Is it time for your practice to get a checkup?
A comprehensive practice analysis provides valuable insight into your business; it’s basically the equivalent of a full history and physical performed by a physician. A team of medical management experts will examine and assess all aspects of your business and give you an objective look at how healthy your practice is.
In-depth Practice Analysis
If you are not quite sure of where you stand on important compliance and regulatory issues, are worried that your billing practices are not as efficient as they could be or concerned about the profitability of your contracts, an in-depth analysis can help. A full assessment of your practice should include:
- Risk Assessment: Are you inadvertently exposing your practice to too many potential liabilities? A practice analysis can help assess both your level of compliance to state and government regulations and ensure that you carry the right types of liability and insurance coverage. A true assessment of your risk can help you take action and prevent problems before they turn into costly liabilities.
- Accounts Receivable and Billing: You’re seeing plenty of patients, but if there are flaws in your billing, receivable or collections systems, you’re not bringing in as much money as you could be. An analysis can help shed light on any problem areas and allow you to improve your net income without increasing your workload.
- Cost and Fee Structure: Are charging enough – and are you actually realizing a profit? Do you know which of the services you offer are the most profitable – and can they be scaled or converted to further improve your bottom line? A look at what you are charging and where your most profitable areas are can help you strategize for the future. We can also help you implement ancillary services that may complement the services your are currently offering.
- Human Resources and Time Management: Are you paying your staff the correct amount, and do you have enough staff members for optimal productivity and efficiency? Are you losing money because of office redundancies or efficiency issues? An objective third party may be better able to point out potential issues and savings, by helping you create and implement better processes.
- Fraud Detection: Medical billing fraud, Medicare fraud and embezzlement do happen in even small, local practices. The toll these crimes take on your morale, your wallet and your reputation can crush your practice.
Comprehensive Practice Analysis
A complete review of your practice by a skilled and knowledgeable third party allows you to discover a variety of in-depth insights that might otherwise be overlooked. It can be difficult to take a broad view of your practice when you are immersed in the day to day operations of a busy and successful office.
The CoreMD Partners team combines medical and healthcare business experience with a vast knowledge of the latest Medicare, ACA and OSHA regulations to ensure that you are operating as efficiently and profitably as possible.
If you are concerned about how well your office is doing, worried about the future or simply need help determining the correct path, a full practice analysis can help. Contact us to set up a consultation and learn how our expert team can help you gain insight into your practice and business; we’re here to make sure your efforts succeed and that you are getting the best possible return on your investment.