How do you develop and maintain financial systems to ensure a profitable medical practice?
Financial management includes the following:
- Develop and implement the organization’s budget to achieve organizational objectives.
- Establish internal controls for cash management.
- Implement and maintain a process for external financial audits.
- Develop and implement revenue cycle management and accounts receivable management.
- Analyze and monitor financial performance and report financial results to stakeholders.
- Direct the payroll process.
- Establish and maintain the organization’s banking, investment and other financial relationships.
- Develop relationships with individual insurance carriers to optimize contract negotiations and maintenance of existing contracts.