CFC3005: Training on Financial Management for Medical Professionals (With Excel Applications)

 Financial Management for Medical Professionals (With Excel Applications) 

Course Outline

📌 Day 1: Accounting and Financial Management for Medical Professionals

Topics Covered:
✅ Basics of medical accounting and bookkeeping.
✅ Revenue streams: Consultation fees, medical procedures, insurance claims, and reimbursements.
✅ Managing clinic/hospital expenses, payroll, and supplier payments.
✅ Financial reporting: Profit & Loss, Balance Sheet, and Cash Flow.
✅ Efficient billing and collections management for medical practices.

Excel Functions Covered:
✔ SUMIFS, COUNTIFS – Tracking patient billing and revenue streams.
✔ VLOOKUP/XLOOKUP – Retrieving patient payment history and insurance claims.
✔ Pivot Tables & Charts – Creating financial reports and analyzing expenses.
✔ Conditional Formatting – Identifying overdue payments and financial risks.

📌 Day 2: Tax Planning and Compliance for Medical Professionals

Topics Covered:
✅ Tax obligations for doctors, private practitioners, and medical business owners.
✅ Understanding income tax, VAT on medical services, tax-deductible expenses.
✅ Effective tax planning strategies to reduce liabilities.
✅ Best practices for record-keeping, audit compliance, and tax filings.
✅ Ethical and legal considerations in tax compliance for healthcare professionals.

Excel Functions Covered:
✔ TAX Calculation Using IF Statements – Automating tax computations.
✔ ROUND, TRUNC, CEILING, FLOOR – Ensuring accuracy in tax calculations.
✔ DATE, EOMONTH – Managing tax deadlines and compliance tracking.
✔ Excel Templates for Tax Returns – Custom tax computation worksheets.

📌 Day 3: Financial Risk Management in Healthcare

Topics Covered:
✅ Identifying financial risks in medical practice.
✅ Fraud detection and internal controls in healthcare billing.
✅ Budgeting and cash flow risk mitigation strategies.
✅ Medical malpractice insurance and financial liability protection.
✅ Data security and financial cybersecurity in healthcare.

Excel Functions Covered:
✔ Scenario Manager & What-If Analysis – Evaluating financial risks.
✔ Data Validation & Error Checking – Preventing fraud and financial misstatements.
✔ GOAL SEEK – Assessing the impact of financial decisions.
✔ Risk Matrix in Excel – Customizing a financial risk dashboard.

📌 Day 4: Investment and Wealth Creation for Medical Professionals

Topics Covered:
✅ Investment options for doctors (real estate, stocks, business ventures).
✅ Retirement planning and pension schemes for healthcare professionals.
✅ Passive income strategies for private practice owners.
✅ Structuring financial plans for long-term sustainability.
✅ Creating wealth management roadmaps for doctors and medical entrepreneurs.

Excel Functions Covered:
✔ NPV (Net Present Value) & IRR (Internal Rate of Return) – Evaluating investment opportunities.
✔ FV (Future Value) & PV (Present Value) – Planning retirement and savings goals.
✔ Stock Market Analysis with Excel – Tracking investments using real-time data.
✔ Monte Carlo Simulation – Risk assessment for investment decisions.

📌 Day 5: Business Growth, Debt Management, and Financial Sustainability

Topics Covered:
✅ Growth strategies for private medical practices.
✅ Managing medical practice loans and credit control strategies.
✅ Financing options for medical professionals (business loans, practice expansion funding).
✅ Profitability analysis and cost-cutting strategies in healthcare.
✅ Succession planning and exit strategies for retiring doctors.

Excel Functions Covered:
✔ Loan Amortization with PMT, PPMT, and IPMT – Managing loan repayments.
✔ Accounts Receivable Aging Analysis with Pivot Tables – Tracking outstanding payments.
✔ Break-even Analysis with Goal Seek & Solver – Assessing practice profitability.
✔ KPI Dashboards with Power BI & Excel – Measuring business performance.