Practice Consulting

Practice Consulting

Let us help you discover more revenue by having us join your team.

hands-460865_640We are so confident that our services can make you more money at the end of the day, that we will analyze your practice and show you how we can simplify, streamline and increase revenue, most of the time covering our costs.
Call or Email to get started right away.   –  304.422.0578

Effective management of cost and quality is essential in the ever-changing and increasingly competitive business of healthcare. That is why we have implemented our new service, a free practice consultation. Let us show you where you stand among other medical practices in measuring and improving our organization’s performance. Ongoing assessments in the area of revenue, staffing and operating costs are an essential piece of the services we provide. We will look at your current financial position and compare it to the practices we have helped in the past. We will also show you how our software can provide fast and accurate billing, so you get paid faster with fewer denials.

The trend of hospital employment of Physicians and other providers has grown rapidly over the past few years and is projected to continue into the future. This wave has been driven by many factors including the desire to assemble an accountable care organization or to strengthen a patient referral base for hospital services. Some hospital systems have adopted a mission of being the leader in there geographic area to provide comprehensive health services. Others are simply responding to their competitors acquiring practices and hiring physicians. While many of these objectives make rational sense and good policy for the community they serve many hospitals and systems have found the implementation to be more difficult that they projected. The end result has been significant financial losses in the range of $100,000.00 to $200,000.00 per physician. This loss multiplied by the number of physicians can quickly get into the millions of dollars and become a significant burden on the hospital and its mission.

Besides significant financial losses the job satisfaction for most employed physicians is low due to a loss of autonomy and the ability to influence their practice situation. The normal response for a hospital administrator is to reduce costs to match the revenue of the department, certainly a logical analysis for most situations but in this case many times it leads to lower productivity and worse financial performance. This downward spiral of financial performance and job satisfaction leads to strained relationships which last a short time.

A more successful approach to the challenge would be to involve the physicians in the management process from the beginning. When people have a seat at the table and feel that their input matters they will respond in a more positive way. Here are a few keys to success in the process

1. Create a physician leadership structure which can work positively with the hospital to achieve shared goals.

2. Develop Physician / Administrator teams to implement strategies.

3. Communicate well in advance when information is available and develop clear processes for information flow.

4. Provide regular data and feedback.

5. Reward success and celebrate it.

6. Stay with the plan, but clearly explain the process to input and change.