The AAFP recently unveiled a series of free online educational modules specifically designed to provide targeted financial training for practicing family physicians who operate as small business owners. According to AAFP data gathered through the end of 2013, nearly 34 percent of members fit this bill, describing themselves as shareholders in -- or sole or partial owners of -- their practices.
Because it's no secret that many medical schools and residency programs offer little, if any, training on how to run a business, physicians who fit the above profile can view the series, dubbed "Five Key Metrics for Financial Success in Your Practice," as a quick primer on how to evaluate a practice's revenue cycle.
Each of the five segments in the series is three to six minutes long and includes a text presentation combined with a voice-over narrative. The individual segments cover
Key learning points, step-by-step calculation instructions and a best practice tip are included in each segment.
As an example, the first lesson defines days in accounts receivable as the average number of days it takes a practice to collect payments due. The best practice tip for that segment: Days in accounts receivable should stay below 50 days, but a 30- to 40-day timeframe is ideal.
The lesson on claim denial rates explains that a 5 percent to 10 percent denial rate is the industry average, but encourages family physicians to do what it takes to keep their denial rates below 5 percent.
The learning modules are available to AAFP members around the clock. As always, if content questions arise, physician may contact the AAFP's Practice Management Help Desk to receive a response via phone or email. Physicians' questions are answered within a day or two.