Massachusetts Medical Society: Reading Financial Forms

Reading Financial Forms

Reading Financial Forms

Course Overview

It is increasingly important for physicians to understand how to read financial forms to effectively lead in this challenging health care environment. However, finance and business courses are not typically offered in medical school and residency programs. This online CME series will help identify key components of a balance sheet, an income statement and introduce financial ratios, explain the differences between cash and accrual accounting and why it matters and review the concepts of payer mix and payer lag and why they are important for cash flow purposes.   To earn CME credit, watch the videos and download and read the supplemental article.    

Learning Objectives

  • Identify how best to read a balance sheet, an income statement and financial ratios and what key questions to ask when reviewing these document
  • Recognize and understand the differences between cash and accrual accounting
  • Become familiar with the concepts of payer lag and payer mix in order to successfully manage cash flow 

This series was developed in collaboration with the Massachusetts -Rhode Island Chapter, Health Care Financial Management Association ( HFMA). 


James Heffernan, MBA
Senior Vice President Finance and Treasurer, Massachusetts General Physicians Organization
James L. Heffernan, FHFMA, MBA, is the Sr. VP of Finance and Treasurer of the Massachusetts General Physicians Organization (MGPO). He is responsible for all the finance functions for the MGPO, including revenue cycle, physician payment & analysis, budgeting & financial forecasting, business intelligence, compliance, and business transformation. He plays a significant role in the strategic planning of the MGPO and MGH including recent population health management initiatives. He is the executive sponsor of several Partners HealthCare wide finance, information systems, and benefit initiatives.  
The MGPO has 2,700 participating physicians, more than 4,000 employees, operating revenue in excess of $1 billion, and total assets of more than $875 million. The MGPO is one of the largest physician group practices in New England. Jim has over 37 years of C-suite experience in hospitals, managed care, and physician organizations. Massachusetts General Hospital (MGH), the corporate member and general hospital of the MGPO, is one of the principal teaching hospitals of Harvard Medical School.

Deborah Wilson, CPA
Executive Vice President, Lawrence General Hospital
Ms. Wilson has over 34 years of experience in health care finance and operations. Prior to becoming the Executive Vice President of Lawrence General Hospital, Ms. Wilson served as Chief Executive Officer at Bridgewater Goddard Park Medical Associates and as the Senior Vice President of Operations at Signature Healthcare. She spent 6 years at Deloitte and then worked at Partners HealthCare System.

At Lawrence General Hospital, Ms. Wilson oversees the Institution's financial and strategic initiatives. She spearheads the Institution's Delivery System Transformation Initiative ("DST!") that resulted in $86 million of MassHealth Section 1115 Demonstration Waiver funding over a six year period. Ms. Wilson has overseen other key strategic initiatives including completion of the Andover Medical Center site and the Institution's multi-year Master Facility Plan which included a new surgical building and inpatient renovations. Ms. Wilson is the past President of the Healthcare Financial Management Association's Massachusetts-Rhode Island Chapter and served on its Board for eight years. Ms. Wilson received her Bachelor of Science in Accounting and Finance from Boston College.

Stephen Jenney
Chief Financial Officer (CFO) of the Brigham and Women’s Physicians Organization (BWPO). 
He has been in this position since 2015 and his chief responsibilities include leadership of overall BWPO financial and revenue cycle functions including the professional billing office, contracting, central business office operations, and provider enrollment.   

Jenney joined the BWPO in 2002 and held other financial roles including Senior Director until being promoted to CFO in 2015.  As CFO, Jenney’s accomplishments include oversight of financial due diligence and integration in the acquisition of Harbor Medical Associates and leading the centralization of BWPO Revenue Cycle operations.

Prior to joining the BWPO, Jenney held roles as the Corporate Controller for Digital Broadband Communications, a Massachusetts based telecommunications startup, Vice President, Finance and Controller for Medical Diagnostics, Inc, a New England based medical imaging services provider, and senior auditor positions with Laventhol & Horwath and Tofias, Fleishman, Shapiro & Company.

Jenney is a Massachusetts certified public accountant, has a BA from Berklee College of Music, a BS from Salem State University, graduating summa cum laude, and a MS in Finance, with distinction, from the McCallum graduate school of business at Bentley University.

Course Fees

Massachusetts Medical Society (MMS) Member Physician: $40.00 
MMS Resident/Student Member: $0.00
Non-Member Physician: $90.00 
Non-Member Resident/Student: $20.00
Allied Health Professional/Other: $32.00


Video & Article

CME Credit

1.00 AMA PRA Category 1 Credit™

Accreditation Statement
The Massachusetts Medical Society is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.

AMA Credit Designation Statement
The Massachusetts Medical Society designates this enduring material for a maximum of 1.00 AMA PRA Category 1 Credit™.  Physicians should claim only the credit commensurate with the extent of their participation in the activity.

MOC Approval Statement 
Through the American Board of Medical Specialties ("ABMS") ongoing commitment to increase access to practice relevant Maintenance of Certification ("MOC") Activities through the ABMS Continuing Certification Directory , this activity has met the requirements as an MOC Part II CME Activity (apply toward general CME requirement) for the following ABMS Member Boards:

Allergy and Immunology
Colon and Rectal Surgery
Family Medicine
Nuclear Medicine
Physical Medicine and Rehabilitation
Plastic Surgery
Preventive Medicine
Psychiatry & Neurology
Thoracic Surgery

National Commission on Certification of Physician Assistants (NCCPA).
Physician Assistants may claim a maximum of 1.00 Category 1 credits for completing this activity. NCCPA accepts AMA PRA Category 1 Credit™from organizations accredited by ACCME or a recognized state medical society.

A score of 70% or higher is required to receive AMA PRA Category 1 Credit™.

Activity Term

Original Release Date: September 17, 2018  
Review Date: September 15, 2021           
Termination Date: September 17, 2024

System Requirements

Windows 10
Mac OSX 10.6 higher
Most modern browsers including:
IE 11+
Firefox 18.0+
Chrome latest version
Safari 12+
iOS devices beginning with OS version 10 or higher (includes, iPhone, ipad and iTouch devices)
Android devices including tablets and phones.    
Windows RT and tablets on Windows 8 are also supported. 

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