In today’s various medical practices, physicians need both useful information and effective techniques to be profitable and financially sound. The information and techniques provided during this seminar can be applied immediately and are applicable for the future no matter how health policy or medical reimbursement changes. Every physician, whether practicing in a small private practice, a multi-specialty practice, as an employee in a large medical organization or in academic medical center, as well as providing care in an Accountable Care Organization (ACO), can benefit from this essential seminar.
Seminar Contents
Finance Basics
a) Basics, methods, understanding the numbers
b) Fixed and variable expenses
c) Financial statements – how you are doing
d) Income and cash flow
e) Relative Value Units
Controlling Expenses
a) Human Resource Management
- Hiring – 5 must interview questions, decreasing turnover
- Mentoring - management responsibility, techniques
- Work environment – cross training, motivation, incentives
b) Profitable Leadership – empowerment, example, trust
c) Customer service – external and internal customers, techniques for relationship building
Revenue Flow Improvements
a) Work Mix Analysis
- Calculating margins
- Identifying profitable service lines/products
- Payer mix benchmarking
- Maximizing profit
b) Volume Solutions
- Making sense of marketing
- Promotion
- Improving responsiveness
- Service Improvement – patient/customer experience
- Quality and outcome measures
c) Practice Efficiency
- Identify problems
- Reduce variation
- Implement Clinical Practice Improvement
Leading and Planning for Success
a) Health care policy -PPACA
b) Reimbursement changes
c) Strategic planning
