Our staff has significant experience in operating medical practices. We can assist in providing financial and tax advice to help you run your medical practice more efficiently. Our services include:
Physician Practice Management
We assist clients in developing processes for managing physician productivity and balancing compensation plans with revenue streams. Additionally, we evaluate business processes to ensure that they are cost effective in achieving their goals.
Financial Reporting
In order to manage the organization, the strategic team requires effective, timely managerial reporting. We recommend developing a set of financial reports that goes beyond standard financial statements to include graphical presentation of the metrics which are critical to the organization’s achieving its strategic goals.
Budgeting
Budgeting is an often overlooked tool in physician practice management. It provides useful information in developing financial strategies and managing costs. There are a number of different strategies that can be used in preparing a budget including Zero-Based Budgeting, Inflation-Based Budgeting, and Population-Based Budgeting. We can provide assistance in selecting a methodology for your practice and overseeing the budget preparation process.
Assistance in Tax Issues
Our involvement with the operating activities of your practice results in detailed knowledge of the tax issues as well. As a result, we can provide seamless tax return preparation to our suite of services.
Healthcare Contract Review
Contracts are a basic part of business. Many contracts, even those which appear to have minimal financial issues, can in fact include clauses that impact business processes that in turn affect the financial performance of your practice. We can assist you in ensuring that you fully understand the financial impacts of various contracts. Beyond the basic contracts, we specialize in contracts specific to Health Care, including analysis of Fee For Service and Capitation contracts with various payers.
Business Process Development
Generally, organizations are built of various processes, which integrate with and build upon each other. Each process maintains a set of controls to ensure that the process is functioning as intended and that handoffs to other processes are completed effectively. However, these controls do not evaluate the efficiency of the process and critical controls may be missing from any given process. We can provide expertise in evaluating the effectiveness and efficiency of processes and balancing the benefits of process controls with their cost.
Evaluation of Capital Projects
Physician practices are routinely faced with decisions to acquire facilities and equipment. The decision making process needs to balance the finite financial resources with the quality, professional, and personal objectives of the organization and its employees. Further, a post-acquisition analysis should be performed to ensure that the acquisition is meeting its objectives. We work with your staff to ensure these processes are in place and functioning effectively.
Information Technology
Information technologies can provide innovative solutions for information sharing. We can assist in the evaluation and implementation of various technologies to ensure that the effectiveness of your IT investment is maximized.
Information Analysis, Data Mining, & Benchmarking
Beyond the basics of technology, our firm specializes in analyzing data from medical information systems to provide your practice with timely, accurate information about productivity, quality initiatives, and financial information. This information can then be used to develop and track metrics for benchmarking your practice.
