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

255193 - Article 5

Pdf Summary

This document outlines a presentation from the educational series "Business Fundamentals 101," specifically focusing on "Medical Practice Operations, Module 3A – Revenue Cycle – Part II" conducted by Jeffrey T. Gorke. The presentation provides a comprehensive understanding of the revenue cycle (RC) in medical practices, which is crucial for effective revenue management.<br /><br />The presentation emphasizes that the revenue cycle is not just about billing; it involves multiple components throughout the care delivery stages and starts even before a patient's visit. Proper physician credentialing, patient eligibility checks, and managing past due balances are stressed as essential steps to ensure efficient revenue collection. Moreover, the significance of using technology for eligibility checks is noted.<br /><br />Key learning objectives include understanding the billing process and the value of metrics in benchmarking. Benchmarking is detailed as a measure of practice performance against industry standards using criteria like physician productivity (wRVUs), days in accounts receivable (AR), and revenue per wRVU. The presentation argues that benchmarking is not only necessary for tracking financial changes and avoiding surprises but also offers transparency and strategic insights for shareholders and management teams.<br /><br />The pitfalls of over-measuring data and the importance of choosing relevant key data elements are highlighted, with cautions against inaccurate or insufficient data. The document also underscores the importance of strategically analyzing this data in management meetings and sharing pertinent insights with stakeholders.<br /><br />Finally, logistics such as contact details for the presenter, Jeffrey T. Gorke, and the intended audience for future participation in the ongoing educational series are provided, ensuring attendees have access to further information and can engage in upcoming sessions.

Keywords

Business Fundamentals 101

Medical Practice Operations

Revenue Cycle

Jeffrey T. Gorke

Physician Credentialing

Patient Eligibility

Billing Process

Benchmarking

Data Analysis

Educational Series