Medical Practice Management in the 21st Century

The Epidemiologically Based Needs Assessment Reviews, v. 2, First Series

Marjorie Satinsky, Randall T Curnow

• Publisher: CRC Press
• Year: 2017
• ISBN:
  9781315347653
• Edition: 1
• Topic: Medicine
• Subtopic: Public Health, Administration & Care

This title includes a Foreword by John W Bachman, Professor of Medicine, Mayo Clinic College of Medicine, Rochester, Minnesota. Mastering the art of medical practice management requires knowledge that most physicians don't learn in medical school, residency, and fellowship training. Successful practice management in the 21st century requires physicians to understand how to organize and manage a practice, manage their finances, recruit, work with, and manage people within and outside of the practice, improve healthcare delivery and clinical outcomes, and ensure compliance with federal, state, and local laws and regulations. "Medical Practice Management in the 21st Century: The Handbook" addresses multiple aspects of medical practice management. It offers both background information and practical tools. The workbook format, supported by web-based tools, allows busy physicians to gain a basic understanding of many topics, determine strategies for their practices, and seek additional information when they want it. This guide will be ideal for both physicians who need business guidance as they begin their careers and physicians who are already in practice and want to enhance their business skills. Many physicians can't afford or choose not to hire a professional practice administrator or manager; this book will help them assume managerial responsibilities with the same level of confidence that they bring to clinical care. Physicians in academic medical centers who manage departments, programs, or research studies will also benefit. "This book is essential for any clinician planning to open a new practice or attempting to improve the quality and efficiency of an existing practice. Read and learn." - John Bachman MD, in the Foreword. "Written for the busy practitioner - clear, concise, and practical without any wasted space. I wish I had had this resource when I was starting practice. It's the bible for practice management, just as the "Washington Manual" was in earlier years." - Robert S Galvin, MD, Director of Global Healthcare for General Electric. "Important. Crosses many boundaries, covering a wide variety of topics. Guides physicians in developing the infrastructure that they need to succeed." - John Fallon, MD, Chief Physician Executive, Blue Cross Blue Shield of Massachusetts. "There is no better book or resource to use to develop the necessary proficiency to run a first-class, stellar practice than this. All who read this book will be able to ensure that every patient has a positive experience with your practice and will not only enjoy the experience but will tell other physicians, their family and their friends about you and your practice and thus make your practice thrive and prosper." - Dr Neil Baum, Clinical Associate Professor of Urology, Tulane Medical School, New Orleans, Louisiana. "I love the chapter on financial management. It is very complete and gives a non-business major a good grasp of complicated information." - Allen R. Wenner, MD, family medicine practitioner, West Columbia Family Medicine, South Carolina. "I like the format of the exhibits. In the chapter on financial management, the side-by-side problem/solution approach is easily understandable and lends itself to a solution oriented approach. I can spot my own practice's issues and immediately understand what to do without searching through a lot of text." - Tom Sena, MD, President of Raleigh Children and Adolescents Medicine, Raleigh, North Carolina. "Full of good material which I am actively planning to use. Extremely helpful!" - Dr Damian McHugh, President, Raleigh Emergency Medicine Associates, Raleigh, NC.

Index

accountability

decisions 11–16

HIPAA 136–7

accountants, role 43, 46, 47

accounting 42–4

accrual accounting 44

balance sheets 43, 44

cash flow statements 43

income statements 42–3

lag 43–4

outsourcing 105–8

accrual accounting 44

action steps, business planning 22

activities categories 1–3

affiliation decisions 9–10

aged trial balance, revenue cycle management 57

agencies

collection agencies 67, 105–8

recruitment 90

agreements

consultants 116

information technology 142–3

Anti-Kickback Act 152–3

appendices

additional 185

steps for creating a strong foundation 171–84

application service provider (ASP), information technology 135

applications, information technology 130–1

ASP see application service provider

assumptions

budgets/budgeting 40

business planning 20–1

background checks, recruitment 76

bad debt

budgets/budgeting 42

revenue cycle management 57–8

balance sheets, accounting 43, 44

Beakman Ear, Nose, and Throat, revenue cycle management 56

benchmarks, revenue cycle management 56–9

benefits package, human resources (HR) 78–9

billing/collections

checklist 107–8

outsourcing 105–8

bonding, Financial Management (FM) 46

BPO see business processing outsourcing

Bridges to Excellence (BTE), quality of care 122

Brown Street Family Medicine, information technology 109

BTE see Bridges to Excellence

budgets/budgeting 39–42

assumptions 40

bad debt 42

business planning 21–2

capital budget 22

contractual allowance 42

discounting 42

fees 41–2

operating budget 21–2

steps 39–42

volume projections 40–1

business, decisions 14–15

business planning 17–26

action steps 22

assumptions 20–1

budgets/budgeting 21–2

challenges 26

contents of...

Table of contents

• Cover Page
• Medical Practice Management in the 21st Century
• Copyright Page
• Contents
• Foreword
• Preface
• About the Authors
• Acknowledgements
• Introduction
• Section I: Getting Started
• Section II: Managing Finances
• Section III: Recruiting and Managing Staff and Outside Resources
• Section IV: Improving Healthcare Delivery and Clinical Outcomes
• Section V: Ensuring Compliance
• Appendix A: Steps for Creating a Strong Foundation
• List of Additional Appendices Appearing only on the Website
• Index