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How do you develop and maintain financial systems to ensure a profitable medical practice?

Financial management includes the following:

1. Develop and implement the organization’s budget to achieve organizational objectives.
2. Establish internal controls for cash management.
3. Implement and maintain a process for external financial audits.
4. Develop and implement revenue cycle management and accounts receivable management.
5. Analyze and monitor financial performance and report financial results to stakeholders.
6. Direct the payroll process.
7. Establish and maintain the organization’s banking, investment and other financial relationships.
8. Develop relationships with individual insurance carriers to optimize contract negotiations and maintenance of existing contracts.

Rate yourself: Take the ACMPE Financial Management Quiz 

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