Achieving the designation as a Certified Healthcare Finance Professional (CHFP) continues to be one of the most strategic and career-advancing moves that members can make – especially in today’s competitive and ever-changing healthcare landscape.
We understand that members pursue certification on top of the demands of their professional and personal lives. The Massachusetts-Rhode Island chapter is committed to supporting members prepare for the exam and maintain certification through educational seminars (most offered in webinar format) and ongoing events throughout the year.
Benefits of HFMA Certification
Earning CHFP status is a significant achievement recognized by peers and employers alike. It is a designation that can empower you to advance to the next level in your career and ensure that your skills remain relevant and ahead of the latest industry trends.
As a Certified Healthcare Finance Professional, you can:
- Establish professional credibility
- Demonstrate knowledge and skill within the healthcare finance industry to current and future employers
- Exhibit commitment to professional development
- Open up career opportunities by setting yourself apart from other job candidates
Who Should Consider HFMA Certification?
The ideal CHFP certification program candidate is a management-level professional with 3-5 years of experience.
The program is designed for:
- Professional staff: New to field or early careerists
- Management: Experienced, seeking to advance career
- Executive leaders: Experienced, need to develop staff
- Those who aspire to be managers or leaders in healthcare roles (clinical, non-clinical, providers, vendors and payers)
More senior professionals, especially those with familiarity with complex healthcare entities, may already have many of the skills to successfully complete the CHFP exam without referencing the study guide. However, this step should not be skipped, as all of the exam material is drawn from the guide.
Candidates with expertise in specialized areas of finance or with backgrounds in less organizationally diverse institutions will need to rely on the study guide to adequately prepare.
Understanding the CHFP Exam Process
Starting in the summer of 2015, HFMA introduced a new exam format. Our goal was to overhaul our certification process to more closely align with the modern business environment, instead of narrowly focusing on applied finance, accounting principles and financial reporting.
The new, two-part structure – offered entirely online – is much more reflective of today’s healthcare financial landscape and key technological changes across the industry.
The exam breaks down into two online courses, called modules. Both modules must be successfully completed in order to earn CHFP status.
Module 1: Business of Health Care
- Format: Timed, 90-minute online examination with 75 questions
- Covers healthcare finance overview, risk mitigation, evolving payment models, healthcare accounting and cost analysis, strategic finance and managing financial resources
- Available to non-members
- Certificate of completion awarded
Module 2: Operational Excellence
- Format: Timed, 3-hour examination including 8 case studies on the application of business acumen in health care. Each case study includes 7 questions.
- Must complete Module 1 to be eligible
- Available to HFMA members only
- Not offered as a stand-alone course
HFMA Resources for CHFP Exam Preparation
One of our core values is offering flexibility to our members. Both the exams and preparation materials are available online. The HFMA website offers downloadable study guide materials for both modules. These guides give you an idea of what to expect in each module and include sample questions.
Cost of the online materials (exam fee included):
- Module 1: $400 member / $545 non-member
- Module 2: $300 member (exam offered only to HFMA members)
Register online at www.hfma.org/chfp.
Contact Us
For more information about the CHFP program or exam preparation, contact John Reardon at johndreardon@hotmail.com or visit the certification page of the national website: http://www.hfma.org/certification/
