Case Histories

PRACTICE MANAGEMENT
A prominent medical center in the Southeast and one of its important large physician practices asked HSMN to do a comprehensive Practice Management Analysis. Both the Medical Center and Physician group were concerned about the financial stability of their long-term relationship. HSMN performed the following analysis:

• A thorough look at every aspect of how the practice was managed
• Billing, coding, collections and data systems
• Fiscal, accounting and financial planning for succession
• Quality and range of services provided
• Recruiting and staffing of practice
• Opportunities for improving Financial picture of the Physician group
• Definition of the nature of the continuing relationship between group and hospital
• A business plan
• A Performance improvement plan for the hospital for those aspects affecting the Group Practice (data transfers, etc.)

Outcomes:

• A new business plan outlining practice growth areas
• A revised compensation plan
• A renewed relationship with the hospital
• Reductions in cost, improvements to revenue based upon
  • Improvements to documentation of cases
  • More accurate coding and better billing
  • A new billing follow-up resulting in a drastic reduction of accounts receivables and bad debt
  • Installation of a new billing/registration system