This course discusses the full range of topics and techniques that are central to the effective management of physician practices. The course provides an overview of the revenue cycle, with emphasis on the accounts receivable and collection phases. Managed care payment issues, bad debts and charity accounts and use of collection agencies are among the topics covered. Coding and payment systems, which establish the potential revenue of the physician practice, also are explained. Other topics include fee schedules and relative value systems as well as compliance and rules for teaching physicians.
Information systems are a significant investment and this course describes the process of implementing an information system from the RFP stage to the integration of financial and clinical information.
Budget preparation techniques are presented, along with methods of assessing financial performance, projecting revenue, and evaluating capital projects. The course describes the value of cost accounting and how it is performed. In addition, the course explains methods for evaluating and negotiating payer contracts.
- Identify the key contributory elements of "evaluation and management" services
- Recognize the Resource Based Relative Value System (RBRVS) and its components
- Identify the elements of managing third-party receivables and self-pay receivables
- Name techniques commonly used to measure accounts receivable
- Recognize the difference between bad debt and charity accounts
- Identify activities for evaluating and acquiring a medical group information system
- Identify three types of data used to estimate demand for a medical group's practice
- Define components of a comprehensive budget
- Define ratios valuable in monitoring financial performance of a practice
- Define cost accounting
- Recognize how break-even analysis can be of use to the medical group
- Identify processes for evaluating a contract
- Recognize Stark legislation and the laws it has developed for regulation of the medical group
- Identify elements of strategic planning and the role of marketing
The intended audience for this course includes but may not be limited to accountants, financial analysts, and chief financial officers. Key areas of responsibility are medical practice operations, financial management, payer relations, and staff management in a medium to large medical group practice setting. This setting may be either an independent group practice or an integrated health care delivery system. The course is most appropriate for those individuals with a minimum of two years of experience.
Pricing: $400 (HFMA members & non-members)
Instructional Method: Self-study
Advance Preparation: None
Recommended Experience: At least two years in health care at a manager level or above
Read additional information about CPEs for CPA licenses and education credits for HFMA certification maintenance.