Financial Management Overview

In today's health care environment, physicians and their administrative staff will, by necessity, have to be in a much better position to manipulate and manage the financial aspects of a medical practice. Lower levels of fee-for-service reimbursement, as well as the growth of capitated payment mechanisms, will place a great deal of pressure on medical practitioners to manage their financial resources more efficiently. To be effective, financial reports and data must be tracked, reported, and monitored across all practice departments. This section delivers information on terminology and procedures commonly seen in ophthalmology practices. All tools and resources in this section are included with your annual membership to BSM Connection®.

Examples of tools and resources found in this section include:

Training Guides

We have developed a series of online tutorials that will provide subscribers easy access to essential subjects likely to bring the most practical value in enhancing practice management skills.

  • Basics of Accounting and Finance
  • Financial Benchmarking for the Medical Practice

Budget Tools

Various tools in this section assist in development of a practice budget.

  • Practice Budget Template
  • Sample Budget Meeting Agenda
  • Checklist: Data Needed for Budget Preparation
  • Checklist: Key Assumptions
  • Sample Form: Capital Purchase Requisition
  • Direct Expenses Worksheet for New MD

Benchmarking Reports

Good financial reporting is a critical requirement for practice success. We have developed the benchmark reports in this section to assist in the capture and reporting of key financial indicators to help you manage your practice.

  • Clinic Benchmarking Report
  • ASC Benchmarking Report
  • Optical Benchmarking Report

Dashboard Reports

Practices should measure things that have the most significant impact on overall practice performance. These templates allow you to do just that.

  • Provider Productivity Report
  • Patient Visit Summary and Coding Analysis by Provider
  • Operating Efficiency Dashboard Report
  • Department Dashboard Reports
    • Front Office Dashboard Report
    • Clinic Dashboard Report
    • Billing and Collections Dashboard Report

Financial Management Reporting Tools

This section features a number of BSM-designed tools and reports that help you accurately analyze your current financial situation.

  • Medicare Fee Change Analyzer
  • Provider Scheduling Analysis
  • Accounts Receivable Management Report
  • Provider Productivity Reports
  • Patient Visit Summary and Coding Analysis by Provider

Feasibility Analyzer Tools

How do you deploy your capital? Do you hire new key personnel? Do you open a new facility? The tools in this section are designed to help you answer some of those critical decisions.

  • Femtosecond Laser Acquisition: Break-Even Analyzer for the ASC
  • Ambulatory Surgery Feasibility Analyzer
  • Incremental Net Income Analyzer for the Addition of Retina Procedures to an ASC
  • New Practice or New Location Feasibility Analyzer
  • Optical Shop Feasibility Analyzer
  • New Equipment Purchase Feasibility Analyzer
  • Refractive Equipment Purchase Feasibility Analyzer
  • Premium Cataract Services Fee Calculator

Payer Contract Analyzer Tools

Practices that carefully and regularly review contract terms tend to be more profitable and successful. The tools and resources in this section assist with effective ongoing evaluation and management of payer contracts.

  • Evaluating New Payer Contracts
  • Training Guide: Evaluating Current Payer Contracts
  • Payer Contract Analyzer Tool
  • Payer Fee Request Form
  • Checklist for Evaluating Payer Performance

Business Office Tools

This module is designed to assist in more effectively managing key operational aspects of the practice.

  • Business Office Policy and Procedure Manual
  • Business Office Resources
    • Sample Patient Financial Orientation
    • Sample Patient Financial Responsibility Form
    • Signature on File - Assignment of Benefits Form
    • CMS Advance Beneficiary Notice (ABN) - General Use
    • CMS ABN Form Instructions

Access these tools and much more. Click on the button below to subscribe today or contact our customer relations specialists at 866-220-3184.