Introduction

Segreation of Duties

Supervision

Internal Controls

Tracking Accounts Receivable

Eliminating Accounts Receivable

Monitoring Insurance Payments

Conclusion

There is virtually no aspect of a medical practice which is outside the purview of Internal Control. If good controls are not present in all significant areas, the physician is taking a definite business risk.

First, the practitioner must understand that his or her practice, like most organizations, is composed of individuals. The strength of those individuals, properly hired, trained and supervised, will serve as the foundation of the practice. People, however, have a number of innate shortcomings. They can be dissatisfied, make careless mistakes, or even be tempted to steal, all of which can have devastating consequences. However, a good system of Internal Control, along with the proactive involvement of the physician, can eliminate the chance of endangering the practice.

By implementing a system of Internal Control, physicians can achieve three important goals:

• Promote operational efficiency.
• Encourage employees to adhere to prescribed office policies.
• Safeguard the assets of the practice from outright theft or embezzlement.

In our Guide to Practice Management and Internal Control, CPAs4MDs outlines a step-by-step approach to running your medical practice - like a business. It provides a framework that enables physicians to better manage their human resources and also establishes reliable systems that will help safeguard - and control - their financial resources. The result: a practice that runs more smoothly, efficiently - and profitably.

To Segregation of Duties

More information? Please complete this simple form.