Comment / Charter flight

By Mark Knight

In my June column I talked about the possibility of HFMA being granted a royal charter. Here’s an update on this journey. As I mentioned in my earlier article, one of the effects of being granted a royal charter would be a change of name, possibly in 2013. The HFMA Board has accepted that Chartered Association of Healthcare Finance (CAHF) is the most likely name because it describes us very succinctly. However, it will take a bit of getting used to as we have all grown up with the HFMA, which rolls off the tongue very easily. 

Our board is very keen that CAHF becomes embedded in the healthcare sector’s language very quickly. Everyone knows the HFMA, so we need to plan. So this change may not actually come into force until January 2014 as it will take us a bit of time to get things right.

It is important to note that we are applying not only for the organisation to be chartered but also for our members to be considered ‘chartered healthcare finance professionals’. This big change will place additional responsibilities on the organisation. It will recognise not only the HFMA (CAHF) as the professional body for the area but also establish ‘healthcare finance’ as the distinct and separate discipline it has become.

The detail is still being worked out, but there will be four grades of membership within the new structure. The thinking is that fellow (FCAHF) will be the highest level, awarded to individuals with seven years’ membership of HFMA who can show an active commitment to continuing professional development. Honorary fellows will be in this category as well.

Then we have ordinary members (MCAHF), who will be able to access membership in three ways. First, CCAB/CIMA and members of equivalent overseas chartered bodies will be able to join as members automatically, providing they accept the continuing professional development and other requirements of membership. Anyone with AAT or equivalent qualifications could also join, but they must fulfil the same requirements and must have three years’ healthcare finance experience.

Finally, anyone who has seven years’ healthcare finance experience could also join. As we will be able to issue post-nominal acronyms (specifically mentioned in the charter) anyone using them but not a paid-up ordinary member could be liable to prosecution. Membership of the association is set to mean much more.

Those not eligible for ordinary membership, such as students or people working in finance outside the NHS, will be able to become associates. There will be abated rates for certain classes of individuals as it is recognised some may not want to commit to full membership. Finally, there will be affiliates– the vast armies of people who have achieved the Introductory certificate in healthcare finance.

This will all, of course, be subject to approval under the process for grant of a royal charter. That said, our royal charter, if granted, will help us improve the standards in our profession. There’s much more to say about this than we have space here, so we have created a special webpage with all the details. You will receive notification directing you to this page shortly, along with an opportunity to take a brief survey and vote on the proposals. This is an important time for us so make sure you have your say. Or you can write to me at the email address below.

Contact Mark at [email protected]