Which best describes what brought you here today?
Increasing regulations and declining reimbursements are making it increasingly difficult to keep your practice running profitably. The long-term cost, however, of not paying attention to cash flow, compliance risk and patient satisfaction can be detrimental to your practice. If you find it impossible to stop everything to investigate where your practice is under-performing, a practice assessment can help. Performed by an experienced medical practice consultant, an assessment gives you insight into every aspect of your business, including accounting, compliance, billing, coding, and human resources. After an assessment, you’ll have a clear picture of what you can do to increase profits and position your practice for growth.
Our team understands that you simply can’t take time away from seeing patients to analyze your workflow or make procedural improvements. That’s why we use a process improvement system that can help any size facility and remedy specific problems with little to no workflow interruptions. We identify the real source of problems and bottlenecks; and propose remedies that take into consideration any caveats unique to your organization. Even the trickiest situations that have caused problems for years can be addressed in a reasonable timeframe.
The traditional means of growing a medical practice that included providing excellent patient care, having efficient billing and collections and low overhead expenses are no longer enough to build a thriving practice. New challenges such as reduced reimbursements and increased bundling as well as pay-for-performance and risk-based models are a game changer. You must first establish Key Performance Indicators (KPIs), benchmarks, and create a culture of accountability in your practice. This puts your practice in a much stronger position for scalability and long-term growth in today’s healthcare market.
Private Equity firms, which are currently well capitalized and have business plans focused on healthcare, can offer physician groups a continued degree of independence while proving increased access to new tools and technology. These arrangements can be a great option for practices that are looking to expand their patient base, recruit more physicians and earn higher payments. Attractive as they may be, it’s important to understand the many facets of these deals. For example, you’ll want to know what control you’ll relinquish and understand any potential backlash before you accept an offer.
An unbiased assessment can help identify whether the PE firm’s offer is a viable one, how it compares to your practice’s current growth potential, and how to avoid the pitfalls of earn out provisions.
With today’s uncertain landscape, we encounter many physicians who are unsure of when (and sometimes, if) they can retire. Physicians often have one of two primary mindsets when it comes to retirement planning. Either they have not planned properly, thinking that they would be able to sell their practice and live on the proceeds, or they think the practice has little, if any, resale value and consequently they choose to phase out of practice by gradually reducing the number of days they see patients until there truly is nothing left to sell. Retirement is one of the most important aspects of your career and preparation is something that should be handled by a professional firm that can help you enjoy a healthy and pleasurable retirement.
If planned properly, virtually every practice has a value and can be sold to another party. While attorneys and accountants know how to crunch the numbers and create documents, they don’t necessarily understand how to operate a medical or dental practice – especially during a merger, appraisal, transition or sales phase. Finding the right medical or dental practice appraisal, transition, sales or merger person (or group) and negotiating the best terms and conditions is something that should be done by a professional firm that specializes in dental and medical transitions, mergers, appraisals and sales.
Having a clear “snap shop” of your operational performance and financial standing is the first step in reducing stress. It helps to reduce the feeling of “burnout” as you’re no longer spending mental energy trying to “figure out” what’s wrong. This allows you to focus your energy on implementing solutions and improvements. For example, an assessment can help turn frustrated employees into an excited team of individuals who are excited about coming to work every day. A more productive staff can reduce wait times and increase patient satisfaction. Many clients also report that after addressing such issues, they are better able to “recharge” during time away without worrying about what’s going on back at the office!
Whether your practice is in great shape or experiencing significant financial or operational pain, our practice consultants, who specialize in medical and dental practice management, will examine every aspect of your practice and provide you with a comprehensive report of our findings and recommendations for improvement.
You’ll gain a clear understanding of how you can increase your profits, reduce stress for you and your staff and improve employee morale and patient satisfaction.
Each practice has its own unique challenges. Your assessment may include, but not be limited to, an in-depth review including:
- Business Structure
- Benchmark Analysis
- Revenue Cycle
- HR Management
- Patient and Work Flow
WHY CHOOSE DOCTORSMANAGEMENT?
FOCUS – our consultants work exclusively in healthcare and are backed by a team of in-house experts in virtually every aspect of medical practice management. You receive recommendations that can provide relief in the short-term and help position your practice for long-term growth.
SUCCESS – clients around the country trust DoctorsManagement to help them simplify the business of healthcare and control the future of their practices.
SYNERGY – as a full-service healthcare consulting firm, the departments within our firm work together to help clients rise above the complexities that come with delivering healthcare in today’s market. As a result, you receive expert input from a team of individuals who are current on every aspect of the business of medicine.
How One Practice Increased Monthly Revenue by 39%
A podiatry group with five doctors, a physical therapist, and six locations contacted DoctorsManagement (DM). The group’s profits were less than 30% and revenue was stagnant.
Is The Easy Management Ongoing Consulting Services (EMS) Right For You?
The Easy Management System (EMS) is a term we use to describe a proven process that we’ve developed and use to help practices of all sizes and in virtually every state across the country.