Medical Practice Consulting
Practice management consulting services range from one-time consultations to longer-term projects. From problem assessment through solution implementation, our consultants will provide the knowledge, experience and marketplace expertise to help you shape a more secure and profitable future for your practice. Listed below are brief descriptions of our primary areas of consulting focus.
Medical Practice Start-up
Launching a new medical practice is probably the most significant professional decision a physician will make secondary to choice of specialty. The medical practice consulting group will develop a well-planned time line focused on the business side of the practice and individualized for your particular circumstances. A comprehensive ten-page listing of activities and tasks associated with each phase of the start-up process will be reviewed with you prior to initiation of the project to tailor a plan of work specific to your practice needs and time lines. The work plan will enable you to move efficiently through the maze of practice start-up activities and ensure compliance with all of the statutory regulations and requirements for medical practice.
Operational Assessment and Improvement
The operational assessment and improvement projects are designed to provide you with a blue print for achieving greater efficiency and profitability over both the short-term and long-term. Because each practice is unique, our assessment and improvement projects are tailored to focus on your specific areas of concern to include:
- Profitability and productivity
- Billing/collections and Accounts Receivable management
- Personnel management
- Compliance and risk management
- Patient satisfaction
- Strategic planning
The final report of findings and recommendations focuses on the problems and deficiencies identified as a result of the assessment. All of the problems identified are further analyzed to explain how each problem affects practice productivity, cash flow and/or profitability. The report also includes recommendations for changes or improvements to correct identified problems and prioritizes the recommended actions according to those that will have the greatest immediate impact on improving practice performance and profitability.
Practice Performance Management
Many physicians in solo and small group practices are unable to afford the services of a full-time professional administrator who is specially trained in business and medical practice management. For this reason most small practices are operating at a distinct economic disadvantage, unable to perform on-going operational assessments and unable to ensure success in meeting productivity, profitability and quality performance goals. To address this problem, the consulting group has designed a specific consulting service - Practice Performance Management (PPM) - that enables physician owners of small practices to make more informed decisions about how and where to change their operations to become more productive and profitable.
Our PPM projects compare your practice’s key performance indicators with national and/or regional median statistics and other benchmark data from “better performing” practices in your specialty. A sampling of key performance indicators for a typical primary care practice might include: charges/revenue/operating costs per physician, overhead percentage, staffing ratio, collection ratio, E&M coding pattern, etc. The consulting group will analyze your practice data, decide which specific performance indicators to monitor, establish an acceptable range of values for each indicator and recommend actions to correct identified problems. Our consultant will then work with you and/or your practice staff to ensure the recommended actions are implemented and monitor the results to assure the desired outcomes are achieved.
Concepts of strategic planning are critical for medical practices in view of today’s changing healthcare landscape to include: increased managed care penetration, increased use of technology in daily practice operations, continual advances in treatment techniques, increased competition, reduced third party reimbursement, and increased involvement of practices in strategic alliances ranging from practice consolidations to Accountable Care Organizations. The competitive marketplace will continue to put increasing pressure on all medical practices to operate more like structured businesses with strategic business plans, operating budgets and financial forecasts. The consulting group will assist your practice in developing a strategic business plan that will provide a roadmap on how your medical practice will compete and how it will position itself among its competitors. The plan will document strategies for the future direction of your practice and detail the action plans necessary for achieving these strategic objectives.
If you are interested in exploring transition options for your practice, a consultant will contact you for a complimentary practice consultation. Please complete the form below.