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Accounting for Medical Practice: A Comprehensive Analysis
Author: Dr. Evelyn Reed, CPA, CMA, CHBC
Dr. Evelyn Reed is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and a Certified Healthcare Business Consultant (CHBC). With over 20 years of experience specializing in the financial management of healthcare organizations, including private medical practices, Dr. Reed possesses an unparalleled understanding of the complexities of accounting for medical practice. She has published numerous articles and books on healthcare finance and regularly speaks at national conferences on the subject.
Publisher: Healthcare Financial Management Association (HFMA)
The HFMA is a leading professional organization for healthcare financial management professionals. Their authority on topics related to accounting for medical practice is undisputed, given their extensive network of experts, resources, and publications dedicated to improving the financial health of healthcare organizations. They are recognized as a trusted source of information on best practices and regulatory compliance in healthcare finance, making them an ideal publisher for this in-depth analysis.
Editor: Mr. David Miller, MBA, FHFMA
Mr. David Miller holds an MBA and is a Fellow of the Healthcare Financial Management Association (FHFMA). His extensive experience in healthcare finance editing and his deep understanding of the regulatory landscape surrounding healthcare accounting provide crucial editorial oversight and ensure the accuracy and relevance of the article.
1. Historical Context of Accounting for Medical Practice
The accounting needs of medical practices have evolved significantly over time. Early practices often employed rudimentary bookkeeping systems, primarily focused on tracking revenue and expenses. However, with the increasing complexity of healthcare reimbursement, the rise of managed care, and the introduction of sophisticated electronic health records (EHRs), the field of accounting for medical practice has undergone a dramatic transformation. The shift towards value-based care further complicates the financial picture, demanding more sophisticated analysis and forecasting capabilities. Historically, the lack of standardized accounting practices led to significant challenges in comparing performance across different medical practices.
2. Current Relevance of Accounting for Medical Practice
Today, accurate and efficient accounting for medical practice is not merely a matter of compliance; it’s crucial for the financial viability and sustainability of the practice. Effective accounting systems enable medical practices to:
Optimize Revenue Cycle Management (RCM): Efficient RCM relies on accurate coding, billing, and claims processing, which directly impacts revenue collection. Accounting plays a critical role in monitoring these processes, identifying bottlenecks, and improving efficiency.
Manage Costs Effectively: Understanding cost structures – including personnel, supplies, overhead, and malpractice insurance – is vital for managing profitability. Accounting provides the tools to track expenses, identify areas for cost reduction, and make data-driven decisions to improve operational efficiency.
Meet Regulatory Requirements: The healthcare industry is heavily regulated. Accurate accounting is crucial for compliance with HIPAA, Medicare and Medicaid regulations, and state-specific requirements. Non-compliance can lead to significant financial penalties and legal repercussions.
Make Informed Business Decisions: Financial data provides valuable insights into practice performance, allowing physicians and administrators to make strategic decisions regarding staffing, investment in new technologies, expansion plans, and other critical aspects of the practice's future.
Secure Funding and Financing: Accurate financial statements are essential when seeking loans, investments, or other forms of funding. Well-maintained accounting records demonstrate the financial health and stability of the practice, increasing its attractiveness to potential lenders or investors.
3. Key Aspects of Accounting for Medical Practice
Effective accounting for medical practice encompasses several key areas:
Revenue Recognition: Accurately recognizing revenue according to generally accepted accounting principles (GAAP) and specific healthcare guidelines is crucial.
Expense Tracking and Management: Detailed tracking of all expenses, including direct and indirect costs, is vital for cost control and profitability analysis.
Inventory Management: For practices with significant inventory of medical supplies, effective inventory management is critical to prevent stockouts and minimize waste.
Accounts Receivable Management: Efficiently managing accounts receivable minimizes outstanding balances and improves cash flow.
Payroll and Tax Compliance: Accurate payroll processing and compliance with all relevant tax laws are essential.
Financial Reporting and Analysis: Regular financial reporting and analysis provide valuable insights into practice performance and facilitate strategic decision-making.
4. Technological Advancements in Accounting for Medical Practice
The integration of technology into accounting for medical practice has significantly improved efficiency and accuracy. EHR systems often integrate with accounting software, streamlining data entry and reducing manual processes. Cloud-based accounting solutions provide access to financial data from anywhere, enhancing collaboration and improving real-time decision-making. Advanced analytics tools can provide deeper insights into financial performance, identifying trends and potential problems proactively.
5. Challenges and Future Trends in Accounting for Medical Practice
Despite technological advancements, challenges remain. The increasing complexity of healthcare reimbursement models, regulatory changes, and cybersecurity threats continue to pose significant challenges. The future of accounting for medical practice will likely involve:
Greater reliance on data analytics: Advanced analytics will play an increasingly critical role in understanding practice performance, identifying trends, and optimizing resource allocation.
Increased automation: Automation of routine accounting tasks will free up staff to focus on more strategic activities.
Enhanced cybersecurity: Protecting sensitive patient data and financial information will remain a paramount concern.
Value-based care accounting: Accounting systems will need to adapt to the complexities of value-based reimbursement models.
Summary: This analysis highlights the critical role of accounting for medical practice in ensuring the financial health and sustainability of medical practices. From its historical evolution to its current relevance, the field has undergone significant transformation, driven by technological advancements, regulatory changes, and evolving healthcare reimbursement models. Effective accounting is essential for optimizing revenue cycle management, controlling costs, meeting regulatory requirements, making informed business decisions, and securing funding. However, challenges remain, particularly concerning the complexities of value-based care and cybersecurity threats. The future of accounting for medical practice will involve increased reliance on data analytics, automation, and enhanced cybersecurity measures.
Conclusion:
Accounting for medical practice is no longer a mere administrative function; it's a strategic imperative for the success of any medical practice. By embracing technological advancements, adapting to regulatory changes, and leveraging data-driven insights, medical practices can ensure their financial stability and ultimately provide high-quality patient care. The effective management of financial resources is inextricably linked to the ability to deliver excellent patient care and maintain the long-term viability of the practice.
FAQs:
1. What is the difference between bookkeeping and accounting for medical practice? Bookkeeping involves the recording of financial transactions, while accounting involves the analysis and interpretation of that data to provide insights into the financial health of the practice.
2. What are the key financial statements used in accounting for medical practice? The key statements are the balance sheet, income statement, and cash flow statement.
3. How does HIPAA affect accounting for medical practice? HIPAA requires strict adherence to privacy and security regulations for patient data, impacting how financial information is stored, accessed, and transmitted.
4. What are some common accounting errors in medical practices? Common errors include incorrect coding, billing errors, and failure to track expenses accurately.
5. What software is commonly used for accounting for medical practice? Many practices utilize dedicated medical practice management software which often includes integrated accounting features, as well as cloud-based accounting platforms.
6. How can I improve my medical practice's revenue cycle management? Focus on accurate coding, timely billing, and efficient claims processing.
7. What are the key performance indicators (KPIs) to monitor in accounting for medical practice? KPIs include revenue per patient, cost per procedure, days in accounts receivable, and net profit margin.
8. How can I find a qualified accountant for my medical practice? Seek recommendations from other medical practices or consult with professional organizations like the HFMA.
9. What are the implications of value-based care for accounting for medical practice? Value-based care requires a shift in focus from fee-for-service to outcomes-based reimbursement, requiring more sophisticated accounting and performance tracking methods.
Related Articles:
1. "Optimizing Revenue Cycle Management in Medical Practices": This article explores strategies to improve the efficiency and effectiveness of revenue cycle management in medical practices, focusing on key performance indicators and technological solutions.
2. "Understanding Healthcare Reimbursement Models and Their Impact on Medical Practice Accounting": This article provides a comprehensive overview of various healthcare reimbursement models, their implications for medical practice accounting, and how to adapt accounting systems accordingly.
3. "The Role of Data Analytics in Medical Practice Financial Management": This article discusses the application of data analytics techniques to improve financial decision-making in medical practices, including predictive modeling and performance benchmarking.
4. "HIPAA Compliance and Medical Practice Accounting: A Practical Guide": This guide provides a practical overview of HIPAA compliance requirements relevant to medical practice accounting, addressing data security, privacy, and breach notification protocols.
5. "Cost Accounting for Medical Practices: Strategies for Cost Reduction and Efficiency Improvement": This article focuses on strategies for effective cost accounting in medical practices, including identifying cost drivers, implementing cost-saving measures, and improving operational efficiency.
6. "Financial Forecasting and Budgeting for Medical Practices: A Step-by-Step Guide": This article provides a practical guide to developing accurate financial forecasts and budgets for medical practices, including best practices and essential considerations.
7. "Medical Practice Valuation: Methods and Considerations": This article explores various methods used to value medical practices, including factors influencing valuation and the importance of accurate financial records.
8. "Securing Funding and Financing for Medical Practices": This article explores various funding and financing options for medical practices, including bank loans, private equity, and government grants, and how to present compelling financial information to potential lenders.
9. "The Impact of Electronic Health Records (EHRs) on Medical Practice Accounting": This article discusses how EHRs have changed the landscape of medical practice accounting, including the opportunities and challenges presented by integrated systems and data management.
| accounting for medical practice: Healthcare and Medical Office Accounting Wayne Label, Weldon Havins, 2015-04-14 A Quick and Easy-to-Understand Accounting Resource for Medical ProfessionalsHealthcare and Medical Office Accounting is a must-have accounting guide for everyone mystified by accounting jargon but has a need to understand financial statements. This book will:-Make accounting terminology no longer a foreign language-Reveal the meaning of Balance Sheets and Income Statements in minutes-Help you understand Cash Flow quickly-Reduce your chance of being the victim of embezzlementWhether you are a doctor looking for a deeper understanding of your practice, a healthcare professional charged with managing an office, or a bookkeeping professional working with medical practices, this book is for you. |
| accounting for medical practice: Accounting Handbook for Medical Practices Rhonda W. Sides, Michael A. Roberts, 2000-05-01 Physicians and their medical practices today face innumerable problems and challenges in analyzing current market changes in the medical field. Do they understand and have the skills and knowledge to make advantageous decisions related to the increasingly complex situations in which they find themselves? Do they merge, oversee their office managers more closely, sign their own checks, and scrutinize accounts, or do they need a professional to come in and evaluate their practice and prepare a comprehensive financial assessment? This Accounting Handbook for Medical Practices gives physicians a valuable, usable, and readable journey through the proper processes of financial accounting and related issues. Sample charts, accounting formulas, and informative case studies enhance each chapter. Why Accounting and Financial Decisions Challenge Medical Practices and How to Address Them This book tells you what inefficiencies currently cost most physicians and their medical practices. In addition to providing you with financial analysis charts, you will find in these pages: General rules for accounting Detailed outlines of financial statements Audit standards Operating expense analyses Special medical practice issues Case studies Cost-accounting examples Internal control relating to medical practices Tax issues The Accounting Handbook for Medical Practices is a must-have for CPAs, accountants, physicians, physician practice management companies, hospital personnel, medical practice administrators, management consultants, and a range of others involved in related issues. |
| accounting for medical practice: Accounting for health Axel C. Hüntelmann, Oliver Falk, 2021-01-12 Whether in the Swiss countryside or in a doctor's office in Boston, in German, English or French hospitals or within multinational organizations, with early vaccinations or with new pharmaceuticals from Big Pharma today, or in early modern Saxon mining towns or in Prussian military healthcare – for at least 500 years, accounting has been an essential part of medical practice with significant moral, social and epistemological implications. Covering the period between 1500–2000, the book examines in short case studies the importance of calculative practices for medicine in very different contexts. Thus, Accounting for Health offers a synopsis of the extent to which accounting not only influenced medical practices over centuries, but shaped modern medicine as a whole. |
| accounting for medical practice: Chart of Accounts for Health Care Organizations Neill Finnes Piland, 1999 |
| accounting for medical practice: Communication in Medical Care John Heritage, Douglas W. Maynard, 2006-07-06 This 2006 volume provides a comprehensive discussion of communication between doctors and patients in primary care consultations. It brings together a team of leading contributors from the fields of linguistics, sociology and medicine to describe each phase of the primary care consultation, identifying the distinctive tasks, goals and activities that make up each phase of primary care as social interaction. Using conversation analysis techniques, the authors analyze the sequential unfolding of a visit, and describe the dilemmas and conflicts faced by physicians and patients as they work through each of these activities. The result is a view of the medical encounter that takes the perspective of both physicians and patients in a way that is both rigorous and humane. Clear and comprehensive, this book will be essential reading for students and researchers in sociolinguistics, communication studies, sociology, and medicine. |
| accounting for medical practice: The Business Basics of Building and Managing a Healthcare Practice Neil Baum, Marc J. Kahn, 2019-11-20 This book is intended to be a roadmap towards a successful practice for medical students, residents, fellows, and doctors. This roadmap focuses on how to build and manage a medical practice, and can be applied regardless if the reader is employed, joins a small group, or if they are a doctor who decides to start their own practice. Part I covers the basic business concepts that every physician needs to know. Chapters emphasize the benefits that accrue to a physician who understands the basics of business. Part II provides a guide for doctors who are beginning a medical practice. The chapters define the various options for doctors’ employment such as solo practice, group practice, and academic medicine. The section also includes the process of negotiating contracts, identifying the advisers who help physicians become successful, and secure within their field and practice. The final part emphasizes strategies on how to build and grow a successful practice by covering topics such as hiring staff, employee motivation, creating a brand, gaining recognition, online reputation and presence, crisis management, integrating new technology, and work/life balance. The Business Basics of Building and Managing a Healthcare Practice serves as a valuable resource that helps doctors make a difference in the lives of their patients, as well as help them make good financial decisions. |
| accounting for medical practice: Medical Practice Accounting and Finance Rose Marie Bukics, Rosie L. Bukics, Donald R. Chambers, 1995 Utilizing their expertise in finance and accounting, the authors present a hands-on guide to the necessary practices and procedures needed to run today's medical practice. Topics include basic information on accounting and finance, financial statements, general business considerations such as internal controls, and actual sample balance sheets and financial statements. |
| accounting for medical practice: Accounting for Non-Accountants Wayne Label, 2013-01-01 A Quick, Compact, and Easy-to-Understand Resource for Non-Accountants! The perfect financial accounting guide for beginners! Accounting for Non-Accountants is the must-have guide for all of us who have never taken an accounting class, are mystified by accounting jargon, and have no clue about balance sheets, income statements, payroll management, corporate taxes, or statements of cash flows. This simple to use accounting book is bookmaking made simple. Whether you own a business, plan on starting one, or just want to control your own assets, you'll find everything you need to know: How to prepare and use financial statements How to control cash flows How to manage budgets How to use accounting ratios How to deal with audits and auditors interpret financial statements Let this book help you like it helped these readers: Dr. Labels explanations are simple and straightforward. This will help me a lot as I set up my own business. I have worked in accounting for over twenty-five years, and this is the best book I have seen to help people with the basics of accounting. For entrepreneurs or anyone who needs to brush up on accounting fast, this book will have you up and running in no time. |
| accounting for medical practice: Practice Accounts Made Easy, third edition Ann Tudor, 2019-09-13 Most general practices are businesses of quite significant size and yet many GPs are not clear on what the detail of their practice accounts really means. This book will help if you have ever found yourself confused by: • a balance sheet • capital accounts • profit-sharing ratios It will also help you to understand how practices are paid: • the differences between payments under the GMS, APMS and MCP contracts • the effects of transitioning from PMS to GMS contracts • the mechanisms for claims and payments • property and other reimbursements, including the Premises Costs Directions • the new GP Retention Scheme Furthermore, as an individual GP it will tell you about: • how you pay your tax and how it might appear in the practice accounts • tax deductible expenses • the differences between being employed and self-employed for tax purposes • joining and leaving a practice • buying a share in the surgery premises • forming a limited company for tax purposes • the NHS Pension Scheme and its various ‘sections’ • superannuation Updated with 2018/19 guidelines on tax, pensions and practice payments, this is a book for all those confused by accounting terminology, from GP registrars to GP principals. Reviews of previous editions: “Great book for GP’s who want to get a better understanding of the financial aspects of general practice. It explains clearly the payment structure of general practices and also gives good information about practice accounts. Highly recommended ...” “Great book, up to date, accurate, really clarifies the minefield of GP accounting. Explains clearly and succinctly how the practice accounts are made up and what happens when joining and retiring from practice.” “This book is bang up to date and incredibly easy to follow. Contains useful and up to the minute information, and serves as a great source for reference.” |
| accounting for medical practice: Accounting for Health and Health Care National Research Council, Division of Behavioral and Social Sciences and Education, Committee on National Statistics, Panel to Advance a Research Program on the Design of National Health Accounts, 2011-01-05 It has become trite to observe that increases in health care costs have become unsustainable. How best for policy to address these increases, however, depends in part on the degree to which they represent increases in the real quantity of medical services as opposed to increased unit prices of existing services. And an even more fundamental question is the degree to which the increased spending actually has purchased improved health. Accounting for Health and Health Care addresses both these issues. The government agencies responsible for measuring unit prices for medical services have taken steps in recent years that have greatly improved the accuracy of those measures. Nonetheless, this book has several recommendations aimed at further improving the price indices. |
| accounting for medical practice: Management Accounting in Health Care Organizations David W. Young, 2004-01-16 Management Accounting in Health Care Organizations offers an introduction to the subject of management accounting and provides a user-oriented approach to the concepts and techniques students need in order to understand management accounting in a health care context. This volume includes the information needed to master the basics of full-cost accounting, differential cost accounting, and responsibility accounting. It describes the uses and limitations of management accounting and the common accounting pitfalls managers face when making routine health care management decisions. This important text is formatted to provide an interactive learning approach. Students prepare answers to problems as they appear throughout each chapter and analyze one or more practice cases at the end of the chapter. Each chapter's practice case is followed by several cases that can be assigned for analysis and discussion in the classroom setting. |
| accounting for medical practice: The Business of Medical Practice David E. Marcinko, MBA, CFP, CMP, Hope Rachel Hetico, RN, MHA, CMPTM, 2010-12-15 Praise for the previous edition: This comprehensive multi-authored text contains over 450 pages of highly specific and well-documented information that will be interest to physicians in private practice, academics, and in medical management. . . [Chapters are] readable, concise yet complete, and well developed. I could have used a book like this in the past, I will certainly refer to it frequently now. 4 stars Carol EH Scott-Conner, MD, PhD, MBA American College of Physician Executives Does Health 2.0 enhance or detract from traditional medical care delivery, and can private practice business models survive? How does transparent business information and reimbursement data impact the modern competitive healthcare scene? How are medical practices, clinics, and physicians evolving as a result of rapid health- and non-health-related technology change? Does transparent quality information affect the private practice ecosystem? Answering these questions and more, this newly updated and revised edition is an essential tool for doctors, nurses, and healthcare administrators; management and business consultants; accountants; and medical, dental, business, and healthcare administration graduate and doctoral students. Written in plain language using nontechnical jargon, the text presents a progressive discussion of management and operation strategies. It incorporates prose, news reports, and regulatory and academic perspectives with Health 2.0 examples, and blog and internet links, as well as charts, tables, diagrams, and Web site references, resulting in an all-encompassing resource. It integrates various medical practice business disciplines-from finance and economics to marketing to the strategic management sciences-to improve patient outcomes and achieve best practices in the healthcare administration field. With contributions by a world-class team of expert authors, the third edition covers brand-new information, including: The impact of Web 2.0 technologies on the healthcare industry Internal office controls for preventing fraud and abuse Physician compensation with pay-for-performance trend analysis Healthcare marketing, advertising, CRM, and public relations eMRs, mobile IT systems, medical devices, and cloud computing and much more! |
| accounting for medical practice: Gapenski's Healthcare Finance Kristin Leanne Reiter, Paula H. Song, 2021 This best-selling textbook covers the essential concepts of accounting and financial management in healthcare-- |
| accounting for medical practice: Practice Accounts Made Easy Ann Tudor, 2013-09 From reviews: The book assumes a basic knowledge but is written in a clear jargon-free way, with detailed examples given throughout... I would recommend this book to anyone entering the world of General Practice or indeed interested in consolidating their knowledge. Ulster Medical Journal, 2015;84(2):134-135 Highly commended in the Primary Healthcare category of the 2014 BMA Medical Book awards! Most general practices are businesses of quite significantsize and yet many GPs are not clear on what the detail of their practiceaccounts really means. If you have ever found yourself confused by: * a balance sheet * capital accounts * profit-sharing ratios then Practice Accounts Made Easy will help. It will also help you to understand how practices are paid: * the make-up of payments for a practice medicalservices contract * the mechanisms for claims and payments * property and other reimbursements Furthermore, as an individual GP it will tell you about: * how you pay your tax and how it might appear inthe practice accounts * tax deductible expenses * the differences between being employed andself-employed for tax purposes * joining and leaving a practice * buying a share in the surgery premises * forming a limited company for tax purposes * pensions and superannuation This is a book for all those confused by accountingterminology, from GP registrars to GP principals. |
| accounting for medical practice: Financial Analysis in Pharmacy Practice Keith N. Herist, Brent L. Rollins, Matthew Perri, 2011 This introductory text covers the basics of accounting and financial management and demonstrates the application of these principles to pharmacy practice. Coverage includes:* the guiding principles of accounting* financial statements, from detailed transactions to summary reports* basics of finance and financial analysis * budgeting and inventory management* pricing goods and services* personal financial management.Case studies, based on realistic examples are used to show how accounting and financial management principles apply to all areas of pharmacy practice. Financial Analysis in Pharmacy Practice is an invaluable resource for graduate students in pharmacy administration and professional pharmacy students, as well as pharmacists in the public and private sectors who wish to be well informed when making financial decisions.Keith N Herist, is Clinical Associate Professor, Clinical and Administrative Pharmacy, University of Georgia College of Pharmacy, USA.Brent L Rollins, is Assistant Professor, Pharmacy Administration, Philadelphia College of Osteopathic Medicine, School of Pharmacy, USA.Matthew Perri III, is Professor, Clinical and Administrative Pharmacy, University of Georgia College of Pharmacy, USA. |
| accounting for medical practice: Start Your Own Medical Practice Marlene M. Coleman, Judge William Huss, 2006-12-01 After years of school and maybe even after some years of practice, you are ready to do it on your own. Running a profitable business takes more than just being a great doctor. Start Your Own Medical Practice provides you with the knowledge to be both a great doctor and a successful business owner. Whether you are looking to open a single practice office or wanting to go into partnership with other colleagues, picking the right location, hiring the right support staff and taking care of all the finances are not easy tasks. With help from Start Your Own Medical Practice, you can be sure you are making the best decisions for success. Don't let a wrong choice slow down your progress. Find advice to: --Create a Business Plan --Manage the Office --Raise Capital --Bill Your Patients --Market Your Practice --Build a Patient Base --Prevent Malpractice Suits --Keep an Eye on the Goal With checklists, sample letters and doctor's office forms, Start Your Own Medical Practice teaches you all the things they didn't in medical school and gives you the confidence to go out and do it on your own. |
| accounting for medical practice: Healthcare Finance Louis C. Gapenski, Kristin Leanne Reiter, 2016 The essential concepts of both accounting and financial management are covered in this best-selling healthcare finance book. Through clear explanations, numerous examples, and realistic practice problems, it arms future managers with the grounding they need to make financially sound decisions for their healthcare organizations. This thoroughly updated edition provides more emphasis on the unique marketplace for healthcare services and additional examples from nonhospital settings, including medical practices, clinics, home health agencies, nursing homes, and managed care organizations. |
| accounting for medical practice: Accounts Receivable Management for the Medical Practice J. Dennis Mock, 1995-01-01 This book explains how to use accounts receivables as a measurement tool to determine how well a practice is managing, assess where the practice is and analyze where it could or should be. Text includes tips for new and established practices. Dennis Mock, author, teacher, and consultant, drawing on his extensive experience with health care receivables, accounts receivable management and collections of delinquent health care accounts, guides the reader through establishing and monitoring specific goals; establishing written job descriptions and office procedures pertaining to receivables, payments and complaints; developing policies related to billing cycles, dealing with cash, credit, contractual care; and use of billing systems and service bureaus. He includes discussion on managed care - requests for proposals, how to rate them, basic qualities to look for; basic methodologies of monitoring results from third party agencies, second placement use of multiple agencies; and use of new technologies to gain greater productivity and efficiencies. |
| accounting for medical practice: Technology and Medical Practice Dr Ericka Johnson, Professor Boel Berner, 2012-12-28 The advanced technologies being used in diagnosis and care within modern medicine, whilst supporting and making medical practices possible, may also conflict with established traditions of medicine and care. What happens to the patient in a technologized medical environment? How are doctors', nurses' and medical scientists' practices changed when artefacts are involved? How is knowledge negotiated, or relations of power reconfigured? Technology and Medical Practice addresses these developments and dilemmas, focusing on various practices with technologies within hospitals and sociotechnical systems of care. Combining science and technology studies with medical sociology, the history of medicine and feminist approaches to science, this book presents analyses of artefacts-in-use across a variety of settings within the UK, USA and Europe, and will appeal to sociologists, anthropologists and scholars of science and technology alike. |
| accounting for medical practice: Financial Management of the Medical Practice J. Max Reiboldt, Coker Group, 2011 The purpose of this book is to help management generalists and administrators attain a suffcient level of understanding of the financial aspects of practice management so that they may successfully function in this position--Provided by publisher. |
| accounting for medical practice: Health System Efficiency Jonathan Cylus, Irene Papanicolas, Peter C. Smith, 2016-12-15 In this book the authors explore the state of the art on efficiency measurement in health systems and international experts offer insights into the pitfalls and potential associated with various measurement techniques. The authors show that: - The core idea of efficiency is easy to understand in principle - maximizing valued outputs relative to inputs, but is often difficult to make operational in real-life situations - There have been numerous advances in data collection and availability, as well as innovative methodological approaches that give valuable insights into how efficiently health care is delivered - Our simple analytical framework can facilitate the development and interpretation of efficiency indicators. |
| accounting for medical practice: Healthcare Financial Accounting Cristian H. Lieneck, 2021-07-27 Recognizing that healthcare administrators must be well-versed in financial accounting principles to ensure appropriate financial management decisions for the variety of organizations which they lead, Healthcare Financial Accounting: A Guide for Leaders provides readers with a vital knowledge base. Strategically organized, the text supports a learner's pathway towards the competent creation of valid and reliable financial statements for healthcare organizations. Utilizing both hospital and outpatient organizations as examples, chapters and their related content are organized to support readers' cognitive processes according to Bloom's Taxonomy while infusing a multitude of healthcare operational activities mapped to the financial accounting cycle. This application and chapter sequencing further supports healthcare administration students by preparing them for enrollment in a follow-on healthcare financial management course. The ultimate objective is for the reader to understand the intricacies of the formulation and development of the main financial statements to support their follow-on financial management fiduciary duties. Designed to help future healthcare leaders ultimately engage in sound financial management decisions, Healthcare Financial Accounting is ideal for both undergraduate and graduate courses in healthcare administration. |
| accounting for medical practice: Lippincott Williams and Wilkins' Administrative Medical Assisting Laura Southard Durham, 2008 Lippincott Williams & Wilkins' Administrative Medical Assisting, Second Edition teaches students the theory and skills to become effective medical office assistants. The text and ancillary resources address all the required administrative competencies for CAAHEP and ABHES program accreditation. The book includes critical thinking questions and is written for maximum readability, with a full-color layout, over 100 illustrations, and boxes to highlight key points. A bound-in CD-ROM and a companion Website include CMA/RMA exam preparation questions, an English-to-Spanish audio glossary, a clinical simulation, administrative skill video clips, competency evaluation forms, and worksheets for practice. A Skills DVD with demonstrations of the most important medical assisting skills is available separately. An Instructor's Resource CD-ROM and online instructor resources will be available gratis upon adoption of the text. |
| accounting for medical practice: Accounting Fundamentals for Health Care Management Finkler, Thad Calabrese, David M. Ward, 2018-02-05 Accounting Fundamentals for Health Care Management is ideal for an introductory course in financial accounting in both undergraduate and graduate programs. With a focus on basic accounting in health care management, this essential book contains the vocabulary of and an introduction to the tools and concepts employed by finance officers. Students will learn how to assess financial information, ask the appropriate questions, and understand the jargon-laden answers. |
| accounting for medical practice: Physician Practice Management Lawrence F. Wolper, 2005 Health Sciences & Professions |
| accounting for medical practice: Business of Medical Practice David Edward Marcinko, 2004 An interdisciplinary team of experts teaches newcomers how to open, staff, and equip an insurance-friendly office for patients, and how to raise the capital necessary for it. New coverage in the second edition includes: How to write a medical office business plan; Compliance methods; Risk and programs; The insurance CPT coding issues; Six-sigma initiatives; Futuristic information technology to track clinical outcomes; Treatment results and medical care; Physician recruitment |
| accounting for medical practice: Healthcare Financial Operations Manual for Independent Practice Associations James W. Karling, Reed Tinsley, Joe D. Havens, 2000-03-07 Only recently, the physician setting up his own practice was considered an anachronism. And doctors loosely affiliated with an independent practice association (IPA) fared no better. Lacking capital, financial management, and the mechanisms for adequate medical and information system management, many IPAs around the country were coping with financial instability. From the outset, IPAs seemed doomed to obsolescence by the organizational efficiencies and superior resources of third-party payors. Yet, in the early 1990s, IPAs underwent a remarkable turnaround?building infrastructure, investing in MIS systems, and accepting risk?transforming themselves into genuine competitors in healthcare quality and efficiency with HMOs. In fact, IPAs have become an increasingly common healthcare delivery model, offering distinct advantages over other payors to physicians interested in the administrative gains and security of a group practice, while still retaining their autonomy. Healthcare Financial Operations Manual for Independent Practice Associations is the first comprehensive guide to setting up an IPA, detailing the many operational, legal, and logistical complexities of managing a physician-owned organization. Since controlling the financial and tax aspects of an IPA is critical to its survival, the Manual addresses an entire range of financial accounting concerns, including accounting concepts and methods for an IPA, internal control procedures, insurance issues, tax issues, policy guidance, and profit-making issues. Specific topics addressed include: How to manage and report primary, specialty, and inpatient care How to credential IPA providers How to negotiate contracts for single specialty and multispecialty IPAs Antitrust laws and IPAs?with a case study of a Florida IPA Why IPAs fail The book also clearly outlines how to acquire and negotiate a managed care contract and, with the help of its disk, provides a host of checklists, forms, and five sample contracts (not included in the book) that allow the user to chart his or her progress and get quickly up to speed on the essential paperwork. The Manual also provides hands-on advice on setting up an efficient computer system for an IPA, reflecting the acknowledged role of a first-rate information system in an IPA?s success. Offering candid, real-world guidance on setting up and successfully administering an IPA, Healthcare Financial Operations Manual for Independent Practice Associations is the complete reference to making an IPA work?for both doctor and patient. JAMES W. KARLING, CPA, is founder and President of Karling & Associates, an eighteen-person CPA firm located in San Ramon, California, which specializes in providing consulting and accounting services to the healthcare and managed care industry. Prior to founding Karling & Associates in 1994, Jim was a partner for eighteen years with Ernst & Young and has also been National Director of Arthur Young & Company?s healthcare practice. He has been a frequent speaker at healthcare programs and seminars and has published a number of articles on healthcare financial issues. REED TINSLEY, CPA, is director of Horne CPA Group?s Physician Services Division. His entire practice is centered in the healthcare industry and he works closely with physicians, medical systems, and other delivery systems with managed care contracting issues. A leading speaker on a variety of healthcare topics, his seminars have been sponsored by the American Medical Association. He is cochair of the CPA section of the IPA Association of America and the author of Performing an Operational and Strategic Assessment of a Medical Practice and Valuation of a Medical Practice, also from Wiley. JOE D. HAVENS, CPA, is shareholder in charge of the Horne CPA Group?s Hattiesburg, Mississippi, office and a member of its board of directors. He heads a team of healthcare consultants to physicians, medical groups, IPAs, hospitals, and managed care organizations as they develop strategies for healthcare reform. Havens also recently completed a five-part video series on healthcare subjects sponsored by Westcott Communications that is being promoted nationally to CPAs, consultants, and healthcare professionals. He coauthored the IPA Association of America?s Financial Accounting Manual for IPAs. The IPA finally comes of age?in the first comprehensive guide to successfully managing one In only a few short years, independent practice associations (IPAs) have been able to transform themselves?shedding their image as a healthcare delivery system ranking a distant second to HMOs. Revitalized with a new infrastructure, improved medical management and information systems, and forms of risk assumption, the IPA is suddenly marketable. Expanded geographic coverage, lower overhead, and a wide range of specialties are only part of the reason. Its other advantages?practical and administrative?are detailed in the first comprehensive guide to setting one up and making it work: Healthcare Financial Operations Manual for Independent Practice Associations. Focusing largely on survival issues, the Manual addresses a host of key financial accounting concerns, including accounting concepts and methods for an IPA, internal control procedures, insurance issues, tax issues, policy guidance, and profit-making issues, including such specifics as: Management tools and reporting for primary, specialty, and inpatient care Credentialing IPA providers Risk pool accounting and auditing Also clearly outlined are tips on how to acquire and negotiate a managed care contract (for both single specialty and multispecialty IPAs) as well as hands-on advice on setting up an efficient, first-rate claims payment system. And the book?s disk provides a complete package of checklists, forms, and five sample contracts (not included in the book) essential to managing an IPA. The book also includes a summary Physician and IPA Toolkit appendix, offers cautionary advice on why IPAs fail, and describes the current status of antitrust laws and IPAs. Healthcare Financial Operations Manual for Independent Practice Associations is a complete primer to setting up what is now one of the most efficient and cost-effective healthcare delivery systems available, one that meets the bottom-line needs of both doctor and patient. |
| accounting for medical practice: Medical Group Practice Chart of Accounts , 1996-10-01 |
| accounting for medical practice: Health Care Accounting Steven M Bragg, 2020-04-19 Health care is one of the largest industries in the world, and involves some of the most complex accounting transactions. Given the financial challenges facing the industry, it is essential for the health care accountant to have a firm grasp of financial accounting. This book discusses the accounting and financial reporting issues related to hospitals, medical group practices, nursing homes, and other health care entities. The book covers the basic system of accounting, financial reporting, and many practical topics for the accountant, including revenue recognition, payroll accounting, fixed asset accounting, debt liabilities, and more. |
| accounting for medical practice: Field Trials of Health Interventions Peter G. Smith, Richard H. Morrow, David A. Ross, 2015 This is an open access title available under the terms of a CC BY-NC 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Before new interventions are released into disease control programmes, it is essential that they are carefully evaluated in field trials'. These may be complex and expensive undertakings, requiring the follow-up of hundreds, or thousands, of individuals, often for long periods. Descriptions of the detailed procedures and methods used in the trials that have been conducted have rarely been published. A consequence of this, individuals planning such trials have few guidelines available and little access to knowledge accumulated previously, other than their own. In this manual, practical issues in trial design and conduct are discussed fully and in sufficient detail, that Field Trials of Health Interventions may be used as a toolbox' by field investigators. It has been compiled by an international group of over 30 authors with direct experience in the design, conduct, and analysis of field trials in low and middle income countries and is based on their accumulated knowledge and experience. Available as an open access book via Oxford Medicine Online, this new edition is a comprehensive revision, incorporating the new developments that have taken place in recent years with respect to trials, including seven new chapters on subjects ranging from trial governance, and preliminary studies to pilot testing. |
| accounting for medical practice: Government financial reporting manual 2010-11 Great Britain: H.M. Treasury, 2010-04-15 Known as FReM. Ring binder available separately (ISBN 9780115601422). Also available with binder (ISBN 9780115601439) |
| accounting for medical practice: Principles for Best Practice in Clinical Audit , 2002 Clinical audit is at the heart of clinical governance. Provides the mechanisms for reviewing the quality of everyday care provided to patients with common conditions like asthma or diabetes. Builds on a long history of doctors, nurses and other healthcare professionals reviewing case notes and seeking ways to serve their patients better. Addresses the quality issues systematically and explicitly, providing reliable information. Can confirm the quality of clinical services and highlight the need for improvement. Provides clear statements of principle about clinical audit in the NHS. |
| accounting for medical practice: Medical Office Administration - E-Book Brenda A. Potter, 2021-09-04 Learn the skills you need to succeed in the modern medical office! Medical Office Administration: A Worktext, 5th Edition provides a clear, hands-on approach to help you master the role and responsibilities of the administrative medical assistant. With a focus on exceptional patient service, this easy-to-read text stresses comprehension, application, and critical thinking to ensure you are job-ready on Day 1. When used in conjunction with SimChart® for the Medical Office, Elsevier's educational EHR (sold separately), you will gain realistic experience with day-to-day tasks as if you were in an actual office setting. This worktext helps you develop the knowledge and skills you need to think critically and respond confidently to the challenges you'll encounter on the job. - Approachable writing style uses a conversational tone for easy understanding. - Procedure checklists outline the steps required to complete a full range of administrative tasks. - Patient-centered focus highlights the importance of exceptional service as a key component of every Medical Assisting competency. - Think About It feature encourages you to apply your knowledge to realistic work situations and develop critical thinking. - Chapter checkpoints promote comprehension with questions following sections of the text. - Compliance tips provide focused guidance on how to follow HIPAA mandates. - Learning resources on the Evolve website provide extra practice, including chapter quizzes, a sample certification exam, and interactive forms. - NEW content expands discussion of patient confidentiality, healthcare data security, appointment scheduling, procedure coding changes, job search strategies, and more. - UNIQUE! Correlation with NEW SimChart® for the Medical Office (SCMO) exercises simulates all aspects of the administrative functions that make up the day-to-day practice of a medical office. (SCMO sold separately.) - NEW! Sample practice examination on the Evolve website provides effective preparation for certification. |
| accounting for medical practice: Healthcare Applications Thomas McKee, 2017 Instructor Resources: Suggested case solutions (Word or Excel formats) Financial issues are of paramount importance in today's rapidly changing and increasingly competitive healthcare environment. Healthcare managers must understand accounting and financial management concepts and be prepared to operationalize them in their organizations. Healthcare Applications: A Casebook in Accounting and Financial Management provides a series of practice exercises for analyzing, understanding, and applying these concepts across a wide range of healthcare settings. Healthcare Applications contains 56 short cases designed to link theory to practical, real-world application via active learning. Based on fictitious entities and individuals (unless otherwise noted), the cases cover basic concepts--such as how to record transactions, compute financial ratios, and prepare financial statements--as well as more advanced issues, such as the effects of healthcare regulation, the valuation of debt or equity securities, cost-volume-profit analysis, and capital budgeting. Each case features assignments or questions to enhance students' critical thinking and generate classroom engagement. Instructors can select case topics and difficulty levels that are most appropriate for their courses. The book's cases can be either assigned as out-of-class homework or used directly in class to introduce a topic or facilitate discussion. |
| accounting for medical practice: Financial Management for Medical Groups Ernest J. Pavlock, 2000 You'll learn the fundamentals of financial management, including financial analysis, budgeting, cash-flow analysis and cost accounting. Find information on managed care, access to capital, financial information systems and accountability in health care. A must-have for your practice's bookshelf. |
| accounting for medical practice: The Complete Business Guide for a Successful Medical Practice Neil Baum, Roger G. Bonds, Thomas Crawford, Karl J. Kreder, Koushik Shaw, Thomas Stringer, Raju Thomas, 2015-01-02 This text provides physicians with the basic business skills in order for them to become involved in the financial aspect of their practices. The text will help the physician decide what kind of practice they would like to join (i.e. private practice, small group practice, solo practice, hospital employment, large group practice, academic medicine, or institutional\government practice) as well as understand the basics of contracting, restrictive covenants and how to navigate the road to partnership. Additional topics covered include, monthly balance sheets, productivity, overhead costs and profits, trend analysis and benchmarking. Finally, the book provides advice on advisors that doctors will need to help with the business of their professional and personal lives. These include accountants, bankers, lawyers, insurance agents and other financial advisors. The Complete Business Guide for a Successful Medical Practice provides a roadmap for physicians to be not only good clinical doctors but also good businessmen and businesswomen. It will help doctors make a difference in the lives of their patients as well as sound financial decisions for their practice. |
| accounting for medical practice: Accountants' Handbook, Special Industries and Special Topics D. R. Carmichael, Paul H. Rosenfield, 2003-05-13 The premier accounting reference, revised and expanded The Accountants' Handbook series has the longest tradition of any reference of providing comprehensive coverage of the field to both accounting professionals and professionals in other fields who need or desire quick, understandable, and thorough exposure to complex accounting-related subjects. Like its predecessors, the Tenth Edition is designed as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other preparers and users of accounting information. Written by nationally recognized accounting professionals, including partners in major public accounting firms, financial executives, financial analysts, and other relevant business professionals, the Handbook covers both financial accounting and reporting and industry specific accounting issues in separate volumes for easy reference. Its comprehensive content provides analysis on over 43 critical areas of accounting. |
| accounting for medical practice: Today's Medical Assistant Kathy Bonewit-West, BS, MEd, Sue Hunt, Edith Applegate, MS, 2015-10-13 Launch your career in medical assisting with Today's Medical Assistant, Clinical & Administrative Procedures, 3rd Edition! Bringing together the clinical know-how of Kathy Bonewit-West, the administrative expertise of Sue Hunt, and the anatomy and physiology knowledge of Edith Applegate, this hands-on guide uses easy-to-follow language and detailed visuals to walk readers through all of the medical knowledge, procedures, and skills needed for success in today's fast-paced medical office. Not only does this new edition incorporate the latest standards and competencies throughout all of its content and resources, but it also includes an incredibly wide assortment of engaging learning tools and activities that help readers fully understand and demonstrate those competencies. If you want to be fully prepared for tomorrow's medical assisting profession, then look no further than Today's Medical Assistant! Consistent and meticulous coverage throughout the main text, Evolve resources, study guide, and SimChart for the Medical Office provide reliable content and unparalleled accuracy on the responsibilities of the modern medical assistant. The most up-to-date content outfits readers with the latest information and insights on key topics such as: electronic medical records (EMR), HIPAA, and advanced directives documentation, evaluation & management, office and hospital services (billing & coding) emergency preparedness ICD-10 coding medical office technology medical asepsis, OSHA Bloodborne Pathogens Standard; AIDS & Hepatitis, latex glove allergies vital signs pediatrics, immunization information, IM injection (theory), child abuse colonoscopies IV therapy CLIA waived tests Unique learning aids throughout the book include: procedure charting examples outlines, detailed learning objectives, and key terms for each chapter Highlight boxes What Would You Do? What Would You Not Do? boxes Patient Teaching boxes On the Web boxes Putting It All into Practice boxes Memories from Practicum boxes glossary of key terms Arsenal of engaging activities on the Evolve companion site gives users a fun way to practice their medical assisting knowledge. Over 120 procedures give readers clear, illustrated guidance on each step of every procedure. The procedural videos on the Evolve companion site enable users to view the procedures in action. 8th grade reading level makes material approachable and easy to understand for all types of readers. Full-color design makes the book visually stimulating. NEW! Chapter on nutrition underscores the CAAHEP curriculum's emphasis on nutrition by covering all of the latest nutritional information that pertains to today's medical assistants. NEW! Updated chapters on emergency preparedness and medical records ensure readers are up to date on the latest advances and rulings in these topical areas. NEW! Updated content aligned to the most recent CAAHEP and ABHES competencies ensures readers have the latest information needed to obtain employment and long-term success on the job. NEW! Expanded resources on Evolve now include videos, video evaluations, and practice examinations for the CMA, RMA, CCMA, and CMAA. NEW! Tie-in with SimChart for the Medical Office links important text content to opportunities for hands on practice working on Elsevier's educational EHR. NEW! Updated photographs and illustrations give readers a closer look at today's most pertinent information and skills for the medical assistant. NEW! Expanded A&P key terminology sections give readers ample terminology reinforcement, including proper pronunciations. |
| accounting for medical practice: Financial Management Strategies for Hospitals and Healthcare Organizations David Edward Marcinko, Hope Rachel Hertico, 2013-09-05 In this book, a world-class editorial advisory board and an independent team of contributors draw on their experience in operations, leadership, and Lean managerial decision making to share helpful insights on the valuation of hospitals in today‘s changing reimbursement and regulatory environments.Using language that is easy to understand, Financia |
| accounting for medical practice: Expert Witnessing and Scientific Testimony Kenneth S. Cohen, 2015-08-05 Based on the author‘s more than 35 years of experience as a successful expert witness, this revised and expanded edition of Expert Witnessing and Scientific Testimony: A Guidebook demonstrates how to properly present scientific, criminal, and forensic testimony and survive the onslaught of cross-examination in court. It presents material in a step- |
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