We Reengineer Operations To Maximize Efficiency
Our process consists of four distinct phases: Discovery, Planning, Marketing, and Closing. Each of these phases are built around 5 fundamental questions:
- What are your goals and objectives?
- What strategy will best meet those needs?
- What recommendations fit the defined strategy?
- How are those recommendations best implemented? and
- How is the implemented strategy working for the defined goals?
Comprehensive Practice Audit. Our practice management consultants work with you to identify opportunities to control costs, protect income, preserve your patient base and increase physician productivity. Since 2002, we have worked exclusively with endovascular & interventional practices nationwide. We have established in excess of 176 practices from start-up and consulted with close to 600 practices. Our experience brings a comprehensive range of services to help providers become productive as quickly and inexpensively as possible.
Competitive Analysis. The most important thing we have noticed working with endovascular and interventional practices since 2002 is that every physician is unique in his or her goals, marketplace, budget, personality, interests, etc. The bottom line is that each practice needs a customized marketing approach that is tailored to the interests and goals of the physician (or group practice). A “one-size-fits-all” approach doesn’t work.
Before you create a marketing plan, you need to take a look at your competitors. Twice a year, we will work with a practice designee and work through a SWOT analysis of your market and your competitors. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. A periodic evaluation of your internal and external environment is an important part of the strategic planning process.
Strengths and Weaknesses are the internal evaluation components of the SWOT. Opportunities and Threats comprise the external evaluation. One of the more interesting definitions of marketing is that "Marketing is the process by which resources are brought to bear against opportunities and threats." In order to determine which resource(s) you can bring to bear against opportunities and threats, you have to understand your strengths and weaknesses.
We will review your current and prior marketing programs (print materials, direct mail pieces, # of patient inquiries generated, # of patient conversions, review your market demographics, research your competitors, evaluate media options, investigate your visibility on search engines and analyze your current physician referral patterns).
A marketing plan for a vein practice is a strategy that is designed to facilitate the achievement of specific growth goals. It is not simply scheduling an occasional free vein screening or patient event. It is an overall strategy that encompasses advertising, media relations / PR, physician referrals, patient referrals, as well as planned community events to create practice exposure.
We Work To Improve Your Productivity. What are the most effective approaches to building your patient base, adding colleagues, developing group practice governance, and selling or acquiring practices?
Staffing. Personnel represents a practice’s single highest expense. We will perform a staffing analysis to identify staffing requirements; develop personnel policies & motivational programs; and establish staff wage scales to maintain cost-effective staffing levels. We can develop results-oriented position descriptions and personnel evaluations. We can even review your compliance within regulatory areas of personnel management.
Practice Development. Our conservative, yet contemporary approach helps you professionally heighten awareness of your practice, improve patient satisfaction and increase market share. We routinely work with clients to develop and implement strategic action plans to evaluate the feasibility of additional satellite offices.
Developing Group Practice Governance. Within the practice, decisions should result from an efficient process that gives responsibility and accountability to the most appropriate people. To establish this organization, we evaluate abilities and interests. Then we identify team leaders that not only capitalize on individual skills, but also create a cohesive group.
Income Distribution. With the changes in insurance reimbursement, fair distribution of earnings among physicians can be critical to productivity. We design equitable compensation plans that maintain – and often improve – professional relations.
Physician Buy-Ins & Outs. If you’re adding a colleague, we will help you negotiate employment agreements and develop letters of intent for prospective physicians. We also can assist in structuring practice buy-outs.
Transaction Advisory Services. While the flurry of mergers and acquisitions within the endovascular and interventional space has created a climate of consolidation, many independent medical practices don’t possess the experience or competencies to complete these transactions on their own. Our transaction team has the depth of experience that allows us to clearly define strategic objectives, conduct financial impact and contract analyses, and negotiate successful agreements.
Selling a medical practice is a complex and specialized task and possibly one of the most important decisions of your life. Establishing a proper price, marketing the practice for sale, helping find qualified buyers, negotiating leases and finance, are just a few areas of expertise that we offer. There is a great deal of preparation and evaluation that must take place before an actual medical practice acquisition or merger can take place.
We are intimately familiar with the day-to-day challenges presented by different types of transactions and the unique issues associated with those involving clinical subspecialties. Our start-to-finish range of services guide and support you and your organization through every stage of the process.
The first step of any transition is often the most difficult. For Buyers, that's finding the right opportunity and for Sellers, it’s finding the right fit. One of the secrets to selling a medical practice is to have the owner of the practice keep their focus on its operation and have it continue at its optimum level, so it generates historically consistent or increased revenue and EBITDA.
Selling a medical practice is a big step. It signals a transition from one stage of your career to the next. Whether that means retirement, relocation, a refocusing of services, or simply reaping the benefits of a well-placed investment, we have developed a strategic plan to help facilitate the best transition.