Assignment: Accomplishing Organization’s Purposes
Management Education. Furthermore, healthcare managers can seek membership and certification in professional associations, including the American College of Healthcare Executives (ACHE), which has more than 48,000 members, more than 9,000 of whom are certified as Fellows of the American Col- lege of Healthcare Executives (FACHE) (ACHE 2016a).
PurPose of HeAltHcAre fInAncIAl mAnAgement The purpose of healthcare financial management is to provide accounting and finance information that helps healthcare managers accomplish the organization’s purposes. No licensure requirements are needed to be a practicing healthcare financial manager.
Facility- accrediting organizations such as The Joint Commission rarely provide requirements for healthcare financial managers; they often hold the organization’s chief executive officer (CEO) responsible for financial management.
Formal educational programs for healthcare financial management are not com- mon and usually exist as postgraduate certificate programs. The chief financial officers of most large healthcare organizations possess a master’s degree in business administration, a bachelor’s degree in accounting, and a certificate in public accounting and have healthcare experience. For formal continuing education and certification in healthcare financial man- agement, healthcare financial managers can seek membership and certification in healthcare professional associations, including the Healthcare Financial Management Association (HFMA). HFMA has more than 40,000 affiliates, including 1,332 certified healthcare financial professionals (CHFPs) and 1,663 members certified as fellows of the Healthcare Financial Management Association (FHFMA) (HFMA 2016b).
Accounting is generally divided into two major areas: financial accounting and managerial accounting. The primary purpose of financial accounting is to provide accounting informa- tion, generally historical in nature, to external users, including owners, lenders, suppliers, the government, and insurers.
decision➤making.The Joint Commission
Association➤of➤healthcare➤financial➤managers;➤confers➤four➤certifications:➤certified➤revenue➤cycle➤representative,➤certified➤technical➤specialist,➤certified➤healthcare➤financial➤professional,➤and➤fellow➤of➤the➤Healthcare➤Financial➤Management➤Association.financial accounting A➤type➤of➤accounting➤
that➤provides➤historical➤accounting➤information➤to➤external➤users.00_Nowicki (2339) Book.indb 5 5/17/17 10:57 AM
I n t r o d u c t i o n ➤ t o ➤ t h e ➤ F i n a n c i a l ➤ M a n a g e m e n t ➤ o f ➤ H e a l t h c a r e ➤ O r g a n i z a t i o n s6
Accounting information prepared for external use must follow formats established by the American Institute of Certified Public Accountants (AICPA) and other, similar organizations and must fol
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