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Taking the fiscal pulse of your practice
What do mechanics, accountants and doctors have in common? They all see people who usually wait until they fear something is wrong. For doctors, the purpose of a practice management review is to uncover and address critical issues impacting the overall efficiency and profitability of their medical practice. It isolates and examines financial, operational, strategic, and structural strengths and weaknesses.
Performed by an accountant, this diagnostic procedure highlights opportunities for immediate improvement and creates benchmarks for measuring future performance. A practice management review touches upon all areas of the practice and includes interviewing physicians and administrators, observing practice operations, analyzing financial operations, and reviewing practice documents and reports.
One hot spot worthy of immediate attention based on the impact on the bottom line is the area of billing and collection management, including insurance verification procedures. Whose responsibility is it anyway? The painful truth is that many medical practices suffer from a critical lack of efficiency when it comes to front and back office procedures relating to billing and collection management. The source of these costly deficiencies typically is inadequate procedures and personnel training and management (stop here and “Take the Test”).
Sincerely,
Thomas Qualis
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ES
2000 Group inc target market consists of any medical practice or health care delivery unit that utilizes the HCFA-1500 format (a national standard utilized by Medicare) for submission of claims. This includes family practice, internal medicine, surgeons, psychologists, chiropractors, physical therapists, podiatrists, specialists, ambulance services, medical laboratories, etc.
New practices are particularly appealing as ES 2000 Group Inc. can assist the new physician and his or her staff in billing and claims training. By equipping the physicians with a well trained staff in claims handling and putting an efficient billing program into place, ES 2000 Group Inc. can reduce the stress of start up and ensure greater likelihood of a practice's success due in part to increased cash flow. For more information please contact us at 305-919-9825 or use our email on the contact page.
Yours Truly
Scott Sichak
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