HFMA Academy: levelling up

The HFMA’s masters-level qualifications are quickly establishing themselves as a popular way for qualified accountants and others to further their postgraduate studies (see Healthcare Finance September 2018, page 28). But the HFMA is about to launch a further set of qualifications – this time aimed at those wanting to take some earlier steps towards a qualification in healthcare business and finance.

The intermediate diploma – a level 4 qualification that is similar to the first year of undergraduate study – addresses a growing demand for a qualification in healthcare business and finance from a range of staff working in healthcare – and potentially even some currently working in other sectors.

The association is confident that there will be significant interest in this from within the finance function itself – particularly among staff in existing Agenda for Change bands 4-6 – with the qualification complementing technical accounting studies and graduate training schemes.

But it is also anticipating interest from non-finance and clinical staff including procurement officers, information officers, first line managers, budget holders, team leaders, nurses, practice managers, junior doctors and allied health professionals.

Developing an awareness and understanding of how finance works is increasingly a basic requirement for all staff. If we are really going to take strides towards a value-based health system – covered in one of the optional modules within the intermediate diploma – then we need staff across the professional spectrum to get to grips with the fundamentals of finance – how we pay for services, how we cost activities and how we manage finances to deliver the best possible outcomes for patients.

Moreover, when non-finance staff engage with the finance agenda, we find they enjoy the topic and it can really help them in their day jobs and careers.

Learners need to earn 40 credits to achieve the qualification. They do this by all undertaking the mandatory How finance works in the NHS module, which is worth 20 credits, and then choose two optional 10 credit modules. Participants can also choose to study individual modules on a stand-alone basis.

There are currently four optional modules:

• Healthcare costing for adding value

• Management skills

• Governance and risk management in the NHS

• Tools for transforming services in the NHS.

The HFMA Academy-delivered qualification is now open for applications and is due to start with its first intake in January. The first 20 learners – who should have at least a year’s experience in the NHS in most cases – are being offered a discount in return for providing more feedback on the course than would be expected from full fee paying learners.

It is a detailed course with an estimated 200 hours overall study and learning time for the mandatory module (100 hours for the optional modules). No exams need to be taken to achieve the qualification.

Instead, assessment is based on assignments and may include case studies, reports, presentations or integrated work activities. The compulsory module starts with a face-to-face session – likely to be held in London at the HFMA Rochester Row conference centre. However, all subsequent tutor-led sessions are delivered online.

We believe the intermediate diploma will meet a real demand and provide successful learners with a valued qualification and a good grounding for furthering their careers. They provide an excellent step-up for anyone looking for an accredited healthcare finance and business qualification, perhaps having dipped their toes in the water with our more introductory e-learning offerings.