Medical Practice Management Body of Knowledge Review: Financial Management

This book is intended to provide a review of each task associated with the Financial Management domain in MGMA s Body of Knowledge for Medical Practice Management, 3rd Edition. Medical practice executives are at the center of responsibility for all financial aspects in the medical practice. The practice executive s ability to analyze, diagnose, and improve financial issues is fundamental to the success of an organization. From budgeting, revenue cycle management, accounts receivable and payable, contract negotiations, and payroll, the practice executive must master myriad financial tools and develop proper protocols for handling and processing every financial transaction. Managing a medical practice requires a set of technical skills and professional knowledge that are unique to the profession. The skills and knowledge needed in the Financial Management domain are critical for both the practice executive and the medical practice itself. By mastering this domain, the practice executive will be able to apply his or her talents to effectively lead the organization toward success.

MGMA equips medical practice leaders with the information and tools they need to thrive. At MGMA, we live our tagline every day and are committed to continuously advancing leaders and their practices. As the leading association for medical practice administrators and healthcare executives for nearly 90 years, MGMA provides the essential education, legislative information, and data and career resources to help improve patient services and operational efficiencies. Through our national membership and 50 state affiliates, MGMA represents more than 33,000 administrators and executives in 18,000 healthcare organizations in which 385,000 physicians practice.