Financial Reporting to Key Stakeholders - Self Study

Who should participate?

• Medical practice administrators, office managers and business professionals who have one to five years of experience in group practice management and would like to improve their financial reporting and presentation skills.  

Career level

• Beginner to intermediate  

Credit hours

•  15 credit hours as assigned by ACMPE   

Prerequisites

• Basic grasp of financial accounting concepts, including general knowledge of balance sheets, profit/loss statements and cash flow statements
• Intermediate-level knowledge of Microsoft Excel, including the ability to create charts and graphs from spreadsheet data
• Need to brush up or learn more before registering?
• We recommend one or both of these publications:
• Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports by Thomas Ittelson
• Financial Statements for Non-Financial People by Ron Priceone 

Course Agenda

Week 1 – Assessment

•  Assess your position in the organization and your ability to determine the source of financial problem 
•  Gauge your stakeholders’ abilities to understand financial information and their requirements for receiving 
•  Determine the effectiveness of your current financial statements and create an improvement plan 
•  Separate common financial indicators from those that may be distinct to your organization (such as multiple sites, payer mix, multiple specialties various product lines), and segregate your service reporting appropriately 
•  Tie your financial reporting needs to organizational and financial goals 

Week 2 – Data analysis

•  Determine your ability to assemble and analyze the data you need from your information system  

Week 3 – Developing printed reports

•  Develop printed monthly, quarterly and annual reports that compose an optimal financial picture of the organization and meet the needs of your stakeholders 
•  Contrast the effectiveness of various report models 
•  Develop an appropriate executive summary for your stakeholders  

Week 4 – Graph selection and dashboard design

•  Select the right graphs for your organization 
•  Develop a dashboard summary of periodic reports  

Week 5 – Your presentation and follow-up, problem-solving and practice exercise

•  Communicate your financial status more effectively 
•  Interpret problem areas for your stakeholders and help them understand the sources  
•  Build trust and react appropriately when something goes wrong  
•  Determine special reports you may need to follow-up on problem areas indicated by financial statements 
•  Develop a new report, record it on the Internet and get feedback from your peers.

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.