Financial and Productivity Management of Physician Practices
This course provides a firm foundation in financial management essentials for the medical practice executive. It will explain the fundamental basics of financial statements, the differences between hospital and medical practice revenue cycle management, RVUs, budgeting, cash and accrual accounting, payer contract negotiation, as well as other financial issues facing the medical practice. The student will be able to analyze and improve the financial performance of a medical practice.
- Understand financial statements and what they tell you about the financial health and performance of the practice.
- Recognize the difference between cash and accrual accounting and when each is appropriate for reporting purposes.
- Understand the components of Relative Value Units (RVUs) and how to use them in contracting, analysis, and physician compensation.
- Be familiar with financial topics particular to medical management, such as ICD-9 and CPT coding, prior authorization, contractual adjustment, managed care, and third party payers.
- Articulate how the increasing prevalence of Consumer Driven Health Plans affect Accounts Receivable and Days in A/R.
- Evaluate how technology, such as electronic charge capture and electronic medical records, can improve the financial performance of a medical practice.
- Learn how to benchmark various aspects of the revenue cycle.
- Participants should have successfully completed at minimum an undergraduate degree in a related field.
- Participants must be able to commit significant time to completing assigned readings, case studies, and interactive sessions.
- As needed to complete, up to 6 months from enrollment
- This course is completed entirely online
- Self paced, with routine interactions with program director and instructor
- Barbara Sack