Alumni story / Navigating the healthcare finance landscape

I decided to explore the HFMA qualifications as I was looking to find ways to get more out of NHS resources as well as understand how the NHS works, how funds flow and how operations run. I knew there was information out there across various platforms, but I wanted somewhere where I could get the learning in one space and that is where the HFMA came in. I had done a few HFMA bitesize courses here and there, but I needed something more substantial and detailed to fill in the gaps in my knowledge – so I chose to study for a diploma. 

I was lucky enough to have a fully funded place on the qualification programme, which pushed me to take the leap and go for it – everything fell into place at the right time. I found the modules to be very good in terms of the material and resources, and having gone through this period of study, I now feel I have a deeper understanding of not only what the NHS is - but what it needs to do and where it is heading. 

The modules I studied built into each other, especially Making finance work in the NHS which looks at things like revenue allocation and financial planning. The second module I studied was Supporting quality care through patient-level costing. In this module, we moved from the higher level (dealing initially with revenue and financial planning) and went down to the patient level, connecting everything together. Studying these specific topics helped to build on the aspects I didn’t know much about. 

Support along the way

There were some obvious challenges, such as evening study and juggling home commitments, but these were anticipated. I needed the backing of not only my family, but my employer. They were very supportive and gave me the flexibility to finish early on days I had online tutorials. However, in instances where I couldn’t attend, there was a video recording so I could come back to it later. The course also provided access and opportunity to ask questions of my course tutor via email, which was very helpful.

As I have gone through studies, I can now share firsthand knowledge with colleagues considering taking on study themselves. I can approach them and discuss any challenges they are concerned about and offer advice on how to manage them. These challenges need not be a barrier and seeking help from others is of great value.

Charting a career path 

As I now have a broader knowledge through not only my studies but also the networking opportunities where I could ask additional questions, I can look at working in different areas of the trust in the future. Through my studies, I was able to see how there's benchmarking between organisations and gained a clearer view of our NHS, especially in comparison with my employer. It's been quite remarkable.

Therefore, I now have a clear snapshot of where I want to take my career.

Courses for everyone in the NHS

If I could give advice to those considering doing an HFMA qualification, I would say that the sooner the better when it comes to enrolment. Once you have an idea of what you want to do, go for it and speak to those who have studied before, or to mentors and the HFMA. We have all these links to the modules and can explain more about the topic and what the benefits are. At the end of the day it’s important to consider the topics that individuals would enjoy and help them to develop their skills.

Some people may think that the diplomas are specifically for finance professionals, but in fact they are for everyone within the NHS, who wants to develop their strategic knowledge of managing the healthcare business. What they do is give you a 'bigger picture' understanding of the NHS and its overall approach. You can build a more extensive knowledge of the topics with contemporary resources from within the NHS and academia, as well as the expert knowledge of the tutors delivering the modules. This is further supported through networking with your fellow students, which makes it an overall good experience.

For example, in one module we had participants from the clinical side, some were doctors and nurses, some from finance, and others from operations. When it comes to putting all the arguments on the table, you get a variety of different perspectives. So, I would absolutely recommend studying for these diplomas. 

I would also recommend the diploma to those who want to grow in their career, as there are a variety of modules that can help you progress – either through further education or through building more refined knowledge on topics such as management and leadership, or project management. 

I would absolutely recommend studying with the HFMA and I look forward to doing more studying in the future. 

If you would like to learn more about the qualifications the HFMA has to offer visit our qualifications page.