The directors of the practice plan business offices report to their respective chief financial officers. The business offices centrally manage billing and collection activities, prepare financial reports and maintain detailed accounting records of all transactions. Individual physicians retain the responsibility for the setting of fees, including discounts and professional courtesy, within limits set by the institution and other policies. Fringe benefits for each plan member are approved by the institutional president based on a list of benefits reviewed and authorized by the Office of the Chancellor . Each medical institution submits annually a proposed revenue and expenditure budget for its practice plan, using categories defined by System Administration.
Actual performance is monitored on a monthly basis.
Practice plans use standard university accounting principles, internal expenditure controls, and cash controls. Normal institutional purchasing procedures should be followed. All requests for reimbursement should be signed by the employee seeking reimbursement. The voucher, if prepared by a staff member, should be reviewed for accuracy before the voucher is signed. Special care should be exercised regarding the use of individual credit cards, club memberships, and charges to facilities for entertaining business associates.