Practice Management & Oversight
Our practice management consultants work with you to identify opportunities to control costs, protect income, preserve your patient base and increase physician productivity. We strive to help providers become productive as quickly and inexpensively as possible.
Our staff has expertise in reimbursement (fee schedules, charges, billing), recruitment (professional and executive), utilization review, budgeting, collections, medical records, coding, and other management and operational activities.
- Cost Accounting Implementation
- Payroll / Accounts Payable
- Insurance Analysis
- Employee Benefits Review
- Fee Schedule Development & Management
- Reimbursement Management
- Personnel Management
- Development /implementation of employee wage scales
- Development of employee job descriptions
- Development of Employee Handbook
- Employee recruitment & retention activities
- Accounts Receivable Oversight
Practice Administration / Management Oversight
Physician practices require sound management oversight and accountability of staff to operations. MDmanagement provides multiple levels of on-site Practice Management Oversight based on each practice’s unique needs.
Staff Development & HR Management (Personnel Management)
Personnel costs can represent the practice’s single highest expense and the greatest factor for practice management success. We review current management and reporting operations, perform task analyses to gauge workflow, division of responsibility and then match tasks to staffing requirements. We can develop personnel policies, educational programs, task-oriented position descriptions, evaluations and establish salary and productivity ranges.
Policies and Procedures / Accountability Controls
Lack of documented policies and procedures linked to staff responsibility and accountability forces staff to ‘rule by exception,’ creating data quality and compliance headaches. To strengthen operations and compliance, we review, develop and refine financial and operational policies and procedures, and establish measures to monitor operational performance.
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.
Most medical practices do not have the time or resources to review contracts in detail, compile and analyze meaningful performance data, and monitor their financial impact.
This could cause significant losses due to untimely claim submissions and appeals, increased work for staff and automatic renewal of unprofitable contracts.
In today’s healthcare environment, the average medical practice signs numerous contracts with managed care organizations and insurers. Many of these contracts contain provisions that hamper a practice’s ability to obtain adequate reimbursement, unduly restrict billing and appeal time frames, allow unnamed, non-contracting organizations to discount reimbursements to your practice, and expose your practice to unnecessary liability and loss.
MDmanagement will gather, review and summarize core contract and performance information for each payer and insurance product. The contract information will be prepared and presented in a summary matrix format for your quick reference, and a separate, more comprehensive summary will be prepared for each payer. MDmanagement will update all pertinent contract information quarterly to ensure all key staff members are working with the latest information. MDmanagement can also provide expert consultation about contract modifications, negotiation strategies and other contract issues.