Medical Practice Assessment

Medical Practice Assessment

While physicians are working long hours and experiencing high stress levels, most medical practices we see perform significantly below their potential. Some physicians are earning half their potential income. If you find yourself overwhelmed keeping up with reimbursement requirements, compliance updates, and staff challenges while delivering quality care to patients, your medical practice may be due for an evaluation.

A practice assessment is DoctorsManagement’s way of taking a “snapshot” of your financial and operational standing and assists us in identifying ways to improve productivity, reduce patient wait times, increase patient satisfaction, and more. We oversee finance, operations, growth, and marketing strategies to help pinpoint where your medical practice can improve.

Finance and operations assessments include:

  • Business re-structuring
  • Financials and relative performance (e.g., benchmarking)
  • HR management and staffing considerations
  • OSHA, HIPAA, and regulatory compliance
  • Coding and documentation review

In the field of growth and marketing, we will evaluate your current:

  • Scheduling and patient flow
  • Operational best practices
  • Non-physician providers and extenders
  • Ancillary service opportunities
  • Marketing strategies

a recent survey of our private practice clients revealed the following statistics

What to Expect From a Practice Assessment With DoctorsManagement

Some physicians reach out to us with a previous understanding of where a trouble area lies, and some are completely in the dark. A practice assessment from DoctorsManagement is completely customizable to target the whole scope of your practice or hit a specific area.

As part of the practice assessment, we can:

  • Review financial and operational data from your practice.
  • Compare revenue, overhead, reimbursement, and productivity to others in your specialty.
  • Provide a specialist to examine OSHA, HIPAA, and regulatory compliance.
  • Provide a compliance expert to review your coding and documentation.
  • Analyze and assess your management and organizational chart and give feedback on HR and staffing considerations.
  • Provide insight on scheduling and patient flow, operational best practices, non-physician providers and extenders, ancillary service opportunities, and marketing for your practice.
  • Spend scheduled days onsite at your practice meeting and interviewing your staff and reviewing the medical facilities to give us a view into the overall culture.

Following the practice assessment, we will present providers with a practice-customized short- and long-term strategic plan. This plan is delivered during a formal presentation of findings and recommended action items at the conclusion of the assessment to key stakeholders. We commit to working with you and your team on implementing our findings, correcting deficiencies, and setting practice operations and financial goals. The initial plan is the starting point for constantly going through a “Plan, Do, Check, Act” cycle (PDCA). 

Advantages of Medical Practice Evaluations

The positive financial impact of performing the practice assessment has historically resulted in an increase in revenue (or cost savings) of three to five times the assessment fee. Additionally, it can help you gain:

  • A clear “snapshot” of your financial standing
  • Insight on how to increase productivity and reduce the feeling of “physician burnout”
  • New ideas to turn frustrated employees into staff who are excited about coming to work every day
  • Patient flow techniques that can decrease patient wait times and increase patient satisfaction
  • A better understanding of how and when you can retire
  • Ways to enjoy time away without being stressed about what’s going on back at the office

Who Can Benefit From a Practice Assessment?

In our experience, we have helped several physicians in various healthcare specialties strengthen their practice. Physicians or medical practices who need assistance with the following can benefit from our services:

  • Finding revenue leaks
  • Adding ancillary services or non-physician providers
  • Maintaining high accounts receivable
  • Evaluating billing and coding quality
  • Educating with OSHA, HIPAA, or CLIA laboratory compliance
  • Overturning an OIG or commercial payer demand letter
  • Discovering a qualified practice manager replacement
  • Purchasing a practice
  • Bringing on a new partner
  • Transitioning a retired partner

Our Clients’ Extraordinary Results

No matter why they contacted us, DoctorsManagement clients that followed the recommendations of a practice assessment* experienced astounding results. Through the guidance of their consultant, these practices are also prepped to weather unforeseen storms.

Some notable statistics include:

  • 95% of all owners saw an increase in earnings
  • Income per owner increased by $320,000
  • Owner income is 66% higher than MGMA averages for their specialty
  • Reduced patient wait times and increased patient satisfaction ratings

Why Choose the DoctorsManagement Experts?

The team at DoctorsManagement is dedicated to simplifying medicine so healthcare professionals can focus on what they do best — helping patients and growing their practice. As a full-service consulting firm, we will use our medical practice risk assessment to pinpoint problem areas and help develop practical solutions.

At our core, we value:

  • Exceptional performance: Each of our team members is highly skilled in what they do, all contributing to strengthening our company so we can help grow yours.
  • Guided growth: DoctorsManagement strives to challenge ourselves and our clients to exceed industry standards.
  • Actionable accountability: We do everything for a reason, keeping each other accountable with measurable goals.

Reach out to Us Today

We could make a good team. Let us help eliminate stressors and encourage employee productivity in your medical practice. Please connect with us today to begin your practice assessment. By doing so, you will be one step closer to success.

Call Us (800) 635-4040