0
PRACTICE STARTUPS SINCE 20020
CLIENT ENGAGEMENTS SINCE 2002$0
AVG. CLIENT ROI PER $1 SINCE 20020%
CLIENT SATISFACTION SINCE 2002
Step 1: Develop A Profitable Financial Model
- Develop a strategic business plan. Strategic planning is a systematic process for developing an organization's direction. It also articulates the objectives and actions required to achieve that future vision, and outlines metrics for measuring success.
- Complete a SWOT analysis. Strategic planning demands realistic and objective market research. Your Strengths involve what your practice excels at and what sets you apart from your competition. Weaknesses can be preventing your practice from performing at its optimum level. What areas need improvement (or should be avoided)? Opportunities are favorable external factors that could give you a competitive advantage. Threats can include anything that stands in the way of your success and can potentially harm your practice. You can identify threats by considering what your competitors are doing and if you ought to change your emphasis to meet the challenge.
- Develop a Proforma. The purpose of the proforma is not to predict how much money you will make or the number of patients you will see. Rather, the proforma is a guide to help you decide if what you are proposing will be financially viable; to help set expectations on estimated cashflow, procedure volumes, and expenses. To predict revenue, you need to know the type and mix of procedures, the expected volume of procedures, the payer mix, and average reimbursements per procedure. To predict clinical expenses, you need to determine the clinical and administrative costs per procedure.
- Secure bank & vendor financing.
1. Estimate capital expenditures for equipment.
2. Recommend financing strategies
Step 2: Real Estate
Building out an office-based facility is an expensive and time-consuming endeavor, and it is important to the success of the project to get it right, especially if you are signing a long-term real estate lease.
- Identify viable real estate options.
- Site evaluation and planning.
- Space plan design.
- Real estate lease negotiations.
- Selection of contractor.
- Construction cost negotiation and buildout oversight.
- Establish construction timeline. Set contingencies.
Step 3: Human Resources
We love helping clients strengthen and streamline their practice. Our proven approach helps you better manage costs and minimize risk. To bring out the best in your people, we'll show you how to maximize their performance and productivity. Build a solid workforce, start to finish. That's our inspiration and purpose.
- Mitigate Risk. Overlooking employment laws and regulations or not following the proper protocol can lead to costly litigation and penalties. Our consultants can help you to have the right policies and practices in place to help limit your liability.
- Staff Recruitment. When your practice is growing, your need for qualified and capable talent grows quickly. Our team works side-by-side with you to discuss your staffing plan, define the experience required for a successful hire, formulate a compensation range, and establish a consistent and compliant selection process.
- Employee Performance Measurement. Create a structured approach to measure, track and reward employee performance so that their day-to-day work has a greater impact on your practice's goals. We will help you design and implement a strategic performance management process, identify and define required employee competencies; and create career development plans for your employees.
We will:
- Develop a governance structure.
- Recruit, interview, and hire staff.
- Develop the practice staffing plan.
- Establish wage scales for all positions.
- Establish job descriptions for each position.
- Develop a practice Employee Handbook.
- Develop New Employee Orientation Procedures.
- Develop administrative policies and procedures.
- Select a Time & Attendance system to track employee hours and accrued PTO time.
Step 4: Marketing
Your marketing budget is a significant portion of your monthly expenses. MDmanagement will make sure that investment is working hard for you! Developing and implementing an effective marketing strategy is a key part of growing a successful medical practice.
MDmanagement has the industry knowledge and seasoned consultants to help you design and run highly effective marketing and branding campaigns that deliver your message and drive new patients to your practice. By partnering with us, you gain access to a topnotch creative design and marketing team. Each practice campaign is uniquely crafted to your practice and your competitive marketplace.
- Market Analysis. MDmanagement will help you understand the primary demographics of your marketplace to allow you to conduct highly targeted, cost-efficient marketing campaigns.
- Quarterly Media Planning. Let MDmanagement set up your ongoing marketing strategy to run smoothly month after month, giving you consistent market exposure to continuously drive new patients to your practice.
- New Patient Call Tracking & Patient Acquisition Cost Analysis. Measure your success to identify your most favorable marketing outlets; use real numbers to show you where to continue placing your marketing.
- Professionally Designed Creative Concepts. As an MDmanagement Partner, you gain access to a professionally designed library of specialty specific advertising concepts that will make your practice stand out, branding you as an industry leader in your marketplace.
- Select a practice name. Obtain a domain name.
- Design a corporate logo for use on marketing materials, patient education handouts, etc.
- Consistent with the strategic business plan, develop a direct-to-consumer and direct-to-physician marketing campaign based upon the allocated budget. The direct-to-consumer marketing plan will focus on reaching out to potential patients that self-refer to the practice for various clinical treatments. The direct-to physician marketing campaign will focus on identifying opportunities to grow physician referrals.
Step 5: Revenue Cycle Management
We know our role really well ... drive year-over-year revenue increases and value creation. We insist on tracking, measuring, and reporting every step of the way to GROWTH.
Our team helps you:
- Improve average revenue per patient.
- Reduce your administrative costs.
- Achieve economies of scale not attainable by billing in-house.
- Address compliance confidently.
- Minimize medical billing denials, rejections and nonpayment of patient balances.
When you choose MDmanagement, you'll partner with a company focused on your financial interests and collecting the maximum revenue you've earned. Our team of revenue cycle professionals can take the burden off of your shoulders, so you can focus on your practice and your patients.
- Select a practice management and EMR software vendor that integrates both platforms.
- Identify all insurance plans, including Medicare, that you wish to participate with.
- Identify current Medicare reimbursement rates for all expected CPT codes.
- Identify the most important CPT codes to your revenue stream to determine if payor fee schedules are acceptable (contracts will be offered below, at, and above current Medicare reimbursement rates.)
- Establish practice fees for insurance and self-pay patients.
- Establish monthly reporting criteria for dashboard development.
- Establish Credit & Collection policies and the Patient Financial Policy.
- Verify that you have obtained individual and group NPI numbers.
Step 6: Administrative & Clinical Tasks
- Select a document destruction vendor
- Select a medical waste vendor.
- Select and schedule janitorial services.
- Order clinical and administrative equipment.
- Select a vendor for the office phone and WiFi services.
- Select an answering service or use a phone system that has an after-hours voice mail to email feature that alerts someone when an evening or weekend voice mail message is left at the office.
- Select an IT vendor to provide:
- Computer monitors and printers
- Building security (i.e., ADT)
- Telephone & data cabling
- Networking of computers and printers at all workstations
- Music in reception area and treatment rooms
- Order chairs for all workstations.
- Order desks and chairs for private offices.
- Order waiting room furniture.
- Order break room tables, chairs, refrigerator, dishwasher, water station, etc.
- Select a vendor for office supplies.
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