4th Year Advanced Endoscopy Fellows Program | October 2021-Understanding GI Practice Financials

Video Transcription

Video Summary

In this video, Dr. Jill Geary discusses the importance of understanding finance and learning key financial terms in the medical field. She emphasizes that while physicians may not need to create financial statements, they should have a basic understanding of finances, cash flow, and how money moves around within a medical practice. Dr. Geary discusses various financial statements, including the balance sheet, income statement, and cash flow statement, and explains their uses and importance in assessing a medical practice's financial health. She also mentions the use of financial dashboards to track trends over time. Additionally, Dr. Geary discusses the revenue cycle management process and highlights common financial pitfalls and how to address them. The video concludes with recommendations for further learning resources and the importance of physician oversight in financial matters.

Keywords

finance

medical field

financial statements

cash flow

financial health

physician oversight