Medical Group Management Association
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Financial Management for Medical Groups, 3rd Edition

Book -

Benchmarking & Forecasting


Data Analytics & Reporting

SKU: 8428


ISBN#: 978-1568293950

Today’s evolving healthcare environment demands that every medical practice manager, whether experienced or new to the field, be highly proficient in all aspects of financial management.

The third edition of this MGMA best-selling book is a comprehensive resource that addresses topics from the basics of accounting and finance to evaluating the impact on medical practices of changing regulatory and reimbursement environments. The book provides you with the information and context you need to build your foundational financial management knowledge and apply it to the changing world of medical practice management.

Read the entire book or use it as a reference on topics such as:

  • Cost accounting for pricing and managing the practice
  • Government payment regulations
  • Capital budgeting and acquisitions
  • Benchmarking and reporting
  • Physician profiling
  • Outcomes-based research
  • Fraud and compliance
  • Accountability perspectives
  • Revenue cycle management
  • Payer contracting
  • Relative value units
  • Budgeting
  • Practice management software
  • Investments


Dr. Pawan Arya, MD, MBA-HCM, MCMC, CMPE, CPC, CPC-H, is a foreign medical graduate with more than 15 years of medical practice experience in India. He also has an MBA in healthcare management from Phoenix University. He is an accomplished administrator, and his forte is operational and financial benchmarking, process redesign and improvement, quality management, and compliance. Dr. Arya is a current member of MGMA’s Patient Safety and Quality of Care Advisory Committee and a former member of MGMA’s Government Affairs Committee. He is also a member of the American Academy of Professional Coders (AAPC), the American Institute of Healthcare Compliance (AIHC), and the Gastroenterology Administration Assembly (GAA). Dr. Arya has a rich and diverse management experience. He is currently the CEO for Digestive Disease & Nutrition Center of Westchester and New York Endoscopy. In the past, Dr. Arya has managed a cancer center and acted as director of operations for a multispecialty group practice.

James D. Barrett, MS, FACMPE

James D. Barrett, MS, FACMPE, has more than 16 years of medical management experience. He has been instrumental in expanding his current practice as well as that of his previous employer. He has a master’s degree in health administration from the Rochester Institute of Technology and a bachelor’s degree in finance from Syracuse University. Mr. Barrett is a fellow at MGMA and also serves as chair of the organization’s steering committee. He is the COO at Anne Arundel Eye Center in Annapolis, MD.

Nancy Enos


Principal, Enos Medical Coding

Nancy M. Enos, FACMPE, CPMA, CPC-I, CEMC is an independent consultant with the MGMA Health Care Consulting Group and a principal of Enos Medical Coding. Nancy has 40 years of experience in the practice management field. She was a practice manager for 18 years before she joined LighthouseMD in 1995 as the Director of Physician Services and Compliance Officer. In July 2008 Nancy established an independent consulting practice, Nancy Enos Medical Coding.

As an Approved PMCC and ICD-10 Instructor by the American Academy of Professional Coders, Nancy provides coding certification courses, outsourced coding services, chart auditing, coding training and consultative services and seminars in CPT and ICD-10 Coding, Evaluation and Management coding and documentation, and Compliance Planning. Nancy frequently speaks on coding, compliance and reimbursement issues to audiences including National, State and Sectional MGMA conferences, and at hospitals in the provider community specializing in primary care and surgical specialties.  

Nancy is a Fellow of the American College of Medical Practice Executives. She served as a College Forum Representative for the American College of Medical Practice Executives.

Sarah J. Holt

Sarah J. Holt, PhD, FACMPE

Sarah J. Holt, PhD, FACMPE, is the administrator of several healthcare organizations in Cape Girardeau, Missouri, providing practice management for Cape Girardeau Surgical Clinic, Inc., & Breast Care Center and for Cape Medical Billing Corp., a medical practice billing company. Additionally, she is the administrator of Cape Girardeau Doctors’ Park, which offers a full range of medical services on an 80-acre complex of 35 medical buildings. Holt received a PhD in policy analysis with a healthcare emphasis from St. Louis University, a master’s in counseling from Southeast Missouri State University, and an undergraduate degree in education. She has done extensive research on how medical office insurance staff members make decisions relating to insurance reimbursement and how complexity influences organizations. She teaches health policy and healthcare reimbursement at the graduate level at Southeast Missouri State University and speaks on healthcare management topics to audiences of physicians, management, and staff.

Sara M. Larch, MSHA, FACMPE

Sara M. Larch, MSHA, FACMPE, is a specialist leader in the healthcare practice Deloitte Consulting LLP. She has more than 30 years of healthcare-industry experience in large physician groups in academic medical centers and multihospital systems. She has c-suite experience as COO of a 900-physician faculty practice plan and as vice president of a five-hospital integrated delivery system, leading their newly formed employed physician group. Working in those groups, she designed physician governance and created new physician employment models, led teams that reduced denial rates from 32 percent to 12 percent, increased the net collection rate by 34 percent, and centralized self pay collections from 22 entities into one. She is currently focused on the model of the employed physician within large healthcare organizations. Larch is past board chair of the Medical Group Management Association (MGMA) and past president of the Academic Practice Assembly and Association of Managers of Gynecology and Obstetrics. She is coauthor of the book The Physician Billing Process: 12 Potholes to Avoid in the Road to Getting Paid (MGMA, 2009). In 2012 Larch received MGMA’s Harry J. Harwick Lifetime Achievement Award.

Daniel D. Mefford, CPA, MBA, FACMPE

Daniel D. Mefford, CPA, MBA, FACMPE, has more than 23 years of experience in physician practice management. As a senior consultant with the Practice Resource Management Group, he works with medical practices to improve productivity, reduce costs, and align compensation systems to meet their strategic goals. He has held executive leadership roles in small and large group practices and has provided consultative services to virtually all specialties. He has a particular interest in group practice integration and operational efficiency. Additionally, he specializes in developing ancillary revenue streams from such sources as diagnostic laboratory, imaging, and surgery centers. His extensive financial and practice management background allows him to balance patient care priorities with the realities of administrative efficiency and financial profitability.

Michael O’Connell

Michael O’Connell, MHA, FACMPE, FACHE

Michael O’Connell, MHA, FACMPE, FACHE, is Vice President of Clinical and Support Services for Marymount Hospital, a Cleveland Clinic hospital, in Garfield Heights, Ohio. He is also the hospital’s safety officer, chairs the Environment of Care Committee, and is the corporate compliance official. For the last 15 years, he has served in various leadership roles at Cleveland Clinic including vice president of clinical services, vice president of operations, vice president of professional and physician services, and senior director. Previously to working at Cleveland Clinic, he directed a hospital-based 120+ multi-specialty group practice in Indiana and supported a physician and professional services division of an integrated health care delivery system based in Michigan. He has served as adjunct faculty for undergraduate and graduate students and taught at three colleges and universities. He is Past-President of ACHE of Northern Ohio, a chapter of the American College of Healthcare Executives (ACHE), and a recipient of the ACHE Regent’s Award. He is a board member of the Ohio Medical Group Management Association and Garfield Heights Chamber of Commerce. He has a Master of Health Administration from Saint Louis University, Saint Louis, MO, and a Bachelor of Science Degree from University of Illinois, Urbana, Illinois, is certified in health care management and medical practice executive and is a Fellow in the American College of Medical Practice Executives and American College of Healthcare Executives. He is married, has four children, lives in Solon, and enjoys reading, gardening, and tracing his family’s genealogy.

Rhonda W. Sides, CPA/ABV/CFF/CGMA, CVA

Rhonda W. Sides, CPA/ABV/CFF/CGMA, CVA, is principal for healthcare services and forensic/valuation services for Crosslin & Associates in Nashville, Tenn. Rhonda has over 20 years of experience in medical practice management, cost accounting, and healthcare consulting for physician practices. She served as an adjunct MBA professor for three years at the Massey School of Belmont University in Nashville, where she taught healthcare cost accounting. Rhonda lectures nationally for various healthcare and financial organizations on combining the practicality of accounting with the needs of medical practice management. She has coauthored two books, Valuation of a Medical Practice and Accounting Handbook for Medical Practices, both published by John Wiley & Sons. To learn more about Rhonda’s services, contact her at or visit

Lee Ann Webster

Lee Ann Webster, MA, CPA, FACMPE

Lee Ann H. Webster, MA, CPA, FACMPE, is the administrator of Pathology Associates of Alabama, P.C. The past chair of the ACMPE Certification Commission, past chair of the ACMPE Professional Papers Committee and a past president of the MGMA Pathology Management Assembly. She is a Fellow in the American College of Medical Practice Executives (ACMPE) and a certified public accountant in Alabama. Lee Ann has written several articles on practice management topics and contributed to the books Physician Practice Management: Essential and Financial Knowledge, and Financial Management for Medical Groups, Third Edition.

Deborah Walker Keegan

Deborah Walker Keegan, PhD, FACMPE

Dr. Deborah Walker Keegan is a nationally recognized consultant, keynote speaker and author. She is President of Medical Practice Dimensions, Inc. and a Principal with Woodcock & Walker Consulting. With more than 25 years as a leading healthcare administrator and consultant, she brings knowledge, expertise and solutions to healthcare organizations. Co-author of the MGMA best-seller, The Physician Billing Process: 12 Potholes to Avoid in the Road to Getting Paid and a national consultant on revenue cycle operations, Dr. Keegan's presentations are characterized by a dynamic, educational style and "real-life" case material. She received her PhD from The Peter F. Drucker Graduate School of Management, her MBA from UCLA, and she is a Fellow of the American College of Medical Practice Executives.

Robert F. White, MBA

Robert F. White, MBA, has more than 25 years of healthcare leadership experience working with a wide variety of subspecialties. Robert worked at Massachusetts General Hospital for 15 years in the anesthesia and oral surgery departments. Serving in both financial and administrative roles, he learned budgeting and financial operations from a unique perspective. Robert has also managed retina surgery and OB/GYN practices and served as director of financial reporting for Anesthesia Healthcare Partners, a private anesthesia management company in Georgia. He is currently a practice administrator for Women’s Care Florida — Winter Park OB/GYN. He earned his undergraduate degree in management and public policy and administration from Suffolk University and his MBA from the University of New Hampshire Whittemore School of Business and Economics. Robert is married with three children and lives in Orlando, Florida.



Chapter 1 Introduction to Financial Management
Chapter 2 Key Elements in Financial Management
Chapter 3 The Accounting Process and Accounting Systems
Chapter 4 Choosing Financial Information Systems for Medical Group Practices
Chapter 5 Reporting Financial Results
Chapter 6 Understanding Operating Expenses and Cost Accounting
Chapter 7 Determining the Cost of Patient Care
Chapter 8 Measuring and Managing Cash Flows
Chapter 9 Improving Your Financial Position by Increasing Collections and Reducing Outstanding Accounts Receivable


Chapter 10 Managed Care Issues
Chapter 11 Planning and Budgeting
Chapter 12 Identifying, Analyzing, and Improving Sensitive Areas of Operations
Chapter 13 Tools for Managing Operations
Chapter 14 Evaluating Short- and Long-Range Investment Alternatives
Chapter 15 Assessing Capital Needs and Evaluating Sources of Capital
Chapter 16 Focus on Accountability to Achieve Quality Results
Chapter 17 An Era of Reform


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