Healthcare Industry Service Group
Providing health care professionals with business management resources and guidance so that you can focus on your patients and your practice.
To realize your fullest profit potential, you must begin by identifying greater efficiencies. With more than 40 years of experience serving the needs of health care professionals, we are positioned to view your practice from a unique perspective. We take a long-term, hands-on approach when developing management strategies, solving problems, and maximizing opportunities.
Specialized services for this industry include:
Physician practice assessment: Beginning with a review of current procedures, controls, and financial practices, we design more efficient and effective management procedures. We then assist you in the implementation of action plans to achieve your profit goals.
Physician compensation: We help develop a compensation allocation methodology for group medical practices to achieve equitable after-tax results for all members of the group.
Practice succession: Your practice is a valuable asset and long-term planning is critical in order to maximize its value. The specific plan may include a valuation of the practice before the admission of new associates or a search for a buyer of the practice. We are instrumental in the structure of the sale.
Insurance coding and billing: Identify practice performance problems which may be having a substantial impact on your practice's profitability. Beginning with a review of your current coding and billing procedures, we work with you to develop and implement the proper insurance coding, billing techniques, and collection procedures that safeguard against lost revenue.
Group practice evaluation: The creation of a group practice is a complex and dramatic undertaking. We help make this venture a successful one. First we assess the contributions and synergies of the individual practices. Then the design of the organizational structure and management process is presented with the establishment of reporting and performance monitoring requirements. We also present recommendations for income and expense sharing methodologies
Strategic Business Planning: Formulating a strategic business plan is essential to keeping your practice on course. We will work with you to document your short- and long- term goals and objectives, and help you determine and implement the strategies that will get you there.
New Practice Set-Up: We will help you determine which type of entity is right for you, assist you in obtaining financing, and design and implement processes and procedures that will keep your practice compliant with the most current health care practice rules and regulations.
SMF is the exclusive local member of the National CPA Health Care Advisors Association (HCAA), a network that services over 9,000 health care clients.
For more information on SMF's Healthcare Industry Service Group, contact Todd Polyniak.
