Financial Management: Body of Knowledge Review Edition 3.5 Volume 2

MGMA

Financial management is the cornerstone of every medical practice. And while many of the same competencies are required for managers in any organization, there are particular nuances specific to the delivery of healthcare in a clinic setting that differentiate the medical practice administrator from his or her peers in other business or healthcare delivery environments. The chapters in this volume follow the blueprint designed by practicing medical practice executives to describe the key competencies, knowledge, and skills required to develop and maintain the financial well-being of the medical practice. The major areas of competence, as identified by the Medical Group Management Association (MGMA®) members, required for effective financial management of a medical practice are to: Develop, implement, and manage the revenue cycle; Manage cash flow; Manage accounts payable; Manage payroll; Create and manage budgets; and Manage the audit process.