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Financial Management Skills

Become a knowledgeable consumer and user of the financial information needed to manage your practice. Learn how to use Cost-Volume-Profit Analysis to plan for practice expansion and evaluate the financial implications of new clinical services. Use financial statements to assess practice outcomes and financial strengths and weaknesses. This course utilizes "The Physician Managers Handbook The 2nd Ed." (Chapter 1) which must be purchased independently of this course. We recommend www.bestbookbuys.com to locate the book. This is a "class in a series" (11 courses total) all using the same text. Author: Robert J. Solomon, Ph.D. is Professor of Business Administration in the Mason School of Business, The College of William

Course Description

Become a knowledgeable consumer and user of the financial information needed to manage your practice. Learn how to use Cost-Volume-Profit Analysis to plan for practice expansion and evaluate the financial implications of new clinical services. Use financial statements to assess practice outcomes and financial strengths and weaknesses. This course utilizes “The Physician Managers Handbook The 2nd Ed.” (Chapter 1) which must be purchased independently of this course. We recommend www.bestbookbuys.com to locate the book. This is a ‘class in a series’ (11 courses total) all using the same text. Author: Robert J. Solomon, Ph.D. is Professor of Business Administration in the Mason School of Business, The College of William & Mary, Williamsburg, Virginia. He is author of the books The Physician-Manager's Handbook, The Physician-Manager's Handbook 2nd Edition, and Clinical Practice Management. He has managed an outpatient practice providing psychiatric, psychological, and clinical social work services and is a licensed industrial psychologist. He wrote a monthly column on medical business issues for American Medical News for six years, and has published over thirty refereed journal papers and conference proceedings including publications in Journal Of Health Care Marketing, Journal Of Medical Practice Management, and Archives Of Ophthalmology. Dr. Solomon has conducted physician leadership development programs for over fifty health care systems nationwide. These programs have focused on physician leadership, change management, and negotiation skills. He has also consulted with medical practices.

Learning Objectives:

  1. Participants will be able to use present value concepts (PV, IRR, NPV) to evaluate the financial implications of practice decisions with financial implications, such as practice expansion or offering new clinical services.

  2. Participants will be able to use Break Even Analysis and Sensitivity Analysis to know how many patients you must see in order to break even or achieve a profit objective.

  3. Participants will be able to determine whether to lease or purchase a computer system for practice billing and word processing activities.

  4. Participants will be able to evaluate financial statements to determine the health of your practice..

Total CE Credits: 2.0 CE Credits

Training Agenda:

Hour One

Introduction,Cost-Volume-Profit Analysis

Hour Two

Assess practice outcomes and financial strengths and weaknesses

Methods: Book Study, Posttest and Evaluation Q&A by Email

CE Broker Course #: Online: 20-179235

Content Area: Practice management

Purpose: Provide instruction for practitioners on practice management skills. Target Audience: All health care practitioners who manage health care practice.