Physician Practices Case Study
A notable medical center in the Southeast and its largest physician practice group contacted HSMN with concerns about the financial stability of their long-term relationship and thus engaged us to conduct a comprehensive practice management analysis. We began the analysis with a thorough review of all aspects of how the practice was being managed. This review included an in-depth exploration of all coding, billing, collections and data systems, followed by a detailed evaluation of the accounting and fiscal infrastructure as well as a quality assurance appraisal of a range of services provided.
Our analyses led us directly to previously unnoticed revenue opportunities which ultimately facilitated a major improvement in the financial picture of the physician group. We then created a robust performance improvement plan and business plan clearly defining the nature of the continuing relationship between the physician practice group and hospital. The adaptation of the business plan enabled significant growth of many service lines which in turn resulted in cost reductions, improvements in revenue and eventually, a revised compensation plan. The implementation of the performance improvement plan brought about more accurate coding and billing, and improved documentation of cases. These outcomes initiated a drastic reduction of accounts receivables and bad debt, but most importantly for the duo, renewed and restored their long lasting partnership.