Ongoing Practice Management Services
- Monthly operations report (Practical summaries on the
status of the practice such as gross billings, collections, patients
visits, accounts receivable, etc.)
- Monthly on site consult with the physician to:
- Implement the business plan
with the physician’s approval
- Review clinical procedures
to assure regulatory compliance
- Monitor the operations
report and make recommendations
- Monitor the financial system
with emphasis on internal controls for managing accounts payable, cash
flow and cash receipts control
- Monitor the billing and
collection policy: provide training and personnel evaluations and
operations management
- Monitor and implement
financial management plan of practice
- Off site services will include:
- Data analysis by specialists
in: marketing, finance, reimbursement, coding records administration,
hospital relations, systems, personnel management, and clinical
procedures
- Data acquisition
- Personnel search and
screening
- Personnel training workshops
- Equipment purchase
evaluation and negotiations
- Other services as requested
- Conduct an analysis of the
following to arrive at a fair market value of the medical practice:
Review all charge, adjustment and payment information, by payor
- Review accounts receivable
data
- Analyze all managed care
contracts
- Analyze financial statements
and related ledgers
- Establish physician-related
expenses
- Review of practice procedure
analysis
- Analyze lease agreements
- Review office procedures
- Assess clinical position of
the practice
- Review appropriateness of
coding
- Review practice's patient mix
and volume
- Review practice's
depreciation schedule
- Inventory equipment and
supplies
- Coordinate real estate
appraisal, if applicable
- Develop a ten year valuation
utilizing the discounted cash flow method based on the following:
- Projected volume, by
procedure category and payor, for each year
- Projected gross charges and
collections, by procedure category and payor
- Projected expenses related to
the volume projected for each year
- Projected capital outlay each
year based on prior years' activity and projected volumes
- Ten year cash flow statement
- Prepare a discounted accounts
receivable schedule based on the practice's collection history
- Prepare a practice operating
indicator report comparing the practice with Industry Standards
- Review the final report with
Physician
- Assist physician with
negotiations. The valuation is an important tool in determining
buy/sell agreements with future associates, retirement transition issues,
group merger decisions and offers from third parties to acquire a practice