Course Description
This course aims to give participants a comprehensive understanding of the budgeting process and its significance in financial planning and management within the healthcare industry. By utilizing budget planning worksheets and profit and loss statements tailored for medical groups, attendees will gain practical techniques for creating precise budgets and forecasts to manage their financial resources effectively. The course will focus on various budgeting and financial planning elements, including the use of ratios and benchmarks, considerations tied to provider compensation planning, and focusing on performance improvement in the provider enterprise. Equipped with these skills, participants will be able to develop robust budgets, analyze the financial performance of their practices, and make well-informed decisions that directly contribute to the financial stability and overall success of their independent or affiliated medical practices.
Course Objectives
- Understand the importance of budgeting in financial management.
- Identify the different components of a budget.
- Identify common mistakes made during the budgeting process and how to avoid them.
- Understand the importance of checks and balances in budgeting.
- Learn how to calculate and interpret variances.
- Develop strategies to improve forecasting accuracy.
- Learn how to use budgets to make informed decisions.
- Develop strategies to improve projection accuracy.
- Learn how to prevent departmental ""sandbagging"
Disclaimer
The American Association for Physician Leadership® is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.
The American Association for Physician Leadership® staff and the faculty presented for this activity have no relevant financial relationships with commercial interests to disclose.
The American Association for Physician Leadership® designates this enduring material for a maximum of 4 AMA PRA Category 1 Credit(s) ™. Physicians should only claim credit commensurate with the extent of their participation in the activity.
Once you click “accept disclaimer,” you will have access to course material and no refund will be allowed for this course.
Key Dates
Original Course Release Date: September 2023
Course Expiration Date: September 2028
Your Course Access Expires: 365 days from your purchase of the course
Course Access Policy
Once you click “accept disclaimer,” you will have access to course material and no refund will be allowed for this course.
