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.
- Discuss the various types of budgets and their application for a medical group practice.
- Describe the different types of audits and explain what an audit report should include.
- Discuss the generally accepted auditing standards (GAAS).