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Financial Management

Maintaining financial systems to ensure a profitable 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:

Coding and billing concepts, payer reimbursement policies and revenue cycles

  • Explain how the various functions of front-end operations are performed, including scheduling, insurance verification, authorizations, and copayment and deductibles collection.
  • Identify inaccuracies in medical record documentation, charge capture and coding.
  • Conduct a charge audit.
  • Submit a claim.
  • Resolve an edit to a claim.

Cash flow management
  • Manage a non-patient accounts receivable.
  • Analyze and design a cash flow projection.

Accounts payable management
  • Describe the basics of bookkeeping.
  • Identify and give an example of the use of accounting software.
  • Discuss vendor payment terms.
  • Define lease agreements.
  • Explain segregation of duties.

Payroll systems management
  • Explain the payroll process.
  • Illustrate a policy and procedure that ensures that the organization is paying employees the correct amount for the exact hours worked.
  • Identify employment and payroll regulatory requirements.

Budget management
  • Discuss the various types of budgets and their application for a medical group practice.

Audit processes
  • Describe the different types of audits and explain what an audit report should include.
  • Discuss the generally accepted auditing standards (GAAS).