Financial Management and Accounting Principles in Healthcare Microcredential

About the Program

This microcredential is part of the Healthcare Management Certificate. Please visit the main page for the Healthcare Management Certificate for more information.

The Financial Management and Accounting Principles in Healthcare Microcredential provides a comprehensive overview of financial management and accounting practices in healthcare organizations. Learners will develop the knowledge and skills necessary to interpret financial statements, assess investment opportunities, plan budgets, and make informed financial decisions that support both operational and strategic goals. The course is divided into two key sections: Financial Management, which focuses on financial analysis, investment evaluation, and planning; and Accounting Principles in Health Care, which explores how accounting systems inform decision-making and financial reporting.

By the end of the microcredential, participants will be equipped to apply financial management and accounting principles to ensure the financial sustainability and effectiveness of healthcare organizations.

Who Should Attend?

This program is designed for individual contributors working in healthcare (including but not limited to administrators, allied health professionals, and personal support workers) aspiring to roles as unit managers, team leaders, or other leadership positions. The content of the program is applicable to individuals from all healthcare settings: hospitals, retirement homes, family medicine clinics, outpatient clinics, community health centres, and allied health facilities.  

Program Structure

Section 01: Financial Management

Modules Covered:

• Module 1 - Accounting and Finance: Overview of accounting systems and financial statements, highlighting how they inform decision-making in healthcare organizations.
• Module 2 - The Time Value of Money: Introduction to present and future value concepts and their application in evaluating financial alternatives.
• Module 3 - Net Present Value and Other Investment Criteria: Techniques for assessing capital investments using NPV, IRR, and other evaluation criteria.
• Module 4 - Using Discounted Cash Flow Analysis to Make Investment Decisions: Application of discounted cash flow analysis to determine project feasibility and identify relevant costs.
• Module 5 - Project Analysis: Evaluation of cash flow projections and risk to ensure investments align with strategic objectives.
• Module 6 - Short-Term Financial Planning: Methods for managing short-term financing needs and liquidity, including budgeting and credit management for healthcare institutions.
• Case Study - Health Care Finance and Accounting: Learners will apply financial management concepts to a practical healthcare case, integrating analysis, budgeting, and investment decision-making skills.

Section 02: Accounting Principles in Health Care

This section focuses on understanding and applying accounting concepts that underpin financial reporting and decision-making in healthcare. Learners will examine how financial statements are prepared, analyzed, and communicated to support transparency and accountability.

Modules Covered:

• Module 1 - Financial Statements and Business Decisions: Exploration of how financial statements support strategic and operational decision-making in healthcare.
• Module 2 - Investing and Financing Decisions and the Accounting System: Understanding how investment and financing activities are reflected in the accounting system.
• Module 3 - Operating Decisions and the Accounting System: Examination of how daily operations and transactions are captured and analyzed through accounting processes.
• Module 4 - Adjustments, Financial Statements, and the Quality of Earnings: Analysis of adjusting entries and their impact on the reliability and accuracy of financial reporting.
• Module 5 - Statement of Cash Flows: Preparation and interpretation of cash flow statements to assess financial health and liquidity.
• Module 6 - Communicating Accounting Information & Financial Statement Analysis: Techniques for presenting accounting information and conducting financial statement analysis to support decision-making and stakeholder communication.

Program Takeaways

Participants will leave the program equipped with:

• Basic financial and accounting literacy for healthcare management
• The ability to formulate business strategies that support overall organizational objectives
• The ability to communicate accounting and financial statements to stakeholders to support organizational decision-making