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).