If you’re busy but seem to be making less money or you are not as profitable as you think you should be, this can be due to several issues.
(If you’re not busy enough, see the marketing page)
The most obvious is over-staffing. Medical staff is expensive. If your providers are not productive or your staff is inefficient, your bottom line is going to suffer.
Sometimes it’s the payer mix. It’s difficult to know if all those patients coming in from XYZ insurance plan are profitable or are you paying them to come see you? In some cases we’ve dropped health plans and saw less patients but made more money!
I can help you figure that all out.
We start with a financial analysis where I break things down by payer and by provider to identify where you’re winning and losing.
I use national benchmarks and my 30 years of experience to determine where any of your expenses are out of line or revenues from payers are not up to snuff.
And then we tackle the more difficult job of determining if your providers, with their unique patient mix, are adding or subtracting from practice profits.
If there are operational issues we uncover during this phase, I’ll recommend I come for a site visit. Depends on your budget and if we feel there would be a good risk/reward. I’m not going to spend your money unless I know we can return value.
If this sounds like a process you may need for your practice, let’s schedule a free call to discuss in more detail.
It’s difficult to give set pricing on this. It’s not cheap, as the analytic process is time consuming and it depends on what kind of data you can provide. I will give you my “wish list” of data points you can usually get from your billing and emr systems. Not just billing, but payer contract amounts, payroll info – dollars and hours, hours of operation, patient flow information like door-to-door and door-to-provider time, total time with provider, etc.
So I usually have to do this on an hourly or monthly contract basis, and yes this will cost several thousand dollars – obviously much more if there are multiple centers, but I can confidently tell you that you will gain some valuable insights into the mechanics of your practices’ revenue dynamics. It will be very interesting.
Schedule a call with me here and we’ll work it out.