Medical Practice Management Consulting
In a healthcare landscape where practice profit margins continue to compress, the revenue you capture from payers can mean the difference between keeping your practice afloat or closing your doors. However, did you know that some of your payers could be underpaying you? Using advanced software, we identify payers that are underpaying your practice by comparing the claims bill with the contract fee schedule. Once we identify these payers, we will use this software to aid in negotiating with payers to capture the revenue your practice should be earning. We also assist practices with insurance eligibility and patient estimates at the time of service.
Whether your practice is looking to expand geographically or looking to increase the daily number of patient visits, we will develop a customized strategy and perform the financial analysis to help you achieve your goal.
We identify instances in which your charge price falls below your contracted rates and eliminate those going forward. Through this methodology, prices are optimized based highest rate to remove the chance of underpayment. As a result, this process eliminates the massive discrepancy between gross and net revenue, and it decreases the number of write-offs and drastic contractual adjustments.
MEDICAL PRACTICE STRATEGIC PLANNING
“Hope” is not a strategy. A windfall will not fall in your lap simply from working harder. It is critical for independent physician-owned medical practices to develop a disciplined strategy to ensure the survival of their practice. We will conceptualize the longer-term vision of your private practice and develop a strategy that will better position the practice to remain guided towards your vision.
PHYSICIAN LEADERSHIP & MANAGEMENT COACHING
For a private practice to maximize the potential of its staff, it is imperative that the staff is led by strong leaders. We will assist in the following:
- Develop a more effective leadership style
- Deal with conflicts and learn conflict-management skills
- Manage “difficult” people
- Enhance presentation and networking skills
- Learn how to have critical conversations
- Strengthen self-confidence, assertiveness, and well-being
- Develop “superstar” employees
PATIENT WORKFLOW & SCHEDULE OPTIMIZATION
Do you find yourself idle for periods of time during your day? If so, there is likely a governor within your workflow that is preventing your practice’s profitability from reaching its maximum potential. We will identify any and all inefficiencies within your patient workflow and scheduling protocol. Once these inefficiencies are identified, we will implement solutions to afford your practice the ability to see more patients on a daily basis and improve the overall patient experience from visiting your office.
The value of your medical practice directly correlates to how well your practice operates. Most medical practices rely on people to fulfill the countless responsibilities of the organization. This issue is that managing each employee within an organization is a challenging task. There are too many employees with too many views on how to perform essential responsibilities. Instead, we advocate for developing clearly defined processes for every function of your organization. The focus then shifts to managing systems, in which employees work within, rather than employees. As a result, physicians can effectively delegate administrative tasks they previously performed, and your medical practice consistently delivers an excellent patient experience.
It is 4x more expensive to collect from patients than payers! Reduce the cost of collecting from patients through our Patient Cost Estimate software. By providing a patient with their out-of-pocket liability in advance, your practice will reduce the amount of time it takes to collect from patients, reduce bad debt, and improve the overall patient experience.
By using your 835-remittance data, your fee schedules, and payer rules, our Underpayment Detection software will detect instances where your practice was not paid correctly in real-time. As underpayments are detected, we provide a process to identify at scale and resolve payment inaccuracies that boost your bottom line. Stop letting insurers underpay your practice!
PHYSICIAN EXIT STRATEGIES
When you retire, will your medical practice close its doors as well? Or is there a strategy in place to preserve the organization that you founded? Many of our clients express that they do not know what will happen to their organization once they retire. They simply hope that the savings accumulated over their career with the organization will provide an adequate amount of assets in retirement to service their spending needs. Unfortunately, this presents the risk of a lot of guess work and leaning on your financial adviser to ensure that your retirement is properly funded. At Great Lakes Advisory, we prefer to take a more methodical approach. We offer unique insight due to our investment background coupled with medical practice management experience to develop a strategy that will provide more financial flexibility for you and your family in retirement and is aligned with your vision for the organization.
PRACTICE EMPLOYEE GOAL SETTING & PRACTICE MORALE
From our experience, we have found that practice employees display a stronger work ethic when they work towards goals. In turn, these goals hold employees accountable when they fall short of said goals and provide incentives when goals are met or exceeded. We will help your practice establish goals for each of your employees so that their interests are better aligned with the practice. In addition to setting goals for each employee, we will implement techniques that will create a positive workplace culture. Positive workplace culture attracts talent, drives engagement, impacts happiness and satisfaction, affects performance, and improves practice morale.
CUSTOMIZED PRACTICE SOLUTIONS
Is your practice’s problem not neatly categorized into any of the services listed here? You are not alone. Your practice is unique, and the solution to your needs requires a customized approach. Contact us today to tell us about the problem your practice is currently experiencing.
PRICING for Medical practice management consulting
Pricing is dynamic and determined on a contract-by-contract basis. The cost of the project is transparent and known prior to initiation of our services. We do not believe in add-on or hidden fees. The price stated within our service agreement will not change, and our engagement will not be complete until the services we agreed to perform are delivered. Our fee represents our contribution to your practice with a dramatic return on investment for you and an equitable compensation for our firm. If we are unable to confidently offer a solution that provides a material benefit for your practice after our fee, we will respectfully decline the engagement.