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Case Study: Performing a Practice Assessment

December 31, 2013 by HSG

Background

Over a three-week period, HSG performed a complete audit of an employed physician network consisting of over 120 providers, 90 of whom were physicians. It was operating at an annual loss of approximately $18M. Based on the assessment, the largest contributors to that loss were:

  • Low physician productivity as measured by Work RVUs (wRVUs)
  • Failure to enforce provider compensation provisions tied to production, and wide variation in provider base wages
  • Operational inefficiencies stemming from many small practices, often in adjacent locations
  • Ineffective use of technology
  • Inadequate management of the revenue cycle
  • Inability of management to meaningfully impact the issues above
  • Over-dependence on licensed nursing staff

How HSG Helped

HSG found seven opportunities to improve the bottom line performance of the network and reduce physician practice losses by an estimated $5M over two to three years:

 

Provider Productivity

$ 1.8 to $2.5M

Physician Compensation

$ 2.6M

Site Consolidation

$ 800,000+

Revenue Cycle Improvement (Collections)

Range $2 – 9M

Revenue Cycle Improvement (Chargemaster)

$ 1.2M

Nursing Staff

$ 560,000

Meaningful Use

$2.1M

 

Several major recommendations were made to reach this goal. When providing dramatic and sometimes long-term change, HSG is available to work with a client to prioritize and/or implement recommendations.

Results

Client satisfaction with the operational assessment was so high, it resulted in a request for a proposal to implement the assessment recommendations.

HSG divided the implementation process into three phases over a twelve-month engagement:

  1. Address revenue cycle issues and update the current manpower plan;
  2. Address the functional and strategic structure of the physician network, adopt needed changes to the data environment and develop solutions for the low productivity of network physicians; and
  3. Assist with the introduction of operational enhancements and monitor results.

 

Category iconCase Studies,  Performance Improvement Tag iconPerformance Improvement,  physician practice assessment,  Physician Practice Losses,  physician productivity,  revenue cycle improvement

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Neal Barker
Neal D. Barker

(502) 814-1189 nbarker@hsgadvisors.com

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