. Explore budgeting methodologies (incremental, zero-based, rolling, flexible), leverage data analytics for informed decision-making, and master variance analysis to ensure financial stability.

Through engaging video lessons and a hands-on hospital case study, you’ll apply concepts like payer mix analysis, expense categorization, and scenario planning to real-world healthcare scenarios. Ideal for those with foundational knowledge in cost accounting and financial statement analysis, this course prepares you to navigate the complexities of healthcare finance with confidence.

In this course, you'll learn...

Course Objectives

To understand and evaluate cost management strategies.

To apply data-driven decision making utilizing financial analytics, benchmarking, and predictive modeling.

To implement flexible and adaptive financial planning techniques.

To identify, analyze, and manage budget variances.

To develop comprehensive healthcare budgets.

How you'll apply these skills...

Create Robust Budgets: Build healthcare budgets with accurate revenue and expense projections.

Forecast Demand: Predict patient volumes and revenues using data analytics.

Control Costs: Implement strategies to optimize resources and reduce waste.

Manage Variances: Analyze and address budget deviations to ensure financial stability.

Use Data Insights: Apply analytics and benchmarking for informed decision-making.

Adapt Budgets: Design flexible budgets to handle operational changes.

Support Strategy: Align budgets with goals to enhance planning and profitability.

Course Instructor

Michael Carroll, CPA, CISA, CISM

Michael is an accounting and information security professional. He is also an Adjunct Professor at several higher education institutions, where he is responsible for teaching various accounting and information technology courses.

Michael earned his MBA in Accounting and B.S. in Accounting / Accounting Information Systems from Canisius University. Additionally, Michael is a Certified Public Accountant (CPA) and a Certified Information Systems Security Professional (CISSP). Michael is a current member of the NYCPA’s Education Committee and has been an Advisory Board Member for the Academy of Finance (AOF) since 2020.

Michael enjoys traveling, hiking, and watching the Buffalo Bills. He has also participated in several marathon events.

Course Content

Additional Info

Format

5-20 min. videos, 2 quizzes, and a final assessment

Field of study

Finance

CPE Credits

CPEs 3.0

Prerequisites

Corey

Corey is the owner of Wisdify.  He is passionate about learning and development, he loves helping people achieve their professional and personal goals. Corey is a big believer in the power of online learning and community with 15 years of finance and accounting experience.

Joe

Joe is the owner of Wisdify.  He is passionate about learning and development, he loves helping people achieve their professional and personal goals. Joe is a big believer in the power of online learning and community with 20 years of finance and accounting experience.

 

Kelsey Murphy

Kelsey is Wisdify’s expert content developer. Taking feedback from our students, Kelsey creates extremely relevant blog posts and leads the development of Wisdify’s other free resources.

Prior to Wisdify, Kelsey worked as a business technology strategy consultant for Forrester, a global research and advisory firm. While there, she acted as project manager for numerous research-based consulting projects.

Kelsey earned a BA in Economics and Mathematics from Wellesley College.

Madison Bess

Madison oversees the social media strategy at Wisdify and makes sure we stay closely connected with our students, receive their feedback, and provide our students with valuable information.

Prior to Wisdify, Madison successfully ran the social media accounts for multiple companies. She also found time to start her own personal training company (which she still runs).

Madison earned a BA in English from Brigham Young University.

Maryn Coughran

Maryn is a co-founder and leads the marketing and outreach efforts at Wisdify. She ensures we are connecting with our customers, hearing their feedback, and then implementing their suggestions.

Prior to Wisdify, Maryn co-founded (along with Nate) BostonExcel, a Microsoft Excel training company that worked with dozens of companies in virtually every industry. Maryn’s clients included numerous Fortune 1000 companies, prestigious universities, startups and everything in between. She also happened to write and illustrate a children’s book. Let’s just say she’s a woman of many talents.

Maryn earned a BA in Economics from Wellesley College.

The Buckaroos

Gwyn, Jack, and Kate are the adorable tow-heads that lead up Wisdify’s campaigns on cuteness, energy, and sleep-deprivation.