Whether you manage a large hospital or a small nursing home, healthcare finance should be a top priority. If you want to keep your facility running smoothly it is imperative that you and your team understand all aspects of healthcare financing, from finding the right healthcare funding providers to the rules associated with lending to medical practices.

Luckily, a wide range of training options are available to equip healthcare providers with the financial skills they need to be successful. As you begin your search for healthcare finance education and training, consider the following:

1. Healthcare finance industry organizations are a great source for training materials.

2. Many companies will bring healthcare finance seminars and workshops to your place of business.

3. Online healthcare finance courses will save you time and money.

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Find healthcare finance training through established industry organizations

When your company is in need of healthcare finance education and training, look to the industry's biggest professional organizations. From research publications to training workshops, these professional bodies can equip you and your team with the latest information in healthcare funding solutions.

I recommend: Check out the web seminars at the Healthcare Finance News website. The site also provides up-to-date training videos and podcasts. Choose from several seminars and training events at the Healthcare Financial Management Association website to learn about the latest in healthcare financing solutions.

Get solid healthcare lending and financing training on-site

Many consulting and healthcare financing companies can bring their training services to you with one-day workshops or ongoing sessions. By providing training in the workplace you can keep operations running smoothly while you establish the right healthcare financing solution for your business.

I recommend: T.T. Mitchell Consulting offers several healthcare finance training and consulting programs including one that covers the ins and outs of increasing medical facility revenue. GE Healthcare Financial Services can provide you with a healthcare finance expert to speak on a wide range of healthcare finance topics at meetings and conferences.

Further your healthcare finance knowledge with online classes

A great way to keep you and your team up to speed with the latest in healthcare finance solutions is through online courses. Not only will online classes not interfere with your regular work schedules, but they are an economical educational choice as well.

I recommend: Sign up for the Financial Management in Health Care class at the University of Phoenix. It also has several other courses available in the field of healthcare finance. MC Strategies has teamed up with the Healthcare Financial Management Association to provide a full online healthcare finance curriculum.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Stay in the know with the latest healthcare finance industry developments by reading the news sections of medical finance companies' websites.

The medical field is constantly growing, with regular offices, specialists and alternative medical facilities. Medical office buildings offer one stop shopping when it comes to patients' needs, so the need for healthcare funding providers is always there.

The solo practitioner looking to start her own medical practice is probably still paying for med school. So finding the right healthcare financing solutions means getting up and running faster. Hospitals are also in need of quality healthcare financing. As medical cost rise, research facilities, expansion and updated equipment projects have to wait. Healthcare financing companies keep hospital improvements moving forward.

Healthcare finance companies help all kinds of medical facilities realize their dreams. From eye doctors to veterinary medicine, startup costs can be huge.

Low cost healthcare financing will:

1. Enable new medical practitioners to open their own practice sooner.
2. Keep hospital improvements moving forward.
3. Bring together the best doctors, specialists and testing facilities all under one roof.
4. Help those in other branches of medicine go into private practice.

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Find healthcare funding providers offering special incentives for new physicians

Healthcare finance companies understand the need to keep loan rates low for recent medical school graduates. Most physicians starting out have a great deal of debt, and financing an office is impossible without low interest rates and generous repayment terms.

I recommend: BHG provides practice acquisition loans and welcomes physicians who are buying their first practice. Bank of America has a special small business loan program for new practice start-ups.

Use healthcare finance options for hospital improvements

Hospitals rely heavily on donations, capital campaigns and foundation grants to fund expansion and research facilities. Finding creative healthcare funding solutions from a company specializing in hospital projects allows hospitals to move projects along faster.

I recommend: 1st Commercial Credit provides medical accounts receivable financing for health care providers based on net realized value to third parties, like insurance companies and HMOs. They have several different programs for different receivable levels. Capital Freedom Funding offers a similar solution to healthcare professionals.

Get a loan from a healthcare financing company that specializes in medical office facilities

Patients like finding multiple care providers under one roof. Healthcare funding for multiuse medical office buildings is a great use of healthcare operating capital.

I recommend: Barclay Associates offers healthcare financing for medical office buildings and other healthcare facilities. Health Capital Investors work with healthcare professionals with funding needs from $100,000 to $100 million.

Consider healthcare financing solutions for medically related fields

Medical finance companies also provide financing packages to chiropractic care, veterinary hospitals and dental and optical facilities. Take advantage of medical financing for other medically related areas like medical supply, home healthcare companies and alternative medicine providers.

I recommend: DoctorFunds.com offers several options for capital funding as well as practice acquisition for veterinarians, chiropractors and other health related fields.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  One of the best places to begin looking for a loan is your own bank. Banks have a wide variety of loan options and may offer healthcare financing solutions as well. Building an established relationship with a bank is always a good idea.
• •  Talk to other healthcare providers in private practice about what company they use for financing. Established physicians will know which companies are reliable and which ones to avoid.

Anyone that's in the business of healthcare insurance realizes how important it is to stay up-to-date with current happenings in the industry. Faced with financial insecurities and an unsteady market, many once-thriving health care organizations are experiencing difficulties. Although large health systems and hospitals are still receiving financing, smaller units, such as private medical practices, are having a hard time staying up to speed. As the insurance purchasing process can be quite involving, it is easy to become overwhelmed by the whole matter. Those new to the business of healthcare financing will have better leverage by understanding the language of the industry. A few key terms are listed below.

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Balance billing

In balance billing the provider bills a patient for all charges not paid for by the insurance plan. Most managed care plans prohibit balance billing.

I recommend: Learn about balance billing and the controversies surrounding it at Business Week.

Capitation

Capitation takes place when the insurer pays the health provider a certain amount for everyone enrolled in the managed care plan. This amount may vary depending on the age and sex of the enrolled member.

I recommend: Read an article by the American College of Physicians to get a better understanding of capitation and how it works.

Co-payment and co-insurance

Co-payment is the amount of the medical bill that a member of a health plan must pay himself. This is a pre-determined fee, usually no more than $5 or $10 per visit. Co-Insurance is a percent of the expense that the individual must pay that is not covered by the health plan.

I recommend: Read about the difference between co-payment and co-insurance through Q1 Group LLC.

Fee for service plan

In a 'fee for service' plan, the individual agrees to pay premiums in exchange for the freedom to choose his or her own doctors. This is also referred to as an indemnity plan.

I recommend: Learn more about fee for service plans at Googobits.com.

Deductible

A deductible is the amount of an individual's health care expense that must be paid himself before the insurance coverage applies.

I recommend: Read about deductibles at HowStuffWorks.

PPOs and HMOs

A Preferred Provider Organization (PPO) allows individuals to receive discounted rates if doctors are used from a pre-selected group. In Health Maintenance Organizations (HMOs) individuals or their employers pay a pre-determined monthly fee for medical services as opposed to separate charges for each service.

I recommend: Visit Insurelane to better understand the difference between PPOs and HMOs and how to determine which is best for your situation.