CHFD study plan

Build a one-page map of the four core healthcare financial statements (balance sheet, statement of operations, statement of changes in net assets, statement of cash flows) and label how each line differs from a for-profit counterpart

Work through adjusting entries for net patient service revenue, contractual allowances, and implicit price concessions until you can post them without notes

Distinguish charity care, bad debt, and implicit price concessions and write a short note explaining where each appears and how each affects the income statement

Explain the three net asset classes (without donor restrictions, with donor restrictions, and the older temporarily/permanently restricted vocabulary) and classify ten sample transactions

Reconcile a full set of healthcare financial statements from a trial balance, including the statement of cash flows under the indirect method

Compute and interpret key ratios: operating margin, total margin, days cash on hand, days in accounts receivable, current ratio, and debt-to-capitalization

Explain how nonprofit and governmental healthcare entities differ in reporting (net asset classes, contributed capital, and fund accounting concepts) and apply the correct treatment to given transactions

Set up a basic cost behavior model separating fixed, variable, and semi-variable costs for a clinical service line

Calculate cost per unit, contribution margin, and break-even volume for a service line and interpret the results for a non-financial audience

Apply job-order and process costing logic to healthcare settings such as a lab, imaging center, or surgical suite

Perform step-down and direct allocation of overhead costs to revenue-producing departments and explain when each method is appropriate

Build a variance analysis (price, volume, and mix) for a department and explain which variances warrant management action

Identify relevant vs. irrelevant costs and apply them to a make-or-buy or outsourcing decision

Distinguish operating, capital, cash, and statistical budgets and explain how each links to the others

Build a bottom-up operating budget for a department starting from volume assumptions and staffing standards

Apply flexible budgeting to compare actual results against a budget adjusted for actual volume

Explain the role of the budget calendar, budget committee, and board approval in a healthcare organization

Map the full revenue cycle from scheduling and registration through charge capture, coding, claim submission, denial management, and collections

Compute net revenue, contractual allowances, and collection rates from gross charges and payer mix data

Explain the mechanics of Medicare and Medicaid reimbursement models, including DRG-based payment, and contrast them with commercial payer contracts

Analyze denial and aged-receivable data to identify the top three root causes of revenue leakage

Explain the impact of payer mix shifts on net revenue and write a short sensitivity note

Build a three-statement financial forecast (income statement, balance sheet, cash flow) driven by explicit volume, rate, and cost assumptions

Run scenario and sensitivity analysis on the forecast and identify the assumptions that most affect the result

Compute net present value, internal rate of return, payback period, and profitability index for a proposed capital project

Explain the role of the capital budget, capital request ranking, and board approval in a healthcare organization

Evaluate a lease-versus-buy decision and explain how discount rate choice affects the conclusion

Identify the key internal controls over cash receipts, cash disbursements, payroll, and inventory in a healthcare setting and explain the segregation-of-duties principle behind each

Explain the purpose and structure of an internal audit function and how it differs from external audit

Apply the key compliance frameworks relevant to healthcare finance, including fraud and abuse concepts and the role of a corporate compliance program

Analyze ethical dilemmas in financial reporting and revenue recognition and articulate the correct course of action

Describe how a whistleblower process and a code of conduct support an effective compliance program

Synthesize prior weeks into a board-level financial summary that connects operating performance, budget variance, and capital plans

Explain how a CFO partners with clinical and operational leaders on financial decisions and how to communicate financial results to a non-financial board

Complete a timed, full-length practice set across all eight domains and review every missed item to root cause

Build a personal exam-day strategy covering time allocation, question triage, and a list of weak topics to review in the final days