Finance and Supply Chain: A CMRP Examination Review Course

By AHRMM

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Price: Member: $98.00 | Non-Member: $198.00

Continuing Education Credits (CECs): 2 hours

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This newly revised 4-part interactive course outlines the roles, responsibilities and relationship between Supply Chain and Finance. Learners will complete activities and answer questions in the self-directed course as they examine how Financing affects budgeting and how Supply Chain Management affects the organization’s revenue cycle and supports other departments in the organization. In addition, learners will consider key components of asset management and cost savings programs as well as institutional and governmental rules, regulations and standards as they relate to Finance.

AHRMM recommends that review for the Certified Materials & Resource Professional (CMRP) examination focus on references and programs that cover information included in the CMRP examination content outline. Preparation through this course does not guarantee a passing score on the CMRP certification exam. This course is just one of the many ways in which a candidate can prepare for the exam, and it is strongly suggested that the candidate review several resources.

This course may be purchased at a reduced cost as part of the CMRP Bundle of courses that include Finance, Procurement and Product Value Analysis, Inventory and Distribution Management, Information Systems and Data Management, and Strategic Planning, Leadership, and Compliance. Click here for more information.

 

CMRP Finance and Supply Chain Learning Objectives

Budgeting

  • Explain budgeting components and processes of a general health care supply chain
  • Ensure comprehensive pricing and cost information is available for budgetary planning for all expenses such as, non-labor, instruments, supplies, services and equipment
  • Coordinate and monitor departmental expenditures
  • Prepare and analyze expense and usage data, budget variances, and non-labor budgetary expenses to support clinical and financial objectives and recommend appropriate budgetary adjustments
  • Review capital requests for compliance with standardization efforts and contract requirements

Regulatory Standards and Compliance

  • Describe two types of document retention and filing systems that follow regulatory requirements
  • Explain the need for records retention policies
  • Explain the importance and significance of various regulations to supply chain operations

Procurement and Revenue Cycle

  • Summarize how the supply chain, accounts payable, and finance departments use GAAP principles and scrutinize the procurement and revenue cycle processes
  • List two reimbursement and payer models that affect a health care organization’s revenue cycle
  • Define and calculate the break-even point for a particular product using information previously gathered
  • Identify the difference between the liquidity, efficiency, and leverage ratios and why each are used
  • List three types of contract pricing and when to negotiate each

Cost Savings

  • Develop and manage cost savings programs for products, capital equipment, and service agreements
  • Manage selection and procurement, inventory management, technology assessment, and equipment service maintenance via value analysis committee processes
  • Examine approaches to managing fixed non-movable equipment as part of an effective strategy to affect cost savings
  • Explain an asset management program including components such as financial analysis and selection, acquisition, receipt, distribution, tracking, maintenance, replacement and surplus reallocation or disposal
  • Validate the importance and value of using financial benchmarks and clinical efficacy research for purchase decision making

AHRMM recommends that review for the Certified Materials & Resource Professional (CMRP) examination focus on references and programs that cover information included in the CMRP examination content outline. Preparation using this course does not guarantee a passing score on the CMRP certification exam. Using this course is just one of the many ways in which a candidate can prepare for the exam, and it is strongly suggested that the candidate review several resources.


Contributors:

  • Julie Fournier, Concord Hospital
  • John Gallagher, Kyocera Medical Technologies, Inc.
  • Jeremy Johnson, Southeast Health
  • Lora L Johnson, Vizient, Inc.
  • Susan Morris, Health Care Executive
  • Chris Wiekert, Infor

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