Practice Management

/Practice Management
Practice Management 2018-03-05T03:18:21+00:00

Medical Practice Consulting & Practice Management Services


The Brake Group provides full service practice management services on a part-time, full-time, or interim basis to enhance the financial and operational success of current practices with a more comprehensive set of services for start-up practices. We can be involved in assisting practices during times of growth or instability or we can provide ongoing services as needed. Often, the cost of our services is far more economical than hiring a full-time Practice Manager.

While we pride ourselves in being able to offer support and expertise in all areas of practice management, the following are our most common services:

Changes in Ownership

• Bridging the gap in operations when a practice is being sold and/or there is a transition with new physicians or owners
• Evaluating Mergers & Acquisitions to respond to market growth or consolidation (e.g. a national dermatology group comes into town and
is buying up dermatology practices either one at a time or several at a time to gain market share)
• Developing joint venture relationships with hospitals or other providers

Operational Management

• Evaluating a wide variety of productivity measures to assess efficiency and effectiveness
• Marketing, web development, and SEO: evaluating cost effective ways to reach the ideal patient population
• Representing the practice in relationships with other: providers, health care organizations, and governmental agencies
• Appraising office location(s) to ensure optimal patient traffic and/or demand for adding new locations

Financial Management

• Conducting a financial analysis: reviewing current financial statements compared to prior months and years
• Forecasting to determine what additional enhancements could be made to increase financial performance
• Creating business plans with step-by-step actions to move the practice from its current performance to future planned performance.

Work Flow and HR Management

• Labor law compliance
• OSHA compliance
• Workforce planning and scheduling
• Recruitment & retention
• Updating job descriptions
• Comparing the current staff and pay scale with changes in market compensation
• Evaluating MD base and incentive compensation compared with industry surveys and resources to evaluate market competitiveness
• Negotiating/bidding on and updating benefit plans each year
• Employee evaluations & performance appraisals
• Ongoing training (including tracking MD continuing education requirements), promoting talent, and mentoring/coaching leaders, cross-
training to ensure practice continuity (if staff go out sick or resign unexpectedly)
• Employee morale: designing incentives and recognition programs to encourage a positive work environment
• Updating policies and procedures

Strategic Planning

• Evaluating short-term and long-term goals compared to market data to create one-year, five-year, and sometimes a ten-year strategic plan
with regular updates
• Implementing industry best practices and robust quality assurance programs

Contracting

• Developing a fee schedule
• Negotiating managed care reimbursement and yearly updates
• Negotiating third party payor agreements
• Developing IT support contracts or vendor agreements
• Negotiating practice liability insurance for the practice and its providers

Organizational Structure

• Ensuring the organizational minutes and agendas been completed, filed, and saved
• Verifying the correct state filings been made and the corporate bylaws are being followed
• Evaluating whether the Operating Agreement in place is being followed and still relevant
• Physician Recruitment: staying ahead of the practice’s needs so that there is adequate time to recruit new providers with a focus on
finding that “right fit” with only highly desirable candidates
• Credentialing and re-credentialing providers, including licensing

Revenue Cycle Management

• Improving the timeliness and accuracy of collecting receivables
• A/R: evaluating processes for opportunities for improvement or ways to streamline payment systems while minimizing account delinquencies.

Information Management

• EHR: evaluating proper utilization of documentation and coding accuracy to determine efficiency and compliance
• Identifying opportunities to decrease the amount of time from sending payment notifications to receiving those payments.
• IT training, developing custom interfaces, and auditing of appropriate access of electronic records

Compliance

• Identifying compliance criteria to ensure attainment of Medicare and Medicaid incentive payments.
• Meaningful Use, PQRS, MACRA, MIPs, etc.
• Ensuring implementation of a Affordable Care Act compliant medical practice compliance program
• Verifying the compliance program addresses CMS Billing and Reimbursement, OSHA compliance, state compliance (including state agency rules
and regulations), CLIA compliance (if applicable), HIPAA/HITECH compliance, etc.
• Evaluating the plan to resolve, if any, improper payments, fraud and abuse, or other potential liabilities
• Ensuring the compliance plan includes:
• Written policies and procedures to address compliance, appointing an individual to serve as the compliance officer who will be
accountable for monitoring compliance efforts and enforcing practice standards
• Reporting systems to encourage reporting without fear of retaliation
• Formal training for all levels of employees
• Ongoing auditing and monitoring of systems and processes compliance
• Disciplinary measures for failure to comply
• Corrective action plans to be conducted in response to potential violations.

PRACTICE MANAGEMENT THAT WILL LET YOU DEVOTE MORE TIME TO YOUR PATIENTS

LET US HANDLE THE DETAILS!

 

Free Consultation

602.737.1755