Risk Management in Healthcare Finance
Learn how to identify, assess, and manage financial, operational, and compliance risks in healthcare organizations using real-world case studies and practical tools like a risk register.
Course Description
In today’s complex healthcare landscape, effective risk management is essential to financial sustainability and operational resilience. This comprehensive course equips healthcare finance professionals with the skills needed to identify, evaluate, and respond to a wide array of risks — from financial misstatements and fraud to regulatory compliance and cybersecurity threats.
You'll explore the four key risk response strategies (mitigate, transfer, accept, avoid), apply qualitative risk assessment methods, and gain hands-on experience through detailed case studies using a downloadable Risk Register Template. The course also covers how to incorporate insurance into your overall strategy and use data analytics to strengthen forecasting and compliance.
Whether you’re new to risk management or looking to deepen your knowledge in the healthcare sector, this course provides actionable insights, industry-specific examples, and tools you can apply immediately in your organization.
In this course, you'll learn...
Course Objectives
Identify key financial, operational, and strategic risks unique to the healthcare industry.
Analyze regulatory and compliance risks related to the healthcare industry.
Evaluate financial and operational risk management strategies for a healthcare organization.
Develop risk mitigation plans for healthcare entities.
Explore insurance options for healthcare providers.
How you'll apply these skills...
Identify High-Impact Risks: Pinpoint financial, operational, and compliance risks unique to healthcare organizations to support proactive decision-making and resilience planning.
Implement Risk Controls: Design internal controls that mitigate fraud, revenue leakage, and regulatory violations, ensuring financial integrity and compliance.
Analyze Risk Exposure: Use qualitative risk scoring to evaluate the likelihood and impact of critical threats, guiding risk prioritization and resource allocation.
Build and Manage Risk Registers: Document and track organizational risks using structured templates to promote accountability and transparent reporting.
Develop Response Strategies: Select and apply risk response options—mitigation, transference, acceptance, or avoidance—aligned with your organization's risk tolerance.
Strengthen Insurance Positioning: Assess insurance needs through gap analysis and risk profiling to secure cost-effective coverage and reduce liability.
Leverage Analytics for Forecasting: Use data analytics and AI to detect financial anomalies, anticipate reimbursement changes, and support strategic staffing decisions.
Support Enterprise Risk Management: Collaborate cross-functionally to embed risk awareness into financial planning, budgeting, and operational oversight.
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
Specialized Knowledge
CPE Credits
CPEs 2.5
Prerequisites
Completion of Wisdify’s Foundational Courses in Healthcare Accounting & Finance (Recommended)