October 19, 2023
Can Hiring a Medical Practice Management Consultant Be a Game Changer? Yes and No
Medical practices today face a number of challenges, including increasing competition, complex regulatory requirements, and rising costs. To thrive in this challenging environment, independent practices need to be well-managed and efficient. A healthcare business consultant can help medical practices achieve their goals by providing expert advice and guidance on a variety of business matters.
Many medical practice owners and managers are hesitant to work with healthcare business consultants because of the cost. However, it is important to remember that a good consultant can save you a lot of money in the long run. By helping you improve your practice’s financial performance, operational efficiency, and regulatory compliance, a consultant can help you avoid costly mistakes and maximize your profits.
The return on investment (ROI) of working with a DoctorsManagement healthcare business consultant can be significant. Groups that have engaged DM for monthly consulting services for 3 plus years have all experienced an increase in earnings, with average owner income doubling in three years and owner income being (on average) 66% or $240,000 higher than their MGMA specialty averages. In addition to financial benefits, working with a consultant can also give you peace of mind and more time to focus on your patients and family.
Alternatively, choosing the wrong practice management consultant can be a costly and frustrating exercise. Many consultants or firms are specialized, focusing primarily on accounting, or perhaps just assessing the independent practice and giving feedback but not actually partnering long-term to implement best practices. Private equity groups take over the practice and primarily look at cutting costs or consolidating services and do not often look at the root issues. Finally, if you don’t have a good rapport or relationship with the consultant, you may not get the results you want; you should feel empowered and confident in the person and in the services being provided. If you’re not sure what type of healthcare consultant is best for you and your unique practice, contact DoctorsManagement, and we will help you figure it out and partner you with the right person.
Here are some of the key benefits that medical practices can gain from an ongoing relationship with a healthcare business consultant:
- Improved financial performance: Healthcare business consultants can help medical practices improve their financial performance by developing and implementing strategies to increase revenue, reduce costs, and manage cash flow. They can also help medical practices navigate the complex world of healthcare reimbursement and ensure that they are getting paid fairly for their services. To do both things well requires intelligent goal setting and tracking of key performance indicators. An experienced healthcare consultant, like the ones at DoctorsManagement, can assist in analyzing financial performance, setting SMART goals, and tracking progress through consistent metrics.
- Enhanced operational efficiency: Healthcare business consultants can help independent practices streamline their operations and improve efficiency. This can lead to reduced costs, improved patient satisfaction, and increased staff productivity. The team at DoctorsManagement will give honest feedback on your healthcare practice’s performance through a practice assessment and then work with you and your team on creating tailored policies and procedures to increase operational efficiency, from check-in to check-out. We implement a 90-day plan with attainable goals and clear direction of how the goals will be measured and met.
- Reduced regulatory risk: The DoctorsManagement compliance consulting team can help medical practices stay up to date on the latest regulatory requirements and ensure that they are in compliance with all applicable laws and regulations. This can help medical practices avoid costly fines and penalties.
- Improved patient care: By helping medical practices improve their financial performance, operational efficiency, and regulatory compliance, a healthcare business consultant can indirectly help your medical practice improve its patient care. When private practices are running smoothly and efficiently, with strong healthcare providers and staff engagement, they are better able to focus on providing high-quality care to their patients.
In addition to these general benefits, a DoctorsManagement consultant can also provide specialized expertise in a variety of areas, such as:
- Revenue cycle management: We can help medical practices improve their revenue cycle by streamlining their medical billing and collections processes. This can lead to faster and more accurate reimbursement, improved cash flow, and reduced write-offs.
- Strategic planning: How can you know where you’re going and how to get there without a long-term plan? The DoctorsManagement team can help healthcare practices develop and implement strategic plans to achieve their goals by setting 10 year, 3-year, 1-year, and short-term objectives. This may include developing new service lines, expanding into new markets, or improving patient satisfaction.
- Policies and procedures: Without written best physician practices, your medical staff won’t be working up to their full potential. An expert consultant can help identify the inefficiencies in your medical group and work with your staff to implement the best practices and policies and procedures needed to do the right thing every time.
How to Find a Healthcare Business Consultant
When choosing a healthcare business consultant, it is important to find one who has experience working with medical practices of your size and specialty. You should also make sure that the consultant has a good understanding of the latest trends and challenges in the healthcare industry.
To find a healthcare business consultant, you can ask for referrals from other physician practices in your area. You can also search online directories of healthcare consultants. Once you have identified a few potential consultants, be sure to interview them to learn more about their experience and qualifications.
How to Build an Ongoing Relationship with a Healthcare Business Consultant
The best way to get the most out of your relationship with a healthcare business consultant is to develop an ongoing partnership. This means meeting with the consultant on a regular basis to discuss your practice’s goals and challenges. The consultant can then provide you with advice and guidance on how to achieve your goals and overcome your challenges.
Here are some tips for building an ongoing relationship with a healthcare business consultant:
- Be open and honest with the consultant about your practice’s goals and challenges. The more the consultant knows about your healthcare practice, the better they will be able to help you.
- Be willing to implement the consultant’s recommendations. The consultant is there to help you improve your independent practice, so be willing to make changes based on their advice.
- Meet with the consultant on a regular basis to discuss your progress and get feedback. This will help you stay on track and achieve your goals. At DoctorsManagement, we meet with our physician practices on a consistent basis, preferably on the same day and time each month, to actively work on solving issues in the business.
An ongoing relationship with a healthcare business consultant can be a valuable asset for medical practices of all sizes. By providing expert advice and guidance, healthcare business consultants can help healthcare practices improve their financial performance, operational efficiency, regulatory compliance, and patient care.
If you are looking for ways to improve your medical practice, consider developing an ongoing relationship with a healthcare business consultant. It is an investment that is well worth the cost.
For guidance on these areas or other matters related to the healthcare industry, our consultants and specialists are available to assist. Contact Jesse Overbay via email at [email protected], call 800-635-4040, or visit our website at www.doctorsmanagement.com to learn more. You may also enjoy: “Make the Most of Your Consultation”
Jesse D. Overbay, JD, Associate Director, General Counsel
Founded in 1956, DoctorsManagement, a full-service healthcare consulting firm, helps practices of all sizes reduce compliance risks, increase practice profits, improve patient satisfaction and employee morale as well as reduce stress for physicians, managers, and staff. The firm uses strategies that have been proven over five decades of experience and gives clients access to a team of nationally recognized industry experts in practically every area of medical practice management, including compliance, healthcare analytics, coding, auditing, financial services, patient retention, human resources, and more.