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

Video Transcription

Video Summary

The video, "Medical Practice Operations Business Fundamentals 101: Module 2," explores health care finance, particularly in managing medical practice finances. The speaker, from Whitley, a 100-year-old CPA firm, highlights essential financial concepts for medical practices, addressing differences between private practices and health systems. The focus is on understanding cash-based and accrual accounting, revenue flows, expenses, and the importance of investment in practice infrastructure for operational efficiency. <br /><br />Emphasis is placed on avoiding common pitfalls, such as underinvestment in revenue cycle management and overlooking checks and balances, which can lead to financial malpractices. The module touches upon the challenges of maintaining cash flow in private practices versus the relative financial stability but potential loss of control in health system employment. Future modules will delve deeper into physician compensation models and revenue cycle nuances, encouraging a proactive, entrepreneurial approach. <br /><br />The session concludes by inviting questions for a live Q&A in the final module, aiming to provide a comprehensive understanding of medical practice management's financial aspects.

Keywords

healthcare finance

medical practice

cash-based accounting

accrual accounting

revenue cycle management

financial pitfalls

physician compensation