Consulting
The financial management of a medical practice comes down to two basic principles: maximizing revenue and minimizing low value costs.
It sounds simple enough. Yet busy clinicians don't always have the time or the training to develop and implement a business strategy that addresses both essential components.
MedOptima offers comprehensive consulting services for small, mid-sized, and large physician practices. Through a careful analysis of your practice, we can help you optimize financial performance by eliminating revenue "leaks" such as poor coding and documentation, poor billing, and poor payer contract monitoring and management. We also provide strategies for establishing seamless billing practices that may include developing documentation templates or automating key office functions like electronic medical records and electronic billing and remittance, benchmarking billing performance, and monitoring payer performance. During the consulting engagement, we also will identify opportunities for expanded growth.
Current issues such as healthcare reform and the federal HITECH Act also create opportunities physicians should know how to leverage. MedOptima's insight into these complex, ever-changing issues ensures you stay ahead of, rather than behind, issues that have the potential to revolutionize the practice of medicine.
Once your practice has a strategy in place, MedOptima can help in one of two ways: we can implement the strategy for you or provide important benchmarking at critical milestones should you choose to self-implement. Working with MedOptima to develop a strategic roadmap with specific goals and objectives for your practice is critical to optimizing the business of medicine.
Consulting is a solution that starts with a conversation. Let's talk.
Learn more about Consulting (.pdf)
Better Business Practices Means Better Income for Your Practice
If you think the only way to grow your practice's income is to add to your caseload, think again. Many times, simple changes to how the practice operates and conducts business will lead to significant gains in income. As part of its consulting engagements, MedOptima works with physicians to identify income-enhancing opportunities. These can include:
- Creating compensation packages which foster improved operational and financial performance for the practice
- Reducing cost structure
- Renegotiating hospital contracts
- Identifying a new medical malpractice insurance carrier
- Creating new employee compensation and benefits plans
- Developing new physician and staff recruiting and retention strategies
- Benchmarking and improving coding and documentation
- Improving billing process efficiency and effectiveness
- Reducing days in accounts receivable
- Identifying potential new revenue and profit centers
- Benchmarking billing performance and identifying opportunities for improvement
Excellent clinical care isn't enough to sustain a medical practice in today's environment. Implementing best business practices, with the help of MedOptima, means better income and financial stability.
