Title: Module 3 Introduction: (CU4 M3) Chapter 24 Management of Practice Finances
Course: SkillsCom CMA 200 15.0

Welcome to the last Module of the course!

Last but not least, as a medical office personnel, it is imperative that you understand the Practice's Finances and that you can manage the Practice's Finances. Therefore, this Module will equip you with a myriad of accounting and bookkeeping skills, procedures and services, and complement all the earlier Modules designed to give you knowledge and skills of a successful medical office professional!

Course Outcomes:

- Discuss applications of electronic technology in effective communication.
- Explain general office policies.
- Discuss pros and cons of various types of appointment management systems.
- Describe scheduling guidelines.
- Recognize office policies and protocols for handling appointments.
- Identify critical information required for scheduling patient admissions and/or procedures.
- Identify systems for organizing medical records.
- Describe various types of content maintained in a patient's medical record.
- Discuss pros and cons of various filling methods.
- Identify both equipment and supplies needed for filing medical records.
- Describe indexing rules.
- Discuss filing procedures.
- Discuss principles of using Electronic Medical Record (EMR).
- Identify types of records common to the healthcare setting.
- Identify time management principles.
- Discuss the importance of routine maintenance of office equipment.
- Manage appointment schedule, using established priorities.
- Schedule patient admissions and/or procedures.
- Organize a patient's medical record.
- File medical records.
- Execute data management using electronic health records such as EMR.
- Use office hardware and software to maintain office systems.
- Use internet to access information related to the medical office.
- Maintain organization by filing.
- Perform routine maintenance of office equipment with documentation.
- Perform an office inventory.
- Consider staff needs and limitations in established of a filing system.
- Implement time management principles to maintain effective office function.
- Explain basic bookkeeping computations.
- Differentiate between bookkeeping and accounting.
- Describe banking procedures.
- Discuss precautions for accepting checks.
- Compare types of endorsement.
- Differentiate between accounts payable and accounts receivable.
- Compare manual and computerized bookkeeping systems used in ambulatory healthcare.
- Describe common periodic financial reports.
- Explain both billing and payment options.
- Identify procedure for preparing patient accounts.
- Discuss procedures for collecting outstanding accounts.
- Describe the impact of both the Fair Debt Collection Act and the Federal Truth in Lending Act of 1960 as they apply to collections.
- Discuss types of adjustments that may be made to a patient's account.
- Prepare a bank deposit.
- AR-Post entries on a daysheet.
- AR-Perform billing procedures.
- AR-Perform collection procedures.
- AR-Post adjustments.
- AR-Process a credit balance.
- AR-Process refunds.
- AR-Post non-sufficient fund (NSF) checks.
- AR-Post collection agency payments.
- Utilize computerized office billing systems.
- Demonstrate sensitivity and professionalism in handling accounts receivable activities with clients.
- Summarize the Patient Bill of Rights.

Module Outcomes:

- Define, spell, and pronounce the terms listed in the vocabulary.
- List the four items all financial records should show at any given time.
- Describe how to establish and maintain a petty cash fund.
- Differentiate between accounts payable and accounts receivable.
- Explain the difference between a single-entry and a double-entry accounting system.
- Explain the importance of a trial balance.
- Describe common periodic financial reports.
- Explain how to process an employee payroll accurately.
- Explain the purpose of Form W-4.
- State the types of employment records required by the Internal Revenue Service (IRS).
- Discuss the basis for the withholding amounts taken from employees' earnings.
- Explain the requirements of the Federal Insurance Contributions Act (FICA).
- Discuss the importance of setting a budget each fiscal year.