The Importance of Certification & Fellowship Shawn Nelson, CPA, FHFMADave Karluk, MBA/HCM, FHFMA Director of FinanceDirector of Financial Planning & Analysis Riverside Health SystemMary Washington Healthcare Wednesday, September 28, 2016

After this presentation you will be able to: Define the value of the CHFP and FHFMA to employers in the Healthcare Field Define the value of the CHFP and FHFMA to healthcare finance professionals Refine your understanding of the competencies and knowledge required by healthcare finance professionals Make an informed decision regarding the role of the CHFP in your career Outline the path from your career point to CHFP to FHFMA

Quick Poll (Help me to get to know you!) How many people here are already CHFPs? FHFMAs? How many would consider yourself an early careerist? How many are in management? Executives?

Healthcare Finance Savvy Why should I hire CHFPs and Fellows?

Savvy? 5

High-Value Health Care 6

What’s in it for me? 7

Will Certification Help me get a job? Help me get a promotion? Help me do my job better? Be noticed? 8

Yes! However… What do you want? 9

As mentioned previously…. Not all the same – vary in breadth, depth and focus Most valuable: challenge candidates to learn new skills and build knew knowledge and develop new job behaviors The Bottom Line: certification can help you get a job and build a career...as long as it is the right certification. 10

So Why select the CHFP? My Claim Regarding the Certified Healthcare Financial Professional (CHFP) Nothing compares to the CHFP for developing business savvy and fiscal literacy in today’s dynamic health care environment 11

Support for the Claim Interdisciplinary Perspective: payer, physician, provider and patient Funding and payment Applicability: Candidate –centric job focus 12

CHFP: Candidate-Centric 13 Interactive and self-directed Speak to the real-world Job performance

CHFP: Candidate-Centric Knowledge “I know it.” Skill “I can do it right now.” Attitude “I believe this will be worthwhile to do on the job.” Confidence “I think I can do it on the job.” Commitment “I intend to do it on the job.” 14

Business Savvy Today Linking : Business Environment Assessment Effective Strategy Recurring Revenue Generation 15

Business Savvy and the CHFP Linking : Business Environment Assessment HFMA Business of Health Care (Module I) The Big Picture Future Trends in Health Care 16

Business Savvy and the CHFP Linking : Business Environment Assessment Recurring Revenue Generation HFMA’s Business of Health Care (Module I) Managing Financial Resources Strategic Financial Management Cost Accounting Principles Accounting Principles 17

Business Savvy and the CHFP Business Savvy CHFP Business Environment Assessment Effective Strategy Operational Excellence: Pursuing Strategy (Module II) HFMA’s Business of Health Care (Module I) Recurring Revenue Generation 18

The Certified Healthcare Financial Professional (CHFP) Program 19

In Case You Hadn’t Heard Excellent program! Course material was excellent – provides powerful guidance about the Business of Health Care Great Content Overall Love the use of case studies to validate the content Very well organized and informative

You Probably Don’t Know Overall satisfaction –54% Excellent –41% Above Average Program met objectives –49% Excellent –47% Above Average

Credibility in the Marketplace (recognition) Enhances professional reputation Supports continued professional development Demonstrates a certain level of knowledge and skill Demonstrates a high level of commitment to the field of practice CHFP – Driving Value In Your Career

The Certified Healthcare Financial Professional (CHFP) The Business of Health CareOperational Excellence: Pursuing Strategy 1.The Big Picture 2.Accounting Principles 3.Cost Accounting Principles 4.Managing Financial Resources 5.Strategic Financial Planning 6.Looking to the Future: Trends Working with the Stakeholders: Payers Physicians and others Providers Patients

Strategic focus Focus is on Learning, not demonstrating expertise and experience Relevant to broader industry Practical business savvy CHFP Program Objectives

CHFP Content Outline Module I: The Business of Healthcare Healthcare Finance: The Big Picture Financial Accounting Concepts Cost Analysis Principles Strategic Financial Issues Managing Financial Resources Looking to the Future

Module II: Operational Excellence “Direct Question” Case Study Content area: Contemporary Provider, Payer and Physician business challenges Focus: Application of Module I concepts  Awareness of issues  Ability to synthesize learnings - application  Understanding environment factors  Display range of knowledge CHFP Content Outline

Tips for Learning Concept Guide Identifies key concepts, terms and applications that you must know for the end-of-module examination USE IT

Earning the CHFP Successfully complete the End of Module 1 Examination 75 multiple choices questions to be completed in 90 minutes And Successfully complete Module 2 Examination Handle 8 case studies, each with 7 multiple choice questions 56 questions to be completed in 3 hours

Access CHFP registration via the HFMA website CHFP Modules hosted via the HFMA LMS CHFP course access through your HFMA eLearning account Costs - Total = $700 Member:  Module I - $400 Member, $545 Non-Member (includes membership)  Module II - $300 Member only CHFP Program Registration

Maintenance Required –60 hours in a 3 year maintenance reporting period –Grace period June 1 through July 15 –Retest is an option Retaining CHFP

Why Not Begin Now? Add the CHFP after your name 31

But what about Fellowship? “As recognized industry leaders, HFMA Fellows act as ambassadors to the profession by raising the standard of practice through consistent participation in professional development activities and service to the healthcare finance industry.” 32

How do I become a Fellow? Current CHFP designation Five years total as a regular or advanced HFMA member (student membership does not count toward this total) Bachelor degree or 120 semester hours from an accredited college or university 33

How do I become a Fellow? Volunteer activity in healthcare finance within three years of applying for the FHFMA designation, including one of the following: –Earn the Follmer Bronze Award by earning 25 Founders points for HFMA volunteer activity –Volunteer in your HFMA chapter and earn two Founders points for two consecutive years –Volunteer service for two of the past three years in a healthcare industry organization One-time application fee - $150 34

How will VA/DC HFMA help me? Randall Bledsoe Memorial Scholarship –The mission of the Randall Bledsoe Memorial Scholarship for Certification is to promote professional excellence in those members who wish to demonstrate their commitment to further their professional development. This is demonstrated by the member’s desire to pursue professional certification as a Certified Healthcare Financial Professional (CHFP) by the Healthcare Financial Management Association. –Reimburses the cost of both modules of the CHFP –Pays registration fee to one statewide conference in the year following passing the exam 35

How will VA/DC HFMA help me? Randall Bledsoe Memorial Scholarship –Criteria  VA/DC HFMA member in good standing for two years  Full Time employee (Director or below) of a provider  Shown interest in professional development through active participation in Chapter  Committed to pass both parts of exam within one year of being awarded the scholarship 36

How will VA/DC HFMA help me? Randall Bledsoe Memorial Scholarship –Application Process  Complete Application on website (  Provide a short essay ( words) that describe professional goals  Submit a copy of your resume  Provide recommendation from current FHFMA or CHFP Reimbursement for first five people who pass the exam each year, if your employer doesn’t already reimburse you. 37

How will VA/DC HFMA help me? Study sessions such as the one this morning, twice per year at statewide conferences and more often as needed Certification committee includes multiple people willing to help with studies or in any other manner possible Coming Soon – All new web based training designed for the new exam (multistate collaboration) For Fellowship, we offer PLENTY of volunteer opportunities! See any Board member or Jenny Jones. What other resources would you like to see? 38

National Resources Available Resources –Online FAQ’S –Sample Questions/Case Studies –HFMA National Website  –HFMA National Career Services Department  or call (800) and ask for Career Services

Local Resources Available Resources –VA/DC HFMA site  –VA/DC Certification Committee  or (757) –LinkedIn  Chapter-HFMA-98287/about Chapter-HFMA-98287/about

Will You Help Us Hit Our Goal? 41

Q & A Questions and Discussion