Financial Management

What is financial management in a medical practice?

Financial management in a medical practice involves the development and maintenance of financial systems to ensure a profitable practice. Skills in accounting, budgeting, revenue cycle management and financial analysis support effective financial management.

 

Financial Management performance objectives include:


  • Demonstrate the knowledge of regulations of coding and billing concepts, payer reimbursement policies and the revenue cycle.
  • Demonstrate the knowledge to manage cash flow.  
  • Demonstrate the knowledge to manage accounts payable.  
  • Demonstrate the knowledge to manage payroll systems.  
  • Demonstrate the knowledge to create and manage budgets.  
  • Demonstrate the knowledge to manage the audit process.

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

Financial management in a medical practice requires skills in accounting, budgeting, revenue cycle management and financial analysis.

Some examples of financial management include:

  • Analyzing and communicating financial performance to staff
  • Managing cash flow
  • Overseeing payroll
  • Directing contract negotiations with payers and overseeing revenue and accounts payable cycles
  • Managing the audit process and internal controls

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