Visit the YO Info™ page to read the latest issue of the Young Ophthalmologist's Newsletter.
Stop by the AAOE Practice Management area in the Academy Resource Center for updates on critical business issues including EHR, ICD-10 transition, PQRS, financial management, and more. Academy and AAOE members can also sign up at the booth for a free, 20 minute, one-on-one private consultation with a practice management expert — Practice Management Center, Academy Resource Center, Hall A - Booth, 3239.
AAOE offers a number of targeted financial management courses. Some suggested courses are listed below. Consult your Pocket Guide or Final Program for a complete list of courses. Purchase the Academy Plus Course Pass or course tickets for select special events at the Ticketed Events and Tour Sales area, Hall C. The cost of the Course Pass is $100 for Academy Members in Training and a discount of 50% is offered on a select group of ticketed courses.
Review the Highlights for Young Ophthalmologist brochure [PDF 2MB] and the Academy's Meeting Essentials page to help you make the most of your time at the Annual Meeting in New Orleans.
Highlights from AAOE's 2012 Annual Meeting Courses — View 5 select courses geared toward YO's (Current AAOE or Academy member login required).
Financial statements are normally prepared in accordance with what are called generally accepted accounting principles. Although, this term sounds a bit fuzzy, it actually has a very specific meaning: It requires the use of the accrual method of accounting. Under the accrual method, revenue is considered earned and is recognized in statements for the period when the revenue transaction occurred, regardless of when the related cash is collected. So, for example, under the accrual method, a practice’s earnings are posted at the time services are provided. Similarly, expenses are incurred at the moment the liability is incurred, regardless of payment terms. For example, on any given day, a practice’s expenses include the hourly wages earned by staff members that day, even though the payroll funds may be paid out only twice a month, which might be a week or more away.
A successful financial policy clearly communicates procedures and responsibilities, provides a verifiable source of data, and automates the internal workflow to the fullest potential in order to increase cash flow and minimize loss. The key to this process is flexibility, as the medical world changes, the practice responds and changes and moves forward.
Developed by AAOE, The Profitable Practice Collection makes mastering key financial management concepts easier. With this seven-module collection, you will learn how to boost your bottom line; convert clinical services to practice income and use data to drive results.
Visit the Academy Store for a full list of products, detailed descriptions and ordering instructions.