Clinic Startup Primer: Financial Management
1 hour Audio and Power Point Presentation
Recorded April 17, 2016
Few urgent care center owners or managers have a strong background in finance; however, each needs to have a basic understanding of financial terms and statements to be able to communicate with accountants and others. Just as importantly, owners and managers need a solid understanding of the three ways to improve bottom line or profitability. This session focuses on Finance 101 for the urgent care owner or manager, what are the key indicators of success, and how to monitor them.
- Identify the key components of a Profit & Loss Statement, Balance Sheet and Annual budget
- Explain the meaning of key financial terms including Gross and Net Revenue, Adjustments & Contractual Allowances, Cash v. Accrual Accounting
- Identify the three ways to improve the bottom line for the Profit and Loss Statement
- Develop a annual budget based on a recent actual Profit & Loss Statement
- Review annual budget and actual results to identify variances from budget as well as examples of variances and how to drill down to determine their appropriateness.
Faculty Bio: Martin Karpiel, MPA
Mr. Karpiel is president of Karpiel Consulting Group, a Long Beach, California consulting firm specializing in the “business of urgent care medicine”. His background includes experience as a Hospital Chief Operating Officer, urgent care operator and practice manger for Emergency Physician Groups.. His clients include community hospitals, independent emergency physician groups and urgent care centers. Mr. Karpiel is part owner of two very successful Urgent Care Centers. In Marina Del Rey and Burbank California. Both clinics see over 1,500 patients a month and have excellent customer satisfaction scores. The Burbank location is one of the preeminent occupational health providers in Los Angeles County. area. Both clinics have 4+ ratings on Google and Yelp. He is a nationally recognized expert in emergency services and ambulatory care management. He wrote the managed care book for the American College of Emergency Physicians, Managed Care in Emergency Medicine - Understanding the New Economics and Opportunities. This manual covers contracting, negotiating techniques, financial issues, cost containment and utilization management strategies, as well as fast track and observation units in the emergency department. His consulting firm provides services in all of these areas for their emergency physician group and hospital clients. Mr. Karpiel has assisted hospitals and physician groups in planning, developing and marketing urgent care centers. He has developed turnkey centers from the feasibility study, site location analysis through to pre-opening marketing of the center. Marty has also assisted existing centers in increasing patient revenue and volume as well as marketing new service lines for UCC’s including occupational health, pediatrics after hours and travel medicine.
The Urgent Care Association of America designates this enduring material activity for a maximum of 1 AMA PRA Category 1 Credit(s)TM. Physicians should claim only the credit commensurate with the extent of their participation in the activity.
This activity has been planned and implemented in accordance with the Essential Areas and Policies of the Accreditation Council for Continuing Medical Education. Credit for this course is good for 1 year after purchase.
Urgent Care Management Certificate
Earn 1 UCMC credit in Accounting & Finance by listening to this recorded session.
Submitting for Credit:
If you would like to submit for either of the credit above, once you complete the activity you must submit for credit you will need to complete the 5 question exam. You must answer 3 out of 5 correctly to receive credit. Your credit will be placed in your profile under Professional Development or click on "My Credits". Email email@example.com with questions.
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