To successfully navigate in today’s environment of healthcare reform, medical practices need a coherent, well thought out, and coordinated strategy. Throughout the strategy development process, MDmanagement challenges the physician(s) and management team to rethink assumptions. We focus on helping the practice develop an approach that will provide strategic advantage through differentiation in the marketplace and the crafting of a strategy that can be supported, implemented, and sustained.
The deliverables from a strategy engagement include:
- Detailed assessments of your competitors and a detailed SWAT analysis of your practice’s strengths and weaknesses
- An evaluation of potential future issues that might challenge the your medical practice
- Prioritized strategies on which the practice will focus
- Extensive financial analysis to insure that the strategy is sustainable
- Action plans defining the implementation process, accountability and timelines
Interim Practice Management
Whether you are a physician trying to manage your vein practice yourself while taking care of patients or if you have an Office Manager, a management failure can very quickly shift the practice into financial difficulty. When that happens, an interim practice manager can be of significant value.
One advantage is that your practice can increase the talent and experience level of the staff focusing on the problem. Another is that an outsider can be a more effective change agent, better able to implement needed change and make the necessary restructuring decisions.
The length of interim management engagements depends upon the level of turnaround needed. At a minimum, such engagements take 3-4 months. Interim management will conduct a detailed assessment of the situation, compare the practice to relevant benchmarks, review contractual relationships, define performance gaps, and develop action plans to guide implementation of needed improvements.
- Contractual relationships for modification
- Defined volume expectations and other performance standards for physicians
- Improvements in the revenue cycle management processes
- Changes in personnel or training to address skill deficiencies
- Changes in personnel policies
- Management structure changes
- Definition of a strategic direction for the practice
- Financial modeling of proposed changes
- Budget development
- Recruitment of a permanent practice manager
Most importantly, the interim manager can begin implementation. During the engagement period, results can be produced and the practice dynamics changed, creating an environment in which the new manager can be successful.