Note: Self-Study courses are available for 60 days from the first time you login to your course.
Good financial skills allow the practice to be successful and provide the requisite level of medical services
This course is a module of the full Essentials of Group Practice Management.
This module introduces you the financial side of group practice administration. It provides an overview and insights into budgeting, financial statements, payroll, payer contracting, revenue cycle management, establishing internal cash controls and financial relationships.
There is a tremendous amount of knowledge required of the practice administrator in the area of financial management. You are encouraged to continue your study and to take the ACMPE self-assessment in Financial Management.
The majority of a practice’s revenues come from third-party payers, so we will discuss some of the basics of setting fees, analyzing reimbursement and understanding the key components of payer contracts.
And finally, we will identify methods for implementing internal controls to safeguard the assets of the practice. Although your primary purpose is to provide high-quality, accessible care for patients, your organization has the right to be paid for its services. You, as the practice administrator, often retain the responsibility to ensure that your practice remains on solid financial footing.
The practice manager is responsible for both accounting and budgeting. You are the buffer between physicians (who have the greatest power over the practice’s financial position but often have limited knowledge about finances) and creditors (who have great power over the practice’s financial condition even though they know little about medicine).
Practice managers who successfully perform and manage these tasks will make the practice efficient and effective. By doing so, these practice managers earn respect and job security.
Who should participate:
- Course is designed for those with less than one year experience in medical group practice management
- Recent graduates in health care management or administration
- Experienced professionals who would like an overview
- Ideal for those transitioning from other sectors in the health care industry into physician practice who want to understand the breadth of competencies required for success in the field
Career level
Credit hours
- 3 credit hours as assigned by ACMPE
Prerequisites
System Requirements
- A personal computer with a Pentium processor with either speakers or headphones
- Internet connection with a minimum speed of 56K baud dial-up (DSL, cable or T1 connection is recommended for viewing necessary archived lectures), Internet Explorer or Mozilla Firefox as well as Adobe Flash Player and Adobe Acrobat Reader
- A computer with speakers or headphones is necessary for audio sections
- Note: The MGMA online platform uses “frames” and may not be compatible with software for those who are sight-impaired
What's different about online courses?
Taking a course on the computer can be both different from and similar to a traditional classroom experience. The learning process is the same, but an online course provides immediate resources.
Facilitators and students maintain their traditional roles. The facilitator places lessons and materials online for you to use – you set your own pace. The instructor is available to have a conversation with you, but won’t be online at the same time.
You interact with the course content on the screen, just as though you were in a classroom, and have discussions with classmates on an online discussion board.
You can ask questions or reply to others' questions or responses at any time. You will have exercises to complete on your own. And, as with classroom-based courses, you will have a multiple-choice assessment at the end of each week to gauge your comprehension and progress.
How are the courses formatted?
Generally, online courses follow this weekly format:
- Overview – Learning objectives are explained
- Readings and resources – Read from your textbook and other online materials
- Content – The main topic is presented
- Case studies – Examples illustrating the main topic are provided, based on either small or large group practices
- Practice activities – An assignment related to the main content is given
- Assessment – Complete a multiple-choice exam
- Summary – The week’s content is reviewed, which prepares you for the following week
- Discussion – Participate in a facilitator-led discussion board to get your questions answered and see how your peers apply the information
How does working online add to your education experience?
Online courses provide these convenient features:
- Search – Search for course content
- Notes – Take notes you can save for reference
- Calendar – Review scheduled tasks from the facilitator
- Chat – Talk directly to one or all class participants
- Discussion board – Ask questions and discuss course topics in an open forum with facilitator and classmates
- E-mail – Communicate with the facilitator or any course participant
- Location – View your progress relative to each week’s content
- Assessment – Complete 10-15 multiple-choice questions (not graded) at the end of each week (you can retake the assessment as often as you like)
- Bookmark – Save your place if you need to leave the course and pick up later
How the self-study course works
You will receive textbooks (if applicable) a few days before the start of the course, the course URL and a user name and a password to log in. On the first day, you will be able to log in and proceed through the material week by week or to complete only the weeks most important to you.
There is also a free Webcast recorded by the course facilitator. This recording provides you with important introductory information. If you have questions during this self-study course a facilitator will answer your e-mails once a week. You will have two months to complete the course.
MGMA Online Course - Transfer Policy
If there are unexpected demands on your time or you are not able to complete the course within the six weeks, MGMA strongly recommends you transfer into another course.
Your transfer request must be received within the first two weeks of the course. After that time, you will be charged a $100 administrative fee after two weeks have passed.
Transfer requests by telephone are not valid.
All transfer requests must be submitted in writing to the:
MGMA Learning & Networking Center
Attention: John Crawford
104 Inverness Terrace East
Englewood, CO 80112-5306
Letters may be faxed to 303.784.6099
Cancellation Policy
All registration cancellations must be received by MGMA no later than 48 hours prior to the start of each program and are subject to a $100 processing fee per course.
- No credit or partial or full refund will be made for failure to attend after this date
- Cancellations by telephone will not be accepted
- No credit is available for text materials sent (when applicable)
- All cancellations must be submitted in writing to:
MGMA Service Center
104 Inverness Terrace East
Englewood, CO 80112
Cancellation letters may also be faxed to 303.784.6110
If for any reason, MGMA must cancel one of its programs or turn you away due to limited attendance your registration fee will be refunded in full. However, you are responsible for your own airline and hotel reservations. MGMA cannot be held accountable for any cancellation charges caused by program cancellation or attendance limitations.
Please call the MGMA Service Center toll-free at 877.275.6462, ext. 1888, if you need to send someone in your place. If the new attendee has a different MGMA membership status, the registration fee will be adjusted accordingly.
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