Overview

This programme is designed specifically for medical professionals to provide them with a comprehensive understanding of the accounting, cost management, financial management, and financial planning concepts. This programme aims to equip medical professionals with important finance and accounting concepts and analytical skills which are relevant in all aspects of 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 professional (business) decisions and personal investment (wealth management) decisions.

Healthcare sector in India has shown a profound growth over the past decade. Medical professionals play a very important role in the delivery of healthcare services in our country. In India’s healthcare set-up, medical professionals tend to lack expertise in accounting and finance concepts. The lack of accounting and finance knowledge hinders their professional business management decisions and make them susceptible to financial jargons used by finance experts, investment advisers, and financial service providers. Medical professionals in general never have a formal chance to read about finance in detail, and it has never been a subject taught as part of their core academic curriculum. Apart from a multi-speciality healthcare facility, an important factor contributing to a successful healthcare venture is sound financial management knowledge. Over the last few years, the impressive growth in the private healthcare industry in India accentuates the demand for trained medical professionals with sound finance knowledge. To improve financial performance and accomplish long-term growth objectives, it is important for every medical professional and healthcare entrepreneurs to have sound knowledge and analytical understanding of important financial concepts.

Objectives

The three-day MDP on accounting and finance for medical professionals specifically designed to enhance participants’ financial analysis expertise. The objective of this programme is to equip the medical professionals with the necessary accounting and financial management skills. The objective of this programme can be broadly categorised into following aspects:

• To deliver key financial concepts for effective financial decision making.
• To discuss the financial statements and their interpretation for corporate decision making.
• To develop the skill of cash flow statement preparation, analysis and interpretation.
• To understand the use of cost information for strategic decision making.
• To discuss the cost management principles, life cycle costing, and activity based costing.
• To familiarise participants with the Indian financial system and regulatory environment.
• To have familiarity with capital budgeting decision and project investment
• To understand the concept of risk and return analysis for the portfolio investment.
• To understand the importance of personal finance and investment behaviour.

Content

• Introduction to Accounting and Financial Reporting
• Financial Statements: Understanding and Interpretation
• Essentials of Cash Flow Analysis
• Principles of Cost Management
• Life cycle and Activity Based Costing
• Introduction to Financial Management
• Introduction to Capital Budgeting
• Financial Markets and Asset Classes
• Tax Management and Regulatory Issues
• Understanding Risk and Return Analysis
• Investment Decision Making
• Identifying and Managing Investment Risk
• Asset Allocation and Diversification

For Whom

This programme is designed specifically for senior medical professionals and doctors. This programme will be helpful for non-financial professionals who are in the senior management and administrative positions in medium to large hospitals, pharmaceutical industry, and healthcare services.

Management Development Programmes (MDP) Office

Indian Institute of Management Indore
Prabandh Shikhar, Rau-Pithampur Road
Indore 453556, Madhya Pradesh, INDIA

Email : mdp@iimidr.ac.in
Tel. : 0731-2439720/0731-2439727/0731-2439726/0731-2439666
Fax : +91-731-2439800