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Certified Healthcare Financial Professional (CHFP) Certification

Written by AnonymousAugust 2, 2011
CHFP

If you’re looking to improve your career in accounting, obtaining an accounting certificate is an excellent first step. Accounting certifications can expand your accounting knowledge and increase your proficiency in a specific area of the accounting field. 

Introduction to Certified Financial Healthcare Professional Certification 

CFHP certification is designed for healthcare finance managers whose goal is to attain a higher level of education in the healthcare finance field. 

CFHP certification may open up opportunities for professional growth by boosting your credibility and demonstrating your commitment to the field.

Key Steps to Certified Financial Healthcare Professional Certification

CHFP requirements for certification are

  • A minimum of 3 to 5 years healthcare financial management experience
  • Passing the CHFP examination
  • Active membership in the Healthcare Financial Management Association (HFMA)

Details of the Certified Financial Healthcare Professional Exam

The CFHP exam is a four-hour online test made up of 150 multiple-choice questions. The test covers six topics:

  • Revenue cycle: For example, data collection, clinical documentation and coding, bill generation, collections, and reimbursement (21 to 25 percent of the exam)
  • Budgeting and forecasting: Including projection, capital planning, budget analysis, and monitoring (18 to 22 percent of the exam)
  • Financial reporting: Such as preparing financial statements, Medicare/Medicaid, and internal management reporting (16 to 20 percent of the exam)
  • Internal controls: For example, safeguarding assets and data (15 to 19 percent of the exam)
  • Disbursements: Regulatory and workload data collection (4 to 8 percent of the exam)
  • Contracting : Monitoring contracts to ensure performance compliance (13 to 17 percent of the exam)

As of 2011, the fee for applying for CHFP certification — includes the price of one exam plus the application fee — is $395.

If you don’t pass the test on your first try, you can retake it for an additional $200. In the event of a retake, the HFMA recommends that you wait at least 90 days before taking the test again to allow for additional preparation.

While you’re allowed to bring a personal calculator to the exam, some restrictions apply if you have a calculator with more than four functions. These restrictions include the following:

  • Any calculator with a QWERTY keypad arrangement isn’t permitted
  • Any calculator with the following functions isn’t permitted: execute, memo, formula, program, forward, reverse, go to, run, learn, LRN
  • Non-communicating, non-programmable, battery-operated, silent, and non-printing calculators are allowed.

Preparing for the Certified Healthcare Financial Professional Exam

Although the HFMA emphasizes that experience as a healthcare financial manager is the foremost way to be prepared for the exam, it also offers an online study guide which, as of 2011, is available for $195.

Because access to the online study guide is only available for one year, the HFMA recommends that the exam be taken within a year of purchasing preparation materials to allow for further study should you need to retake the test.

Because the exam questions are designed for the experienced healthcare financier three to five years of relevant work experience is required prior to taking the exam. Positions that meet the standards for adequate CHFP exam preparation include 

  • Director Patient Financial Services
  • Director Reimbursement
  • Patient Accounts Manager
  • Billing Director
  • Controller
  • Director Business Services
  • Director Finance
  • General Manager Finance
  • Business Office Manager
  • Treasury Manager
  • Senior accountant or senior financial analyst

Maintaining the Certified Financial Healthcare Professional Designation 

In order to maintain CFHP designation, you must complete 90 hours of eligible (see HFMA website for details) continued professional education credits during a three-year period.

Governing Board Information 

CFHP certification is issued by 

The Healthcare Financial Management Association (HFMA)

2 Westbrook Corporate Center, Suite 700
Westchester, IL 60154
708.531.9600
www.hfma.org