| Medical Practice Financial Controls (or Lack Thereof)
Program Type: Recorded Webinar (Audio, PPT Presentation)
Program Level: Intermediate
Prerequisites: Previous training or research on subject matter being taught.
Advanced Preparation: None
Delivery Method: Group Internet-Based
CPE Credits: One (1) Hour
Fields of Study: Accounting
Shipping Weight: 0lbs. 0oz.
Internal financial controls are methods and procedures used to prevent and detect errors, safeguard against misappropriation, and encourage adherence to policies and procedures. Financial controls reduce the risk of loss from errors, lawsuits, and fraud and, therefore, are critical to maintaining a fiscally strong physician business. This is especially important in an era of increasing physician-hospital alignment categorized by physician-practice acquisitions, professional-services arrangements, and joint ventures, among others.
As part of the due diligence process associated with such alignment considerations, the strength of an organization's financial health is often investigated. One plagued with "lackadaisical" or non-existent financial controls may be negatively impacted on multiple fronts, such as, in the valuation process.
After completing this webinar, attendees will be able to:
- Identify common fraud techniques in a medical practice
- Define and discuss factors of effective compliance
- Present the most common risk areas
- Describe the importance of financial controls in an era of physician-hospital alignment
Who Should Attend
CEOs, CPAs, Attorneys, Hospital Administrators, Physician Practice Administrators
Tynan P. Olechny, MBA, MPH, CVA
Ms. Tynan Olechny's experience includes performing valuations and fair market value analyses of medical practices and ancillary service lines for a variety of physician hospital transactions. Additionally, her experience includes conducting medical staff development plans and physician needs assessments, providing financial and strategic planning expertise, and facilitating competitive, industry, and market analyses for physician groups, community hospitals and health systems, and academic medical centers.
She has conducted financial and economic feasibility studies and completed demographic and market potential review to determine the viability of acquisitions, hospital physician joint ventures, and expansion opportunities. Ms. Olechny is credentialed as a Certified Valuation Analyst® (CVA®) by the National Association of Certified Valuators and Analysts™ (NACVA®). She is a frequent speaker for various healthcare organizations on valuations and related topics. She is a member of NACVA, the American College of Healthcare Executives, the Medical Group Management Association, and the Society for Healthcare Strategy and Market Development.
Ms. Olechny holds a BS degree in Biology from the College of William and Mary, a Master of Business Administration from the Goizueta Business School at Emory University, and a Master of Public Health from the Rollins School of Public Health at Emory University.
Lori A. Foley, CMA, CMM, PHR
A principal with the company, Ms. Lori Foley specializes in practice operational improvement, strategic planning, physician buy-in/buy-out assistance, accounts receivable analysis and improvement, financial control audits, and human resource management.
Prior to joining the consulting arena in 1998 and GatesMoore in 2000, Ms. Foley was responsible for the fiscal and operational management of ten hospital-owned primary care and specialty practices to include family practice, internal medicine, OB/GYN, infectious disease and oncology. Her specialty consulting experience also includes pediatrics, general surgery, cardiovascular surgery, ENT, and rheumatology. Ms. Foley is also a Certified Management Accountant (CMA) and is certified as a Professional in Human Resources (PHR). She is also a member of The Institute of Management Accountants and the Society of Human Resource Managers.
Ms. Foley is a frequent speaker for Kids Health First and Georgia Pediatric Practice Manager's Association. Ms. Foley holds a BS degree in Elementary Education from the University of Alabama and a Master of Accounting degree from the University of Alabama at Birmingham.