Essentials of Financial Management - Self Study

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.