Career Description

Accountants and healthcare accountants are highly employable graduates who qualify for a wide variety of jobs. More career opportunities exist in accounting today than ever before. Businesses are being held to a higher standard of financial reporting due to recent corporate scandals and financial crises. In healthcare, the onset of Electronic Health Records (EHR) has generated an increased ability to gather data to assist in the reimbursement and revenue management of healthcare organizations. As a result, the demand for accountants, revenue analysts, and auditors has expanded. Because accounting has always been considered the language of business, demand for bookkeeping, payroll, accounting, and auditing technicians remains strong. An accounting degree is versatile and allows graduates to pursue many different career paths.

Program Information

Central Lakes College offers a 60-credit, two-year Healthcare Accounting Associate in Applied Science (A.A.S.) Degree. The A.A.S. degree prepares students by teaching the analytical and technical skills needed for an accounting career in the healthcare field. Students gain experience recording transactions, analyzing revenue cycle transactions, and doing realistic simulations on the most popular accounting and healthcare computer systems.

Program Outcomes

Graduates will be able to:

• Complete the accounting cycle, and prepare classified general purpose financial statements in good form;
• Possess and utilize the tools needed to analyze financial and business information that support planning and decision making in prospective payment systems;
• Apply accounting principles to business transactions in both a manual and a computerized environment;
• Demonstrate a fundamental understanding of employment laws, earnings calculations, payroll tax compliance, ICD and CPT coding, and HIPPA as they related to healthcare rules and regulations;
• Measure and prepare financial and non-financial information used to support strategic management and internal decision making;
• Apply ethical principles in decision making;
• Demonstrate effective communication skills;
• Describe the current reimbursement processes, forms, and support practices for healthcare reimbursement; and
• Explain medical billing/collection regulations and standards that apply to systems such as Medicare, Medicaid, HIPPA, and the Affordable Care Act.

Special Program Requirements

In addition to the program requirements, students must meet the following conditions in order to graduate:

1. College Cumulative GPA Requirement: cumulative grade point average (GPA) of credits attempted and completed at CLC must be at least 2.0;
2. College Technical Core GPA Requirement: cumulative GPA of credits attempted and completed towards the technical core of the diploma or degree must be at least 2.0;
3. Residency Requirement: students must complete 25% of their credits at Central Lakes College;
4. Accounting courses in the program must be completed within seven (7) years.

Certification

The Certified Revenue Cycle Representative (CRCR) certification is granted by the Healthcare Financial Management Association (HFMA) professional organization. Recertification must be obtained every two years. The CRCR credential is valuable for those that work within a hospital revenue cycle or work in a department that supports the hospital revenue cycle. The Certified Technical Specialist (CTS) certification is granted by the Healthcare Financial Management Association (HFMA) professional organization. This certification is designed for accounting professionals in the healthcare finance management profession. The State of Minnesota offers 2 levels of licensure for Accountants. The Registered Accounting Practitioner (RAP) certification requires a 2-year Accounting Degree and authorizes the licensee to perform but not supervise all accounting services on a formal audit. The Certified Public Accountant (CPA) license requires 5 years of college education (150 semester credits). CPAs are authorized to perform all accounting services and can supervise audits.

Transfer Opportunities

All students planning to pursue a bachelor’s degree in accounting or healthcare administration are strongly encouraged to consult with faculty about transfer opportunities and with the Advising Department about transfer information for specific four-year colleges.

Employment Statistics

For more information regarding employment statistics, career salary information and estimated job growth, follow the resource links below:

https://apps.deed.state.mn.us/lmi/ces/
http://www.bls.gov/ooh/home.htm
Salary information from indeed.com