100+ Free CHFP Practice Questions

Pass your Certified Healthcare Financial Professional exam on the first try — instant access, no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

100+ Questions

100% Free

1 / 100

Question 1

Score: 0/0

Which of the following is the most significant component of working capital management for a healthcare organization?

Investing in new building construction

Managing inventory of office supplies

Purchasing long-term government bonds

Managing accounts receivable and cash collections

to track

2026 Statistics

Key Facts: CHFP Exam

65%

Passing Score (Module II)

HFMA

$465

Annual Membership Fee

HFMA (professional tier)

131

Total Exam Questions

75 MCQ + 56 case-study

4.5 hrs

Total Exam Time

90 min + 3 hours

14 CPEs

CPE Credits Earned

HFMA

$87.5K

Avg CHFP Salary

ZipRecruiter 2026

The CHFP certification demonstrates expertise across four pillars: business acumen, collaboration, financial strategy, and future trends. HFMA membership is required ($465/year professional) and includes access to both modules. Healthcare finance professionals with CHFP certification earn an average salary of $87,500 (ZipRecruiter 2026). The credential requires 60 CPE hours every 3 years to maintain and is a prerequisite for the Fellow of HFMA (FHFMA) designation.

Sample CHFP Practice Questions

Try these sample questions to test your CHFP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following best describes the primary role of the CFO in a healthcare organization?

A.Managing day-to-day clinical operations and patient scheduling

B.Providing strategic financial leadership and ensuring fiscal sustainability

C.Conducting external audits and regulatory compliance reviews

D.Negotiating all vendor contracts and supply chain agreements

Explanation: The CFO's primary role in a healthcare organization is to provide strategic financial leadership and ensure the organization's fiscal sustainability. This includes overseeing financial planning, budgeting, capital allocation, and financial reporting. While the CFO may be involved in compliance and vendor management, these are not the primary focus of the role.

2What is the largest source of healthcare funding in the United States?

A.Out-of-pocket payments from patients

B.Private health insurance

C.Federal government programs (Medicare and Medicaid)

D.Employer self-funded plans

Explanation: Federal government programs, primarily Medicare and Medicaid, represent the largest source of healthcare funding in the United States, accounting for approximately 36-40% of total national health expenditures. Private insurance is the second largest payer, while out-of-pocket payments have declined as a percentage of total spending over time.

3Which of the following is NOT a characteristic of the Patient Protection and Affordable Care Act (ACA)?

A.Individual mandate requiring health insurance coverage

B.Expansion of Medicaid eligibility in participating states

C.Establishment of health insurance exchanges/marketplaces

D.Elimination of Medicare as a federal program

Explanation: The ACA did not eliminate Medicare. In fact, the ACA strengthened Medicare by extending the solvency of the Medicare Hospital Insurance Trust Fund and closing the Part D prescription drug coverage gap. The ACA included an individual mandate, Medicaid expansion, and health insurance exchanges as core provisions.

4Under accrual-basis accounting, when should revenue be recognized?

A.When cash is received from the patient or payer

B.When the service is provided, regardless of when payment is received

C.When the bill is sent to the patient or insurance company

D.At the end of the fiscal year during closing entries

Explanation: Under accrual-basis accounting, revenue is recognized when it is earned, which in healthcare means when the service is provided to the patient. This is consistent with GAAP revenue recognition principles. Cash-basis accounting, by contrast, records revenue when cash is actually received, but most healthcare organizations use accrual accounting.

5Which financial statement reports an organization's financial position at a specific point in time?

A.Statement of Operations (Income Statement)

B.Balance Sheet (Statement of Financial Position)

C.Statement of Cash Flows

D.Statement of Changes in Net Assets

Explanation: The Balance Sheet, also called the Statement of Financial Position, reports an organization's assets, liabilities, and net assets (or equity) at a specific point in time. It follows the fundamental accounting equation: Assets = Liabilities + Net Assets. The other statements report activity over a period of time.

6What does the accounting equation represent?

A.Revenue - Expenses = Net Income

B.Assets = Liabilities + Net Assets (Equity)

C.Cash Inflows - Cash Outflows = Net Cash Flow

D.Total Revenue / Total Assets = Asset Turnover

Explanation: The fundamental accounting equation is Assets = Liabilities + Net Assets (or Equity in for-profit organizations). This equation is the foundation of double-entry bookkeeping and the balance sheet. Every financial transaction affects at least two accounts while keeping this equation in balance.

7A hospital has total assets of $50 million and total liabilities of $30 million. What is the organization's net assets (equity)?

A.$80 million

B.$30 million

C.$20 million

D.$50 million

Explanation: Using the accounting equation (Assets = Liabilities + Net Assets), net assets equal total assets minus total liabilities: $50 million - $30 million = $20 million. Net assets represent the residual interest in the organization's assets after deducting liabilities.

8Which of the following is classified as a current asset on a hospital's balance sheet?

A.Medical equipment with a useful life of 10 years

B.Accounts receivable expected to be collected within 60 days

C.A building used for outpatient services

D.Long-term investments in bonds maturing in 5 years

Explanation: Accounts receivable expected to be collected within 60 days is a current asset because it will be converted to cash within one year or the operating cycle. Current assets include cash, accounts receivable, inventory, and prepaid expenses. Long-lived assets like equipment and buildings are classified as non-current (fixed) assets.

9What is the purpose of depreciation in financial accounting?

A.To set aside cash for replacing worn-out equipment

B.To systematically allocate the cost of a long-lived asset over its useful life

C.To determine the current market value of fixed assets

D.To calculate the insurance value of capital equipment

Explanation: Depreciation is the systematic allocation of the cost of a tangible long-lived asset over its useful life. It matches the cost of the asset to the periods that benefit from its use (matching principle). Depreciation is a non-cash expense and does not set aside cash or determine market value.

10Which financial ratio measures a healthcare organization's ability to meet short-term obligations?

A.Debt-to-equity ratio

B.Current ratio

C.Operating margin

D.Days cash on hand

Explanation: The current ratio (current assets / current liabilities) measures an organization's ability to meet short-term obligations using its current assets. A ratio greater than 1.0 indicates the organization has sufficient current assets to cover current liabilities. While days cash on hand also relates to liquidity, the current ratio is the most direct measure of short-term obligation coverage.

About the CHFP Exam

The CHFP is HFMA's flagship certification for healthcare financial professionals. It is earned through two modules: Module I (Business of Health Care) covers 6 content areas with 75 multiple-choice questions in 90 minutes, and Module II (Operational Excellence) tests application through 8 case studies with 56 questions in 3 hours.

Questions

131 scored questions

Time Limit

4.5 hours (90 min Module I + 3 hrs Module II)

Passing Score

65%

Exam Fee

Included with HFMA membership ($465/yr) (HFMA)

CHFP Exam Content Outline

17%

The Big Picture

Healthcare environment, reform, payment systems, and financial management roles

17%

Financial Accounting Concepts

Accounting principles, financial statements, management reports, and ratio analysis

17%

Cost Accounting Principles

Cost management, cost-finding methods, pricing strategies, and profit analysis

17%

Strategic Financial Issues

Strategic planning, budgeting, variance analysis, and benchmarking

17%

Managing Financial Resources

Revenue cycle, working capital, metrics and data, long-term financing

15%

Looking to the Future

Evolving reimbursement, business intelligence, population health, clinician alignment

How to Pass the CHFP Exam

What You Need to Know

Passing score: 65%
Exam length: 131 questions
Time limit: 4.5 hours (90 min Module I + 3 hrs Module II)
Exam fee: Included with HFMA membership ($465/yr)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

CHFP Study Tips from Top Performers

1Complete all Module I coursework thoroughly — Module II case studies directly test your application of Module I concepts

2Focus on the 3 highest-weight areas: Accounting Principles, Revenue Cycle/Working Capital, and Strategic Planning/Budgeting

3Practice case-study reasoning by connecting financial concepts to real healthcare scenarios involving payers, providers, and patients

4Master Medicare payment systems (DRGs for inpatient, APCs for outpatient, RVUs for physician) as they appear across multiple domains

5Use the Module II key concepts guide as your primary study resource — it identifies the exact business challenges tested in the case studies

Frequently Asked Questions

What is the CHFP exam?

The Certified Healthcare Financial Professional (CHFP) is HFMA's flagship certification for healthcare finance professionals. It consists of two modules: Module I (Business of Health Care) with 75 multiple-choice questions in 90 minutes, and Module II (Operational Excellence) with 56 case-study questions in 3 hours. Both are administered online through HFMA's learning management system.

How hard is the CHFP exam?

The CHFP is considered moderately difficult. Module I tests foundational knowledge across 6 healthcare finance domains. Module II is more challenging, requiring you to apply Module I knowledge through 8 real-world case studies. The passing score is 65% for Module II. HFMA recommends 14-20 hours of study for Module I coursework. Success rates are not publicly disclosed.

What is the CHFP pass rate?

HFMA does not publicly disclose CHFP pass rates. However, the program provides extensive coursework in Module I to prepare candidates, and a key concepts guide is available for Module II. If you do not pass, there is a mandatory 30-day waiting period before retaking. The 65% passing score for Module II is achievable with thorough preparation.

How many questions are on the CHFP exam?

The CHFP has 131 total questions across both modules. Module I has 75 multiple-choice questions to be completed in 90 minutes. Module II has 56 questions presented as 8 case studies with 7 questions each, to be completed in 3 hours. You must pass both modules to earn the CHFP designation.

What salary can CHFP holders expect?

According to ZipRecruiter (2026), the average salary for CHFP holders is approximately $87,500 per year ($42/hour). Robert Half's 2026 Healthcare Salary Guide identifies CHFP as an in-demand certification that can command higher starting salaries. Roles range from finance directors and controllers to revenue cycle managers and consultants, with senior positions earning $100,000-$150,000+.