Financial Management and Financial Planning for Doctors
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This programme is designed specifically for doctors to provide them a comprehensive understanding of the financial management and financial planning concepts. This programme aims to equip doctors with important finance concepts and analytical skills which are relevant in all aspects of personal finance and investment decision making. At the end of the programme, it is expected that participants will have sound basic finance and accounting knowledge which they can use for their personal (wealth management) and professional (business) decision.
Medical professional like doctors play a very important role in the delivery of healthcare services in our country. In India’s healthcare set-up, doctors tend to lack expertise in financial management concepts, and fall for financial lingos used by finance experts, investment advisers, and financial service providers. There are several important factors that hinder the financial knowledge of doctors like long training period, early financial liability, late entrant to job market, more committed professional engagement, late and long erratic working hours, consistent pressure of enhancing professional knowledge domain. Doctors in general never have a formal chance to read about finance in detail, and it never being a subject that has been taught in terms of academic curriculum. This actually prevents doctors to manage their personal finance efficiently, and efficient investment management.
Healthcare sector in India has shown a profound growth over the past decade. Along with the growth in this sector it has also seen a remarkable demand for professional medical practitioners with sound business and finance skills. Indian healthcare sector has long been underfunded. As per International Finance Corporation 2015 report, India which accounts for the second-largest population in the world and 20 percent of the global disease burden spends only 3.8 percent of GDP on health. As such, India continues to be a much underserved healthcare market. In such a scenario many of the medical professionals and doctors try to establish their own private hospitals and health care centres. Apart from multi-speciality health care facility what makes an important parameter for a successful business venture is the sound knowledge of financial management. To improve financial performance and accomplish long-term growth objectives, it is important to have sound financial knowledge and understanding.
The four-day financial management and financial planning course for doctors, specifically designed around the deliverables for enhancing financial analysis expertise of participants. The objective of this programme is to equip the doctors with the necessary financial management and interpretation skills, with a special focus on personal finance. The objective of this programme can be broadly categorised into two aspects. First, to enhance the conceptual and analytical skills of doctors in terms of important accounting, finance, and economics concepts. Second, to develop the personal finance management skill of doctors. This programme aims to achieve these two objectives by following a lucidly developed sequence of finance sessions/lectures. For simplicity, one may try to understand the deliverable finance sessions/lectures under four modules.
- The first module introduces the important concepts related to accounting and cost management.
- The second module discusses the relevant concepts of finance, and financial management.
- The third module encompasses discussion related to relevant macro-economy factors, financial system, and the relevance of risk-return analysis for portfolio investment.
- The fourth module focuses on the delivery of personal finance concept.
To briefly summarise, the first three modules contemplates on the important concepts of accounting, finance, and economics. Building on the first three modules essence of financial management concept, the last module helps participants to develop personal finance skills with sensible understanding of finance and economics concepts.
- Introduction to Accounting and Finance
- Financial Statements: Understanding and Interpretation
- Essentials of Cash Flow Analysis
- Principles of Cost Management
- Introduction to Financial Management
- Introduction to Capital Budgeting and Investment Analysis
- Financial Markets and Macro Economy
- Understanding of Financial Market and Asset Classes
- Understanding Risk and Return Analysis
- Introduction to Personnel Finance
- Financial Planning and Financial Goals
- Investment Decision Making
- Identifying Investment Opportunities
- Identifying and Managing Investment Risk
- Asset Allocation and Diversification
- Behavioural Finance and Investment Mistake
Who should attend
This programme is designed specifically for doctors and senior medical professionals.