Breaking Down the CHFP Certification: What You Need to Know Before Pursuing It
Healthcare finance is a crucial aspect of the healthcare industry. In this sector, finance professionals play a critical role in managing budgets, analyzing financial data, and ensuring the financial stability of healthcare organizations. As a result, obtaining professional certification in healthcare finance can be a valuable asset for those seeking to advance their careers. One such certification is the Certified Healthcare Financial Professional (CHFP) certification.
The CHFP certification is offered by the Healthcare Financial Management Association (HFMA), which serves healthcare finance professionals in the United States. The CHFP certification program is designed to provide healthcare finance professionals with the knowledge and skills necessary to excel in their field. This article will break down the CHFP certification, including its benefits, requirements, exam pass rate, salary potential, job prospects, and how it compares to other healthcare finance certifications.
Benefits of CHFP Certification
Obtaining a CHFP certification has several benefits for healthcare finance professionals. First, the certification is a recognized standard of excellence in the healthcare finance industry. Employers value CHFP certification because it demonstrates a commitment to professional development and high expertise in healthcare finance.
Additionally, obtaining a CHFP certification can increase career opportunities and earning potential. According to the HFMA, CHFP-certified professionals earn an average salary of $99,000 annually, with some professionals making over $200,000 annually. Furthermore, many employers require or prefer CHFP certification for job openings in healthcare finance.
Requirements for CHFP Certification
To obtain a CHFP certification, healthcare finance professionals must meet specific requirements. First, they must be an HFMA member in good standing. Additionally, they must have at least two years of healthcare finance experience or a bachelor's degree in healthcare finance or accounting.
The certification process includes passing a comprehensive exam covering healthcare finance, revenue cycle management, accounting and financial reporting, and strategic financial management. The exam consists of 115 multiple-choice questions and is administered online.
CHFP Exam Pass Rate
The CHFP exam pass rate varies yearly but typically ranges from 60% to 70%. Candidates who fail the exam may retake it after a waiting period of 60 days. According to the HFMA, adequately-prepared candidates have a higher chance of passing the exam on the first attempt. The HFMA offers exam preparation materials, including study guides, webinars, and online courses, to help candidates prepare for the exam.
CHFP Salary and Job Prospects
As mentioned earlier, CHFP certification can increase career opportunities and earning potential. According to PayScale, the average salary for a CHFP-certified professional is $95,000 per year, with salaries ranging from $64,000 to $147,000 per year. The salary potential for CHFP-certified professionals depends on experience, job title, and location.
Job prospects for CHFP-certified professionals are favorable, as healthcare finance professionals are in high demand. The Bureau of Labor Statistics (BLS) reports that the employment of financial analysts, including healthcare finance professionals, is projected to grow 5% from 2019 to 2029, faster than the average for all occupations. Healthcare finance professionals can find employment in various settings, including hospitals, clinics, insurance companies, and consulting firms.
Comparing CHFP Certification to Other Healthcare Finance Certifications
The CHFP certification is not the only certification available to healthcare finance professionals. Another certification that professionals may consider is the Certified Revenue Cycle Representative (CRCR) certification offered by the American Association of Healthcare Administrative Management (AAHAM).
The CRCR certification is designed for healthcare revenue cycle professionals, including finance professionals, patient access personnel, and medical coders.