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Interim Management

The Problem

A private plastic surgery group practice, equipped with (2) two office-based surgical suites, had been operating at a loss for three consecutive years despite having been purchased by a local hospital as an established, profitable enterprise. The office-based surgical suites were less than 50% utilized and the provider schedules were underutilized at all (3) three office locations. Additionally, the physician shareholders had taken minimal salaries from the practice over the previous year and were considering home equity loans to meet monthly obligations.

The Solution

The following initiatives were utilized to improve the financial and operational performance of the practice:

  • Provided interim CEO to train and support current management staff;
  • Restructured administrator priorities and duties to effectively oversee operations;
  • Restructured physician scheduling templates to emphasize productivity;
  • Established front and back office staff pods to bolster efficiency and communications;
  • Implemented a labor productivity management system;
  • Improved skilled labor and productivity at each position;
  • Initiated an operating expense reduction project;
  • Designed marketing approach for expansion and market segmentation; and
  • Restructured all internal systems of accounting and implemented theft prevention protocols.

The Solution

During an eighteen (18) month interim management engagement, MDmanagement achieved the following results:

  • Reduced practice debt by $460,000;
  • Brought all accounts payable vendors to current status;
  • Increased practice annualized revenue by $1,245,000; and
  • Increased patient annualized appointments by nearly 135%.
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