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Physician Practice Operational Consulting

Table of Contents

Practice Formation Services

Goal:
  1. Create a practice environment that allows the physician to focus on patient care.
  2. Develop a practice culture and environment to maximize profitability of the practice.
  3. Alleviate the pressure on the physician to micro manage the formation of the practice.
Benefits:
  1. Defined strategic plan for the new practice.
  2. Facilitation of space acquisition.
  3. Identification and evaluation of potential employees.
  4. Negotiation of contracts, leases and equipment purchases.
  5. Clear performance guidelines, reporting structure and evaluation criteria.
  6. Reduced burden on the physician during the transition to the new practice.
  7. Experienced advice and leadership during the transition.

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Practice Strategic Planning

Goal:
  1. Define and implement a five-year plan for the practice to meet personal, professional and income goals of the physicians.
Benefits:
  1. Defined performance standards and goals.
  2. Defined marketing strategy.
  3. Improved decision-making.
  4. Tools to evaluate practice performance.

Quarterly review and evaluation services also available.

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Employee Productivity and Incentive Tune-Up

Goal:
  1. Maximize efficiency of office personnel.
  2. Train employees to improve performance and skills.
  3. Motivate employees to perform most productive tasks at a consistently high level.
Benefits:
  1. Independent evaluation of how tasks are distributed to employees.
  2. Defined performance standards for all employees.
  3. Defined incentive plan to reward employees for meeting performance standards.
  4. Simplified and quantitative employee evaluation criteria.
  5. Enhance teamwork among employees.
  6. Improved skill level of all employees.

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Cost Control Tune-Up

Goal:
  1. Identification of cost saving opportunities.
  2. Reduction of overhead to 40% of revenues.
Benefits:
  1. Comparison of practice cost structure to similar specialty practices.
  2. Defined procedures to help control costs.
  3. Benchmarks and evaluation criteria to track cost control performance.
  4. Identification of areas for improvement to maximize profitability.

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30 – Minute Manager System

Goal:
  1. Establish a system of reporting to best evaluate practice performance.
  2. Development of benchmarks and evaluation criteria to quickly identify problem areas.
  3. Reduce the physician time dedicated to administrative functions within the practice.
Benefits:
  1. Consistent reporting structure focused on critical functions within the practice.
  2. Easy to use benchmarks and evaluation criteria.
  3. Clear definition of areas for improvement within the practice.
  4. Defined procedures to verify performance.
  5. Focused management and reduced meeting times.
  6. Quarterly audit services also available.

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Billing and Collections Tune-Up

Goal:
  1. Define standards and procedures to maximize collections.
  2. Develop tracking systems to quickly respond to changes in insurance company coding and reimbursement standards.
Benefits:
  1. Independent evaluation of current billing and coding practices.
  2. Defined areas for improvement to maximize collections.
  3. Easily implemented strategies to maximize collections.
  4. Benchmarks to track performance of billing and collections.

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Marketing, Referral and Service Expansion Tune-Up

Goal:
  1. Identification of new or expanded sources of patients.
  2. Creation of a strategic marketing plan to attract new patients to the practice.
  3. Evaluation of new service or product opportunities.
Benefits:
  1. Defined target market to increase patient flows.
  2. Strategies to promote the image and advantages of the practice.
  3. Improved decision making with regard to new product or service offerings.
  4. Defined goals for increased patient flows.
  5. Defined evaluation criteria and performance standards for marketing opportunities.

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Practice Dissolution Services

Goal:
  1. To maximize the residual value of the practice.
  2. To ease the transition out of the practice for the physician.
Benefits:
  1. Complete valuation of practice.
  2. Coordinated division of assets.
  3. Protection of ownership rights.
  4. Reduced burden on physician during the dissolution process.

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Quick Fact:
Consult your accountant to help you design and implement internal controls that will protect you and your employees from embezzlement.