The 2016-2017 Certification Scholarship Program
The HFMA Florida Chapter is pleased to announce:
The Florida HFMA Chapter leadership is supporting your professional development through the establishment of the HFMA Florida Chapter Certification Scholarship program. The scholarship is available for any Florida HFMA Member (Provider / Vendor), to assist in the cost of program materials and for the Certified Healthcare Financial Professional (CHFP) certification exam.
By meeting additional requirements, members that attain the CHFP certification can then apply to be designated as a Fellow of the Healthcare Financial Management Association (FHFMA).
The Value of Certification and
Offer of Reimbursement for the CHFP Exam Fee
Many healthcare organizations in today’s challenging economy recognize their workforce as their most valuable asset. As such, these organizations tend to hold workforce development as a primary business strategy.
Likewise, many individuals today recognize the importance of assuming personal responsibility for their careers’ success. More than ever before, individuals understand the importance of acquiring and maintaining comprehensive skill sets to ensure their ability to provide the financial management demanded today. These individuals frequently seek out relevant professional development opportunities.
HFMA certification offers:
- Assessment of job-related competency
- The opportunity for an individual to demonstrate skills and knowledge
- Independent verification of the skills and knowledge
- Confirmation that an individual is current in the practice field
The Florida Chapter has a scholarship program that will reimburse $600 to any Florida member (provider or vendor) who takes and passes both sections of the CHFP certification exam.
What is the cost?
The total cost is $700. For members the first Module is $400 and the second Module is $300.
How is the new CHFP program different from the previous CHFP program?
The new CHFP program has evolved to include a new, contemporary approach to certification that educates healthcare leaders to thrive in the new healthcare environment. The program has evolved from a “validation of experience and expertise” to a learning environment that addresses the dynamic shift in healthcare delivery and payment. The newly updated CHFP incorporates HFMA’s strategic vision on the issues relevant to our dynamic environment in healthcare finance.
New CHFP program features: A learning program designed to build comprehensive industry understanding and sharpen business skills.
1. HFMA’s Business of Health Care -
Healthcare finance overview, risk mitigation, evolving payment models, healthcare accounting and cost analysis, strategic finance, and managing financial resources. CHFP candidates are presented with a 75 multiple –choice question examination at the end of the module. Successful completion of the examination is the first step in becoming a CHFP.
2. HFMA’s Operational Excellence exam
Healthcare Industry Stakeholder’s Business Challenges - exercises and case studies on the application of business acumen in health care. This module is structured as a three (3) hour assessment. Eight (8) case studies, each with seven (7) multiple choice questions are presented to the candidates. This module assesses awareness of and application of business concepts presented in HFMA’s Business of Health Care. Module II is the second and final step in earning the CHFP designation.
The CHFP designation is earned by successful completion of both modules and HFMA Membership.
What is the pass rate for the New CHFP?
The overall pass rate for the CHFP (old and new exam) is 70% - this aligns with NASBA guidelines for testing modules. We are currently at a 93% pass rate for the new program - a strong pass rate for a learning-based program, and a testament to the change in format to a learning based module. As with any new certification program, we are monitoring the pass rate and utilize psychometric expertise to manage the pass rates with updated questions and case studies as needed.
Are there non-finance folks, early careerists, etc…that have taken it and passed?
While it is early in the process, we have had strong interest in the Business of Healthcare and the Operational Excellence exam. As the new program stresses learning over experience, it provides a great opportunity to help participants gain new knowledge as well as solidify understanding of healthcare financial operations that they may only have slight exposure to. Because of this education aspect, we expect interest in the program to grow over the next few years as the positive learning experience of the newly minted CHFPs is shared throughout the organization.
What is the value of HFMA certification?
The CHFP certification provides the business competencies essential for healthcare leaders. This certification (addressing provider, payer and physician business issues) offers a comprehensive, integrated explanation of the contemporary healthcare business reality. Additionally, HFMA Compensation Survey information shows that Certified Members are more highly compensated than non-Certified members.
How do I get started?
Contact Jeff Zade email@example.com to get the scholarship agreement. Sign an agreement to study and take the exam before 4/15/17. Sooner is better!
· Purchase Module I and complete the end of course test. You have up to a year to do this.
· Purchase Module II (you can only purchase if you pass Module I)
· Pass Module II which is the actual exam.
· Notify the Certification Chair: firstname.lastname@example.org of your passing.
· Submit a check request for reimbursement ($600) along with backup supporting documents
· Celebrate! Then apply for fellowship….you may qualify after the CHFP.
Thank you for all you do to support the industry and HFMA.
Jeff Zade, FL HFMA, Certification Chair