Operating a medical practice is more than just practicing medicine.
Whether you’re a veteran physician with an established practice, or a novice practitioner branching out for the first time, the business side of your medical office can be overwhelming. You have two full time jobs…business owner and doctor.
You don’t have to do it alone.
Medical practice management consulting helps independent practices achieve their goals without sacrificing patient care quality. They guide you through the business side of practicing medicine.
Here are 5 benefits you can expect from a practice management consultant:
1. Improve Practice Efficiency
Efficiency problems interrupt office flow and could hamper revenue. Left unaddressed, these issues inhibit the success of the practice.
Identify and eliminate hang-ups before they become a bigger problem by collaborating with a practice management consultant.
Having an outside perspective from consultants who are attuned to common efficiency obstacles could help identify issues related to:
- Unclear Office Procedures
- Ineffective Technology Integration
- Poor Patient Flow Structures
- Ineffective Scheduling
By identifying efficiency pitfalls, practice management consultants can outline a clear efficiency optimization plan to improve office systems and the flow of information.
Efficiency drives revenues + Revenue drives growth. You pay for your consultant, yes, but the value in time saved does not translate to dollars the way providing medical services does, so it is easy to lose visibility into the benefit. Think about the value of your time or your employees and calculate out time saved. Time = Money.
2. Optimize Account Receivables and Cash Flow
In an industry with high costs and patient needs, collecting money isn’t always easy. Many practices avoid “collections culture” because it doesn’t fit with their vision for a calming and caring environment.
But to continue helping patients, practices must collect money owed. Without this money, a physician cannot pay staff members and contractors, order necessary medical supplies, and make rent / lease payments.
Improve accounts receivable and cash flow with in-depth diagnostics and reports. Experienced practice management consulting companies know common A/R problems and issues that plague medical offices. They provide detailed plans of action and assist account follow up. Some typical steps include:
- Collect Payments In-Office
- Verify Insurance Eligibility
- Examine Write-Offs
- Increase Billing Cycles
- Outstanding Account Follow-Up
3. Hire Quality Staff Members
Hiring staff is extremely time consuming. Searching for ideal candidates and conducting countless interviews leaves little time for treating patients. And even after making a hire, there’s no guarantee of a perfect fit.
Consultants help practices find quality staff members. With extensive hiring experience in the medical field, they know the right questions to ask and places to look for the best candidates.
While your consulting team scours the internet for potential hires, your office can function normally and focus on treating patients.
All you have to do is provide a description of the perfect fit (qualities and requirements) and a practice management consultant will provide a list of eligible applicants. They would handle the entire hiring process including:
- Constructing Job Descriptions
- Posting Jobs Everywhere
- Gathering Possible Candidates
- Conducting Interviews
4. Manage HR Issues
As your office grows and more people join your team, HR becomes increasingly important. Without an effective process, interpersonal disputes and confusion threaten office productivity.
A successful HR strategy will pinpoint solutions that improve efficiency and save long-term costs.
A staff functioning at a higher level will increase productivity, employee satisfaction, and your bottom line.
Practice management consultants typically address issues such as:
- Ineffective Office Communication
- Disorganized Staff Meetings
- Confusing Employee Expectations
- Poor Employee Retention Rate
- Slipping Employee Performance
5. Negotiate Better Vendor Contracts
Medical practices rely on vendors (software providers, supplies companies, and credit card processing services) to carry out day to day administrative tasks. Managing and negotiating these contracts alone can be a full-time job. Treating patients at the same time is not easy.
Practice management consultants possess an unparalleled knowledge of the medical industry - and all of its vendors. They can separate good from unethical vendors and present the most cost-effective options.
A practice management consultant optimizes and monitors vendor contracts using such steps as:
- Identify Practice-Specific Needs
- Compare Costs Between Vendors
- Ensure Vendors Adhere To Agreement
- Verify Vendor’s Credentials
Hire A Practice Management Consultant For Your Practice
Whether you’re struggling to keep up with vendor contracts, running an inefficient office, or struggling with the books, your practice benefits from hiring a practice management consultant.
Streamline your office, improve patient flow, and eliminate inefficiency today.