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Home » Rotations » Financial Management

Financial Management

At the completion of this block, the resident will have developed an understanding of:

  •         How financial managers view the work of the practicing physician and care delivery systems in general
  •         The major accounting forms used in health systems to budget, monitor, and understand the financial health of an individual provider, group or system
  •         Charges, withholds, rebates, payments, adjustments (etc) in fee-for-service payment systems
  •         The concepts around direct doctor-patient contracting schemes like Direct Primary Care and Concierge medicine
  •         The basics of Value-Based Purchasing
  •         How an ACO works and other basics of shared savings and shared risk
  •         The basics of health care corporate taxation
  •         Issues around obtaining and servicing capital and capital project analysis

Residents should ideally:

  •         Meet with the System-level CFO and other leaders across the health system with budgetary oversight.
  •         Meet with individuals in Financial Planning, the Controller, Director of Materials and Inventory, Patient Accounts
  •         Attend meetings such as Finance Committee, Operations Planning, etc.
  •         Meet with a hospital or outpatient office Financial Counselor
  •         As appropriate, meet with those outside of Beacon doing similar things in their organization
  •         Meet or talk with individuals in organizations that they foresee themselves working with in their early career
  •         Discuss this topic with regional or national leaders in this field as they may be available through faculty or resident connections
  •         Do any assigned directed reading