CHFA study guide
CHFA · Work through your exam, one topic at a time.
The Certified Healthcare Financial Analyst (CHFA) is a professional credential for finance staff who work inside or alongside healthcare provider organisations - hospitals, health systems, physician groups and payer-adjacent employers. It signals that the holder can read provider financial statements, build and defend a budget, explain cost behaviour in a clinical service line, and connect reimbursement mechanics to the numbers on the page. The CHFA study guide has 8 sections and about 3,070 words.
01Financial Accounting and Reporting
This domain tests whether you can read and construct a healthcare entity's financial statements under U.S. GAAP, including the revenue-recognition judgments that make healthcare reporting different from other industries.
415 words, about 2 min02Managerial Accounting and Cost Analysis
Managerial accounting asks two questions the exam returns to repeatedly: what does a unit of care actually cost, and how does cost behave when volume changes? Questions typically involve cost behavior, cost-finding methods, allocation, and short-run decisions.
405 words, about 2 min03Financial Planning, Budgeting and Forecasting
This domain tests how a healthcare organization builds a budget from volume drivers and how it explains the gap between budget and actual results. Expect questions on the statistics budget, flexible budgeting, variance decomposition, and forecasting assumptions.
373 words, about 2 min04Financial Analysis, Ratios and Benchmarking
This domain tests whether you can compute and, more importantly, interpret the ratios that describe liquidity, profitability, capital structure, and efficiency in a healthcare organization, and compare them to credible peer benchmarks. Liquidity: current ratio, quick ratio, and days cash on hand = (cash plus board-designated investments) divided by ((total expenses minus depreciation) divided by 365).
377 words, about 2 min05Capital Finance and Investment Decision Making
This domain tests how healthcare organizations decide which capital projects to fund, how they estimate cash flows, and how they pay for assets. Questions commonly combine discounted cash flow analysis with capital structure and leasing considerations.
388 words, about 2 min06Revenue Cycle and Reimbursement
This domain tests how a healthcare organization converts services into cash: front-end clearance, mid-cycle charge capture and coding, back-end posting and denial management, and the reimbursement formulas behind the payment. Front end: scheduling, registration, eligibility verification (270/271 transactions), prior authorization, financial counseling, and price estimates.
357 words, about 2 min07Healthcare Economics, Payer Mix and Risk
This domain tests how payer composition, government rate-setting, and risk-bearing contracts shape margin. Expect calculations of weighted net revenue and questions about capitation, shared savings, risk adjustment, and cost shifting.
388 words, about 2 min08Governance, Compliance and Internal Controls
This domain tests the oversight, compliance, and control environment around healthcare finances: board duties, the seven compliance program elements, fraud and abuse statutes, 501(r) obligations, and the internal controls that prevent misstatement and misappropriation. Board members owe duties of care, loyalty, and obedience.
367 words, about 2 min