Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-255193

255193 - Article 2

Pdf Summary

The document is a presentation on financial operations in medical practice, specifically targeting participants of a course module titled "Finance," which is part of a broader educational series on medical practice operations. Jeffrey T. Gorke, the National Director of Physician Enterprise at Wipfli, facilitates the module. With over 30 years of experience in healthcare management and multiple professional memberships, Gorke is equipped to guide attendees through the intricacies of finance-related topics within medical practices.<br /><br />The presentation emphasizes differences between private medical practices and hospital/health systems, highlighting how revenue and expenses are managed in each setting. In private practices, a cash-based accounting approach is typical, emphasizing real-time cash flow and compensation based on what's available after expenses. In contrast, hospital systems predominantly use accrual-based accounting, where expenses, including physician salaries, are calculated as part of an overarching budget that may result in subsidies if costs outweigh collected revenues.<br /><br />Key learning objectives include understanding the profit and loss structures for both private practices and health systems, recognizing how revenue is categorized, and appreciating the cost structures involved. Discussions also cover how revenue is recognized and the nuances behind different financial operations. The module does not endorse any single model but aims to provide insight and underline that varied models suit different situations.<br /><br />Participant interaction is encouraged, with attendees invited to submit questions for later sessions to ensure all content remains updated and relevant. The presentation underscores the importance of staying informed about regular changes in healthcare policies and financial processes due to their direct impact on operational efficiency and strategy.

Keywords

financial operations

medical practice

Jeffrey T. Gorke

private practices

hospital systems

cash-based accounting

accrual-based accounting

profit and loss

revenue management

healthcare policies