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Tables of Contents for Financial Management of the Medical Practice
Chapter/Section Title
Page #
Page Count
Reporting Standards of the Practice
1
10
Understanding Financial Statements
1
3
Understanding the Theories
1
1
Understanding the Purpose
2
1
Understanding the Practicality
3
1
Understanding the Effect
3
1
Reporting Practice Operating Results
4
2
Financial Analysis Simplified
6
3
What Is Financial Analysis?
6
1
Financial Analysis Perspectives
6
1
Financial Analysis Procedures
7
2
Summary
9
2
The Revenue Cycle
11
12
Components of the Revenue Cycle
11
4
Appointment Scheduling
11
1
Registration
12
1
Coding
12
1
Charge Capture
13
1
Patient and Insurance Billing
13
1
Account Follow-up and Collections
14
1
Other Components of the Revenue Cycle
14
1
Key Revenue Indices
15
1
Steps to Assure Revenue Maximization
16
2
Step 1: Analyze the Practice's Revenue Cycle
16
1
Step 2: Document Financial Policies and Procedures
16
1
Step 3: Review the Financial Tools
17
1
Step 4: Review Managed Care Contracts
17
1
Step 5: Review the Practice's Current Fee Schedule
17
1
Step 6: Make Sure the Practice Is Compliant
18
1
Revenue Enhancement
18
1
Sources of Revenue
18
1
Productivity Defined
19
3
Summary
22
1
Controlling Expenses
23
14
Expense Management
23
1
Comparisons of Expenses on the Income Statement
23
1
Common Sizing
24
1
Variance Analysis
24
1
Types of Expenses
25
2
Direct and Indirect Expenses
27
6
Staffing
28
2
General and Administrative Expenses
30
2
Facility Strategies
32
1
Medical/Lab/Radiology Supplies
32
1
Incentive Strategies
33
1
Flow Source Documents
33
1
Value-Based Expense Management
33
3
Summary
36
1
Assessing the Effect of Financial Performance
37
18
Firsthand Analysis of the Effect
39
2
Other Indicators to Watch
41
1
Measures of Productivity
41
3
Managed Care Measures
44
1
Variance Analysis
45
5
Combined Statement of Revenue and Expenses
45
5
The Effect of Financial Statements on Long-term Financial Management Issues
50
1
Capital Acquisition and Investment Scenarios
51
3
Summary
54
1
Ratios and Benchmarking
55
18
Ratios
55
10
Key Revenue and Expense Ratios
55
1
Collection Ratio
56
1
Days Outstanding in Accounts Receivable Ratio
57
1
Expense-to-Earnings Ratio
58
1
Staffing Ratio
59
1
Visit/Encounter Ratio
60
1
RVU Ratios
60
1
Unit or Departmental Ratios
61
1
Payer Mix Ratio
61
1
Key Credit Ratios
61
4
Benchmarking the Medical Practice
65
7
Productivity Benchmarks
67
1
Access
67
1
Coding and Charge Indicators
68
1
Accounts Receivable Benchmarks
68
2
Expense Indicators
70
1
Performance Indicators
70
2
Benchmarking Sources
72
1
Summary
72
1
Internal Controls and Safeguards
73
14
Cash Flow Management
73
4
Banking Relationships and Bank Accounts
73
1
Managing Incoming Cash
74
2
Petty Cash
76
1
Key Policies Pertaining to Petty Cash
76
1
Internal Control Issues for the Medical Practice
77
6
Fraud and Dishonesty
80
3
Financial Safeguards
83
2
Deterring Embezzlement Activity
83
2
Summary
85
2
Budgeting and Pro Formas
87
34
Budgeting
87
1
Why Use a Budget?
87
1
Budgeting Functions and Accomplishments
88
1
The Total Management System
88
1
The Budgeting Process
89
16
Who Should Be Involved?
89
1
What Information Is Needed?
89
1
Outside Influences on the Budgeting Process
90
1
How to Begin the Budgeting Process
90
1
Developing the Budget Planning Worksheet
91
1
Beginning the Budget Planning Worksheet
92
1
Completing the Final Budget
93
1
Forecasting Patient Volume
94
3
Forecasting Variable Expenses
97
1
Forecasting Revenue
98
2
Final Budget Column Entries
100
1
The Final Step
101
1
The Reality Check
101
1
Incorporating the Budget into the Monthly Income Statement
102
2
Zero-Based Budgeting
104
1
Pro Forma Statements
105
15
Preparation of the Pro Forma
106
14
Summary
120
1
Supplemental Financial Reports
121
22
Dashboard Reports
121
2
Flash Reports
123
2
Detailed Reports
125
15
Productivity Reports
126
6
Revenue Reports
132
3
Payer Analysis
135
1
Expense Analysis
136
2
Accounts Receivable Analysis
138
1
Personal Physician Overhead Analysis
138
2
Summary
140
3
Glossary: Financial Language
143
10
Index
153