Operational Assessment and Improvement
Many medical practice office managers report that they are frustrated by never having adequate time to do an operational/financial assessment of their practices to identify and correct the problems which are negatively impacting profitability and productivity. This is because office managers are constantly attending to the daily needs of the practice, putting out fires, resolving personnel problems and dealing with physician generated issues. These activities as necessary as they are to operating a successful practice are generally not related to improving practice performance and profitability.
Our operational assessment and improvement projects are designed to provide the client with a blue print for achieving greater efficiency and profitability over the short-term and long-term. The comprehensive operational assessment and improvement project reports prepared by Marc H. Bailey & Associates assess the following twelve areas of medical practice operations:
- Profitability & Overhead Expenses
- Accounts Receivable Management
- Productivity, Capacity & Staffing
- Scheduling, Patient Access & Patient Satisfaction
- Patient Flow, Operational Efficiency & Office Organization
- Coding, Reimbursement & Medical Records
- Patient Billing, Insurance Processing & Collections
- Compliance & Risk Management
- CMS Compliance (Medicare Fraud & Abuse)
- HIPAA Compliance
- CAL/OSHA Compliance
- CLIA Compliance
- Personnel Management
- Facility & Equipment
- Information Systems
- Strategic Planning & Marketing
Our comprehensive assessment projects which evaluate all of the above-listed areas utilize a 25-page checklist containing over 450 items. However, because each medical practice is unique with different consulting needs, our assessment projects are tailored to focus on those specific areas of concern to the client. The areas of focus for each assessment project are discussed and agreed upon at the initial "courtesy" meeting with the client, prior to the development of a consulting proposal.
A practice assessment checklist tailored to the client's specific consulting needs is the primary tool utilized for assessing the operational areas included in the project. Each item on the checklist is coded as satisfactory, marginal or unsatisfactory. Items identified as marginal or unsatisfactory are further analyzed in the final report. Where applicable, the assessment checklist also includes a comparison of the practice's financial and productivity data with industry standard national and/or regional medians and "best practices" benchmarks for the client's specialty and practice size.
Using standard measures, benchmarking provides a continuous process for measuring and learning about your practice's productivity, costs, profitability and quality. Although medical practices, even those in trouble, often report the use of benchmarks, they are rarely integrated into the daily operations of the practice or used to create accountability or drive performance improvement. If practices truly wish to master their business systems, benchmarking must be used to drive performance to achieve "best practices" standards.
The MBA assessment report (report of findings and recommendations) focuses primarily on problems, deficiencies and/or concerns identified as a result of our analysis of the information provided by the practice and through direct observation by our consultant. All of the identified problems and/or deficiencies listed on the assessment checklist having a direct or indirect negative impact on practice cash flow and/or profitability are further analyzed in the report. This analysis/assessment explains how the identified problem or deficiency affects practice cash flow and/or profitability; offers recommendations for changes or improvements that should be implemented to resolve the identified problems; and discusses options on how to implement the recommended action(s).
Upon completion of the assessment and compilation of the report of findings and recommendations, an exit conference is scheduled with the client to discuss and elaborate on the final report and answer any client questions relative to the information and recommendations presented.
We have found that the assessment report is of great benefit to our clients in greatly expediting the process of identifying operational inefficiencies and problems inherent in nearly every practice, large or small, which are negatively impacting practice productivity, cash flow and profitability. The report also assists the client in prioritizing those recommended actions which will have the greatest immediate impact on improving practice performance and profitability.
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Marc H. Bailey and Associates 5013 Butterfield Court Culver City, CA 90230 Tel. 310.838.9170 firstname.lastname@example.org