C87 - How to Run a Practice: Business Strategies for Neurology Private Practices, Academic Centers, and the Future

Event Time: Monday April 24, 2017 1:00 pm to 3:00 pm
Topic(s): Practice, Policy, and Ethics
Director(s): Brad Klein MD, MBA, FAAN
Description: Neurology practices struggle for survival due to higher overhead and shrinking reimbursements for cognitive specialists. Higher malpractice premiums and office expenses, lower payments per patient, the rising cost of compliance with government regulations, and time-consuming insurance documentation requirements are the trend. Overlooking the true cost of services and procedures can result in financial drains to neurologic practice and unexpected losses. Faculty will give an overview of basic financial tools and how to apply sound business strategies to neurology practice issues. Faculty will cover the critical processes necessary to quantitatively evaluate a practice's income and expenses, particularly in-depth analysis of revenue cycle and practice efficiencies. Faculty will also cover the steps involved in determination if expansion of services and/or providers will result in sustainable financial growth, avoidance of internal fraud, and strategic planning for future financial models, such as accountable care organizations.
Completion Message: Participants should be able to understand practice revenues, expenses, and cash flow; identify revenue cycle problems; establish and use key performance indicators for their practices; enhance work flow to maintain fiscal health; use benchmarking to enhance their practice; know and address basic legal issues in setting up and running a practice; understand how to choose and use technology at point of care; evaluate the economics of outsourcing versus providing in-house services; use financial analysis to determine if technology and other capital investments will provide a return on investment; know how to determine which payers are creating an administrative drain on their practices; identify possible fraud internally within the practice; and understand how to evaluate and implement new financial reimbursement and risk-sharing management models such as accountable care organizations.
CME Credits: 2
Core Competencies: Interpersonal and Communication Skills, Patient Care, Practice-Based Learning and Improvement

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