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    Textbook of Urgent Care Management: Chapter 13, Financial Management
    Textbook of Urgent Care Management: Chapter 13, Financial Management
    Textbook of Urgent Care Management: Chapter 13, Financial Management
    Ebook38 pages23 minutes

    Textbook of Urgent Care Management: Chapter 13, Financial Management

    By Glenn Dean

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    About this ebook

    The Textbook of Urgent Care Management is now offering individual chapters for sale. The full book, provides an expert business consulting guide to potential or existing urgent care clinic owners, managers & operators as well as investors. Learn how to more effectively run your immediate care or walk-in center as well as start incorporating urgent care services into your existing primary care practice. The chapters cover valuable information from industry experts on how to start, manage, and even sell your urgent care center.

    Chapter 13 includes:

    Internal Control
    - Control Principles
    - Cash
    - Petty Cash
    - Billing and Collection
    - Payroll and Independent Contractors
    - Purchasing and Accounts Payable
    - Check Requests and Expense Reports

    Performance Measurement
    - Revenue
    - Accounts Receivable
    - Working Capital
    - Variance Analysis
    - Financial Statements and Variances

    Evaluation
    - Revenue
    - Accounts Receivable
    - Aging by Payer
    LanguageEnglish
    PublisherBookBaby
    Release dateMar 15, 2014
    ISBN9781940288376
    Textbook of Urgent Care Management: Chapter 13, Financial Management
    Author

    Glenn Dean

    Glenn Dean was commissioned as an Armor officer through the Army ROTC program at the Florida Institute of Technology with a degree in Aerospace Engineering. He was subsequently assigned to operational Armor and Cavalry assignments in the 24th Infantry Division, 3rd Infantry Division, and the 1st Cavalry Division, as well as a tour in Recruiting Command. After completing graduate work in Industrial & Systems Engineering at the Georgia Institute of Technology, he transitioned to the Army Acquisition career field. He currently works in weapons systems development and has worked in combat development, program management, and technology development in the fields of small arms, medium caliber cannons, ammunition, and combat vehicles.

    Read more from Glenn Dean

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      Book preview

      Textbook of Urgent Care Management - Glenn Dean

      CHAPTER 13

      Financial Management:

      Internal Control, Performance Measurement, and Evaluation

      Glenn Dean

      from

      Chapter 13

      Financial Management: Internal Control, Performance Measurement, and Evaluation

      Glenn Dean

      INTERNAL CONTROL

      The internal control structure defines how the organization’s resources are directed, evaluated, and measured. Effective controls regulate normal operations, are consistent with established policies, and are complied with using the corresponding procedures. Controls have many functions but are primarily instituted to ensure reliability of records, to comply with rules and regulations, to secure valuable assets, or for operational efficiency. Measuring the effectiveness of the control framework relies on accurate and timely financial reporting for evaluating results over the period.

      An example of the application of controls is deterrence of employee theft. Roughly 75% of small businesses experience some form of employee theft. The best defense for an organization is to implement internal controls, a series of checks and balances used in daily operations. These controls are designed, implemented, and administered in accordance with a set of principles.

      Control Principles

      Segregation of duties Separating duties among employees is arguably the most important concept of internal control for eliminating errors and combating employee fraud. Responsibility for related activities should be assigned to different individuals; ecordkeeping must be a separate task from authorization to purchase or from physical custody of assets.

      Policies and procedures Policies are guidelines formulated by management to achieve the key objectives of the organization. Procedures are specific methods designed from the policies to create tasks and processes that result in desired outcomes.

      Control over information processing Every employee and contractor with access to information processing systems must be authorized and have a unique user name and password. Authorization for data entry, accounting for transactions, appending patient records, or unlocking patient accounts should be limited to those who require specific privileges. All entries that change records must be tracked

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