- Is your practice producing a strong bottom line, or is it barely breaking even?
- Is your practice involved in all of the product lines and services it should be?
- Can your return on investment be improved?
- Are there services or expenses that could be eliminated or reduced as part of a sound financial strategy?
- Are you maximizing your productivity to bring your practice the best return?
As the health care industry continues its dynamic realignment, physicians should be looking more closely at every aspect of the operational and financial health of their practices.
Answering these questions can make the difference between reducing your income or improving your quality of life. To do this requires a thorough and comprehensive look at practice activities, including operating system procedures, staffing and scheduling, billing, coding and collection, compliance, productivity, etc.
With significant experience helping physician practices grow and prosper, the Practical Healthcare Solutions, LLC team offers keen insight and recommendations to enhance practice efficiency and profitability. The many practice assessment areas we frequently address are:
Billing, Coding and Collection Analysis
- Observation of registration
- Analysis of billing
- Coding review of 50-100 charts and bills (for compliance and maximization of revenue)
- Analysis of E&M; and prevention codes
- Accounts receivable and follow-up analysis
- Staffing level analysis
- Review of job descriptions, salary levels and benefits
- Analysis of productivity standards per job category and function
Ancillary Services/Affiliation Opportunity
- Strategic planning related to service expansion, including the addition of services outside the office and affiliation with other organizations
- Review of contracts to ensure maximum reimbursement
- Analysis of staff members' knowledge of managed care plans
- Analysis of the facility's cost/square foot, layout, operating expenses and ability to maximize staff productivity
- Profitability per office in a multiple-site system
- Analysis of physician schedules
- Analysis of visits per physician and other physician activities including rounds, on-call and procedures
- Review of physician contracts and incentive plans as basis for development/revision of contracts and incentive models
- Comparison of practice operations to "best practices” to identify areas for productivity improvement
- Comparison of expenses by category (tracked over three years)
- Comparison of cost categories to both regional and national data
- Identification of specific areas for cost savings with emphasis on maintaining quality of care
- Analysis of merit of adding a Nurse Practitioner (NP) or Physician Assistant (PA) to enhance productivity and realize financial benefits
- Review of strategies and tactics to attract and retain patients
- Niche market opportunities
- Patient satisfaction evaluators-use and application to practice enhancement
- Promotional materials and activity review