Practice and Facilities Management Services
Your practice or facility deserves the same quality of care as your patients. A well-cared for practice achieves its maximum level of profitability, and runs efficiently with a minimum of problems. But, you should be practicing medicine and helping your patients, not managing the business side of medicine. Our firm has very specialized skills, training and experience to assist you and your staff to better manage your practice in several key areas.
Revenue Enhancement and Cost Controls
One way to maximize profitability is to ensure that practice revenue is at its highest attainable level while keeping costs low. In this area, we have provided practices with:
- Collection Policy Evaluation
- Cost Accounting Services
- Fee Analysis
- Payer Mix Analysis
- Overhead Analysis
- Budgeting and Cash Flow Analysis
- Practice Efficiency / Time-Motion studies / Audits
- Billing and Cost Comparisons, Trending and Controls
Office Operations Review
An efficiently run office pays dividends in terms of reduced costs, maximum reimbursement, patient and employee satisfaction. We can assist with:
- Staffing Requirements
- Computerization and Software Evaluations
- Internal Accounting Controls
- Record Keeping and Paper Flow
Tax and Personal Financial Planning
After maximizing the profitability of an efficiently run practice, the next step is to look at ways to minimize the yearly tax bite, and preserve and enhance assets for future family needs such as college and retirement. We can work with you to develop short and long-range plans.
- Business and Personal Tax Planning
- Estate Planning
- Retirement Planning
Office personnel are critical to the success of the practice. They bill and collect the fees, keep the office running smoothly, and allow the specialist to spend productive time providing quality healthcare. We have the skills and experience to assist in several ways.
- Conducting Salary Reviews and Evaluating Employee Compensation
- Evaluating Insurance and Benefit Packages
Employee Benefit Plans
- Prototype pension and profit-sharing plans tailored to your needs
- Complete plan administration services
- Cost/Benefit Analysis
As the healthcare industry continues to change and evolve, an effective strategic plan is critical to the survivial and success of the practice.
- Managed Care Participation Decisions
- Choice of Practice Type
- Practice Valuations
- Satellite Practice Development
- Consultation on buy-sell agreements, deferred compensation agreements, employment contracts, lease versus buy decisions, physician compensation models.