Leadership Skills: Clinical Practice-Dr. Gutterson - Leadership Skills: Clinical Practice

Dr. Gutterson - Leadership Skills: Clinical Practice

Pdf Summary

This document provides an overview of financial reporting for physicians in 2022. It covers key topics such as key performance indicators and practice management reports, using reports as a management tool, aligning organizational goals, corrective action, and the language of finance.<br /><br />It explains the difference between accrual and cash accounting methods, with accrual accounting being used by health systems, hospitals, and physician organizations while cash accounting is used by smaller practices. It also highlights the components of a profit and loss statement, which reflects the revenue and expenses for a specific period.<br /><br />The document also discusses the balance sheet, which demonstrates the financial position of an organization at a specific point in time by showing the assets, liabilities, and net assets (retained earnings).<br /><br />Furthermore, it explores topics related to revenue cycle management, such as patient registration, insurance verification, clinical encounter, coding and charge capture, claims submission, account adjudication, accounts receivable, and collection rate.<br /><br />Other sections of the document cover topics like nonclinical revenue, operating margin, aging reports, key performance indicators, procedure codes, and reimbursement by payer.<br /><br />Finally, the document concludes with contact information for Wendy Gutterson at Physician Management Resources, a consulting firm specializing in physician management.

Keywords

financial reporting

physicians

2022

key performance indicators

practice management reports

accrual accounting

cash accounting

revenue cycle management

balance sheet

consulting firm