BUSINESS MANAGEMENT 101: HELP FROM TMA N


ot every practice has the resources to hire a chief fi- nancial officer or a robust financial management staff. Given the innate complexities and regulations of the business of health care and their potential impact on a practice’s bottom line, it’s critical that physicians have a grasp of fundamental financial principles. The Texas Medical Association has resources to help.


For a fee, TMA Practice Consulting offers a revenue cycle assessment that entails a comprehensive diagnostic review of billing and collection procedures, evaluation of front-office processes, and analysis of accounts receivable. The revenue cycle assessment identifies opportunities for operational and billing efficiencies that can boost a practice’s bottom line. Staffing efficiency and workflow are major com- ponents of the assessment. A maximum of 20 AMA PRA Cat- egory 1 Credits™ per physician will be awarded upon success- ful completion of the assessment. For more information or to schedule an assessment, contact TMA Practice Consulting by calling (800) 523-8776 or emailing practice.consulting@tex med.org.


In addition, TMA’s Physician Services Organization (PSO) will equip practices with the tools and strategies they need to remain competitive in the future health care environment. The PSO is expected to launch early this year. For more information on the PSO, read “Most Valuable Play- ers” in January 2014 Texas Medicine (pages 23–27) or online at www.texmed.org/Template.aspx?id=29756.


FINANCIAL TREND TRACKER


The TMA Financial Trend Tracker displays a practice’s key performance indicators in easy-to-read graphs and charts. The dashboard tracks your monthly and yearly net collection ratios, accounts receivable, and patient visits. Visit http://bit.ly/LCsWuB to learn to use the tool.


Existing patients


New patients


TMA has a new publication that provides physicians and their staff members with a helpful overview of the business side of medicine. Business Basics for Physicians guides physi- cians in setting the vision, direction, and policies that help ensure practice viability and helps them gain a basic under- standing of financial management and other business topics. To purchase the book, visit www.texmed.org/basics. The new TMA Financial Trend Tracker, www.texmed.org/


FinancialTracker, is a free online tool to help association mem- bers and their administrative and management staff track monthly and yearly net collection ratios, accounts receivable percentages, and new and established patient visits. The tool presents a practice’s key performance indicators via easy-to- read graphs and charts. The Financial Trend Tracker allows users to identify potential problems, use the information to make decisions that will improve the practice’s financial per- formance, and set goals. Before logging on to www.texmed.org/FinancialTracker, gather your month-end practice management reports. Visit the site and enter the data requested into the My Practice Data en- try form. The program will generate information on accounts receivable, collection ratios, and productivity, allowing you to monitor your data monthly and to make annual comparisons. n


Crystal Zuzek is the editor of Texas Medicine. You can reach her at (800) 880-1300, ext. 1385, or (512) 370-1385; by fax at (512) 370-1629; or by email at crystal.zuzek@ texmed.org.


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