Common to most operational turnarounds, interim management engagements or employed network management contracts, is the need to perform a rigorous Practice Assessment. At Healthcare Strategy Group, we use a four-pronged approach to diagnosing your employed group’s issues before we prescribe the cure:
- Interviews with a broad base of physicians to ensure we receive perspectives from all specialties represented in the physician enterprise.
- Data Review and Benchmarking, which at a minimum include:
- Productivity Analysis of charges, adjustments and collections for each practice and provider. In addition, encounters data (office and hospital visits, consults, procedures, and surgeries) are benchmarked;
- Staffing Analysis on both an FTE and cost basis;
- Financial Analysis which examines overhead, revenue, costs and profit/loss by practice and by individual provider;
- Revenue Cycle, including summary aging, comparison of aging categories with industry benchmarks, calculation of days in accounts receivable for each practice and the practices in total, as well as an assessment of the billing staff’s competence;
- Fee Schedule Analysis to ensure the current charge master is priced appropriately, and that revenue isn’t being lost, because fees are lower than major insurance payers allow;
- Payer Mix Analysis for each practice and the system as a whole;
- Compensation Plan Analysis for all physicians and physician extenders; and
- Coding Analysis, a limited review of the Evaluation & Management coding patterns of each physician to identify those who may be coding incorrectly. For an additional fee, clients can also request a full coding review for each physician.
- Onsite Office Assessment and Process Review of each practice in the network, with emphasis on:
- Practice Space Evaluation to determine if the space maximizes productivity by examining parking, signage/brand identity, waiting room(s), lighting and signage, exam rooms, how medical records and drug samples/supplies are handled, and overall decor; and
- Internal Processes such as front desk reception, registration and check-in; scheduling; patient flow; patient check-out; charge capture and the effectiveness of billing/collection/accounts receivable staff and processes.
- System Review, which examines how the employed physician network fits in with the hospital’s/health system’s goals and objectives by assessing:
- Organizational Structure;
- Management Infrastructure;
- Reporting Capabilities and Results;
- Physician Leadership; and
- Information Technology.
Once the assessment is complete, our staff will report:
- What specific steps each practice and each individual physician can take to increase productivity and improve financial performance;
- How the revenue cycle can be managed more effectively; and
- What the physician network’s ideal management infrastructure should look like, based on the group’s size, breadth of specialties, and long-term growth plan.