Career and Life Planning Guidebook for Medical Residents

SECTION I: T MINUS THREE YEARS The days of the electronic medical record are here to stay. A good grasp of the EMR system that the physician will be using is key. Individual practice style determines the length of the patient visit, but the ability to maximize efficiencies within an EMR are what sets a high producing physician apart from the rest. Take full advantage of the support that is provided when you begin a new position. Utilize templates and set up preferences and phrases. If you feel like there’s an easier way to do something, ask! The EMR is a necessary part of healthcare so finding a way to work with it, rather than against it, will make your life (and your salary) that much better. – Jody M. Long, medical staff recruiter at Sarah Bush Lincoln Health Center F I E L D N O T E S complexity of the treatment – a comprehensive office exam is reimbursed at a higher level than a focused exam. Since the comprehensive exam will require more of the physician’s time, accurately coding procedures is extremely important. Coding at a higher complexity level that is not supported by proper documentation can lead to rejected claims, Medicare audits, and potential penalties. Coding at a lower level leads to lower reimbursement, resulting in uncompensated work on the part of the physician. The complexity level of an office visit is determined by the physician’s documentation of three ele- ments: history, exam, and medical decision- making. The relative complexity of the issues and comprehensive nature of the diagnosis and treatment will determine the appropriate CPT code for billing. Most physicians will have clinical staff and/or coding specialists to ensure that proper coding and documentationproceduresare followed. Inaddition, an excellent electronic medical records system can help ensure that coding, documentation, and billing are done correctly. These investments are necessary for anyhigh-function healthcare provider. R E A D : Financial Statements Now that you understand the sources of revenue for a physician group, we’ll take a look at how these are tracked by examining a company’s financial statements. Financial statements are snapshots of the organization’s financial health at various points in time. While the language of accounting can make these documents look like hard to read, they contain incredibly valuable information. Every physician leader should be in the habit of examining the organization’s financial statements on a month- ly or quarterly basis. Below is a description of the two most common financial statements. After describing them, we’ll examine what key pieces of information you can learn from them. CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 124