Latest PDF of CHFP: Certified Healthcare Financial Professional

Certified Healthcare Financial Professional Practice Test

CHFP exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

Module I - Business of Health Care: Participation and successful end-of-course assessment of the HFMA Business of Health Care® online program offering participants an overview of healthcare finance, risk mitigation, evolving payment models, healthcare accounting and cost analysis, strategic finance, and managing financial resources.

Module II - Operational Excellence: CHFP aspirants must also complete HFMA's Operational Excellence exam, which includes exercises and case studies on the application of business acumen in health care.

Please note HFMA membership is a required aspect for earning and maintaining the CHFP credential.

Paid student members are eligible to register for and to take both modules of the CHFP certification program (included with membership). Student members who successfully complete the CHFP requirements (two modules) will earn their designation upon assuming Professional or Business Partner level member status.

The Big Picture Healthcare environment

- Reform/Current State of US Healthcare
- Transformation Under Reform
- Payment System Overview
- The Role of Financial Management in Health Care Organizations
- Management Roles & Hierarchy
- What Keeps CFOs Up at Night-

Financial Accounting Concepts Accounting Principles

- Analysis of Financial Statements
- Management Reports
- Accounting Terminology
- Reports for financial analysis

Cost Analysis Principles Cost Management

- Definitions
- Traditional Cost-Finding Methods
- Setting Prices
- Profit analysis

Strategic Financial Issues Basics of Strategic Planning

- Budgeting Concepts
- Variance Analysis
- Revenue & Performance Budgeting
- Controlling Operating Results
- Benchmarking, Productivity, and Cost-Benefit/Cost-Effectiveness
- Analysis

Managing Financial Resources Financing the Healthcare System: Revenue Cycle

- Working capital management
- The Use of Metrics and Data
- Long-Term Financial Resources

Looking to the Future ACA, ACOs & Bundled Payments:
Evolving Reimbursement
The Need for Business Intelligence & Analytics
Population Health Management
Aligning Clinicians and Finance Professionals to Drive Value
Accountable Care Organizations – Payer Cancers
Premium Growth in a Shifting Environment
Denials of coverage
Limitations on profits
Health Insurance Exchanges
Payer consolidations
Unsustainable rates
Payer Differentiation
Rise of Business Process Outsourcing
Consumerism and physicians
Physician –Hospital alignment
Demand for Physician Collegiality
Emerging Ancillary Positions
Physician Burnout
Physician Independence
Physician Shortages (Leakage)
Physicians as Entrepreneurs
Reform and Physician Liability
Physician – Hospital Financial
Relationships
Hospital Consolidations
Hospital – Physician Alignment
Hospital Facing Bankruptcy
Provider- Payer Consolidations
Physician Engagement and Leadership
Integrated Care Delivery
Physicians Remaining
Independent
Accountable Care Organizations
Sustainability of Physician
Employment

Module I Concept Guide – It is recommended that you preview this guide prior to working through the online materials. For example, the pages in this guide associated with the Patient Protection and Affordable Care Act (PPACA) may be viewed before working in the first course, Healthcare Finance -- The Big Picture. This preview indicates the key concepts that will be covered and attunes you to areas of professional practice that may be less familiar. Feel free to make notes in this document. By taking the time to customize this guide, you can develop a handy reference tool as you continue your work in health care.

• Module II Concept Guide - It is recommended that candidates preview the key‐concept guide prior to working through this online course. The module is itself an examination with three (3) hours allowed for completion. This preview indicates the key business challenges that will be presented and attunes candidates to areas of professional practice that may be less familiar. The learner guide can then be used to focus additional outside reading and study on unfamiliar issues

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Certified Healthcare Financial Professional (CHFP) - 2025
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QUESTION: 294
The structuring of debt relative to equity is called .
1. Capital structure decision
2. Debt structure decision
3. Equity structure decision
4. Capitalized decision
Answer: A
QUESTION: 295
A loan typically issued by a bank that has a maturity of:
1. One to ten weeks
2. Ten to twelve months
3. One to ten months
4. One to ten years
Answer: D
QUESTION: 296
The formula to calculate break-even for capitation is:
1. PMPM * Enrollees = (Enrollees - Utilization rate * variable cost / unit) + monthly variable cost
2. PMPM * Enrollees = (Enrollees + Utilization rate + variable cost / unit) + monthly fixed cost
3. PMPM * Enrollees = (Enrollees * Utilization rate * variable cost / unit) + monthly fixed cost
4. PMPM * Enrollees = (Enrollees * Utilization rate + total variable cost) + monthly fixed cost (Where PMPM is per Member per Month)
Answer: C
QUESTION: 297
The formula to calculate basic break-even equation is:
1. Price * Volume = Fixed cost + (variable cost per unit * volume)
2. Price + Volume = Fixed cost + (variable cost per unit + volume)
3. Price * Volume = variable cost + (variable cost per unit / volume)
4. Price - Volume = Fixed cost + (variable cost per unit + volume)
Answer: A
QUESTION: 298
The break-even equation modified to include desired profit is:
1. Price + Volume = Fixed cost + (variable cost per unit + volume) * Desired profit
2. Price * Volume = Fixed cost + (variable cost per unit * volume) + Desired profit
3. Price * Volume = variable cost + (variable cost per unit / volume) + Desired profit
4. Price - Volume = Fixed cost + (variable cost per unit + volume) * Desired profit
Answer: B
QUESTION: 299
An accounting method that tracks when cash was received and when cash was expended, regardless of when services were provided or resources were used is called:
1. Cash recording accounting
2. Accounting cash flows
3. Cash statement of operations
4. Cash basis of accounting
Answer: D
QUESTION: 300
An accounting method that records revenues when earned and resources when used, regardless of cash in or out of the organization is called:
1. Accrual basis of accounting
2. Accounting Flow
3. Modified statement of operations
4. Cash basis of accounting
Answer: A
QUESTION: 301
Which of the following is NOT the disadvantage of accrual basis of accounting?
1. keeps track of revenues generated and resources used as well as cash flows
2. open to manipulation, by bending accounting rules
3. matches revenues with the resources used to generate those revenuers
4. the financial statements provide a broader picture of the provider�s operation
Answer: B
QUESTION: 302
The rules to record a transaction under the accrual basis of accounting includes:
1. At least one account must be used to record a transaction.
2. After each transaction, the fundamental accounting equation must be balanced.
3. Both A & B
4. Neither A nor B
Answer: B
QUESTION: 303
Under accrual basis of accounting, revenues are recognized when earned.
1. True
2. False
Answer: A
QUESTION: 304
An asset that, when increased, decreases the value of a related asset on the books is called:
1. Controversial asset
2. Slender asset
3. Contra-asset
4. Contracted asset
Answer: C
QUESTION: 305
is the contra-asset to properties and equipment and the allowance for uncollectable, which is the contra-asset to accounts receivables.
1. Dispersive appreciation
2. Depreciation expense
3. Depreciated Contra-asset
4. Accumulated depreciation
Answer: D
QUESTION: 306
To find the book value of the fixed asset, the accumulated depreciation is added in the amount of properties and equipment.
1. True
2. False
Answer: A
QUESTION: 307
Which represents the assets, liabilities and net assets for a health care provider?
1. Accounting cycle
2. Balance sheet
3. Income statement
4. Statement of cash flows
Answer: B
QUESTION: 308
What represents the difference between unrestricted revenues, gains and other support and expenses?
1. Operating expense
2. Unrestricted net assets
3. Operating income
4. Statement of Operations
Answer: C
QUESTION: 309
What represents the costs that are incurred in the day to day operation of the business?
1. Permanent restricted net assets
2. Statement of cash flows
3. Operating income
4. Operating expenses
Answer: D
QUESTION: 310
What provides information about how much revenue was generated and the amount of resources used to generate those resources?
1. Statement of operations
2. Statement of cash flows
3. Statement of changes in net assets
4. None of the above
Answer: A

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Certified Healthcare Financial Professional Practice Test

CHFP exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

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