Maybe your concern is about specific areas of your Medical Practice, such as collecting accounts receivable, staff productivity, or payor and vendor contracting. Or perhaps your interest is in a much more broad view of your business that includes the full spectrum of what makes a Medical Practice an organized, stable, and successful healthcare company. In either case, a professional Medical Practice Assessment has the power to move your business operations from where they are ... to where they need to be.
What a Medical Practice Assessment May Reveal About Your Business
Having a qualified third party assess all or part of your medical practice can uncover a host of missed opportunities and needless exposure to liabilities. It can also provide some strategic direction for your business as you grapple with the many reimbursement, regulatory, and market pressures that confront today's practitioners.
Get answers to questions like ...
- How do I know if I'm charging enough?
- Should my medical practice collections be higher?
- What are the most profitable services that I provide?
- Are my labor costs too high?
- How do I measure staff productivity?
Our Medical Practice Assessments can be focused on specific areas of your operations, such as documentation, coding, billing, and collections. Or it can be an all-encompassing "top-to-bottom" review of your business's financial, human resource, and administrative activities.
Expert Analysis of Your Healthcare Business may have a Large, and Long-Lasting Return on Investment
You're interested in the outcome. And the outcome is exactly what our team of expert healthcare consultants is focused on delivering. The Fox Group has a history of not just "assessing" those healthcare businesses that they are engaged with, but rather, we lay out a step-by-step written plan of how to make the necessary changes in those areas in which we uncover opportunities for improvement. These changes, small, large, and sometimes fundamental, can provide positive results for years to come. What's more, we also offer you our assistance in implementing our recommendations ... thereby helping to facilitate organizational change to become a reality.
Examples of outcomes from some of our Medical Practice Assessments include ...
- Increased medical accounts receivable collections by in excess of $2 Million over three months based on implementing recommendations in an orthopedic practice's billing department as part of a comprehensive Medical Practice Assessment.
- $60,000 in increased collections per year based on a medical fee schedule analysis and alterations in the physician practice's billing processes.
- Discovered $440,000 in missed charges per year in a six-physician specialty group via our use of data envelopment analysis.
What a Comprehensive Medical Practice Assessment Includes
When asked to complete a Comprehensive Medical Practice Assessment, we custom tailor our work plan based on the specific nature of your healthcare business. That said, your profile typically would focus on common areas that include:
- New patient intake
- Check-in and check-out
- Medical documentation and coding
- Medical billing and collections
- Medical documentation and coding practices
- Application of select practice performance benchmarks
- Compliance with state and federal regulatory issues
- Internal control practices
- Human resources
- Referral development
- Web presence & reputation management
- Financial and patient activity reporting
- Profitability
- ... and more
Take a look at a "Sample Physician Practice Assessment" outline to gain a greater perspective. And if you think that your healthcare business is due for a "check-up", contact us. We think you'll be glad you did.
“With your help we were able to work our way out of a $250,000 deficit position, establish financial controls, develop financial statements, reorganize personnel and the business office function, and move to our new facility.”
M.H.S., Director,
Redlands Therapy Group