Transform Your Physician Practice: Unlock the Value of a Consultant
Today’s physician practices are facing many challenges – the everchanging payer relationships, implementation of value-based care initiatives, the role of physician groups within the larger healthcare system, patient satisfaction, etc. Then, there’s the everyday challenges of turnover, physician burnout, managing coding denials, the use of the EHR and the list goes on.
Unfortunately, the result can lead to a decrease in patient volume, disengaged physicians, which can lead to poorer patient outcomes and decrease staff productivity, and increases in training and overhead costs.
So, how do you even begin to get a full picture of what’s happening within your practice?
Identify the issues
The first step in transforming a physician practice is to identify the issues the practice is facing. Below is a brief list to get your mind working.
Operational:
Are there problems with the scheduling process?
Are there issues with the front desk staff?
Are the staff members trained properly?
Are the staff members utilizing the most efficient tools and processes?
Are the staff members following the correct protocols?
Is the data you’re collecting informing solutions?
Financial:
Are there billing issues?
Are there delays in payments from insurers?
Are there delays in processing claims?
Are there any discrepancies in the coding that could be causing denials?
Are there any billing errors?
Governance and Management:
Does the practice have a clear vision and mission?
Are there clear lines of communication between the staff and the leadership?
Are there issues with staff morale or motivation?
Does leadership have a clear understanding of their roles and responsibilities?
Is leadership providing clear direction and guidance?
Is leadership providing the necessary resources and support to the staff?
Is there an effective dyad relationship between physicians and management?
Do you have dashboards in place to assist with management?
Technology:
Is the EHR setup to be used efficiently?
Are the physicians and staff using the EHR as a tool are or do they have workarounds?
Are the practice’s computers and software up to date?
Are the staff members properly trained in the use of the technology?
Are there any issues with the networks? These are all questions that need to be answered in order to identify any potential technology issues that could be causing the practice to struggle.
Is the patient portal easy to use?
Are there any issues with the patient portal that could be causing patient dissatisfaction?
The biggest question of all is: How are you supposed to come up with an improvement plan, execute it AND run the practice daily?
The value of Hiring a Consultant to Help Fix Physician Practices
The word “consultant” tends to conjure up mixed emotions of high cost, low reward and disruption to normal operations.
However, hiring a consultant can be invaluable in helping a physician practice. A consultant can help to find the root cause of the issues the practice is facing, provide a fresh perspective and prioritize tasks.
Hank Duffy, CEO of JHD Healthcare Partners, a management consulting firm that specializes in helping physician groups achieve operational and financial goals, said, “Consultants help to identify potential areas of improvement and develop strategies to address them. For example, a consultant can help to develop a process for coding and billing to reduce denials or develop a plan to improve patient satisfaction.”
While a plan is great, execution can be daunting, and the plan just ends up on a shelf as the practice continues operating as is. Thus, it is important to understand before an engagement the capabilities and success rate of the firm. In some cases, the firm can provide another set of hands to help the practice become a high performing medical group.
“At JHDHP, we start with the assessments to tell you what to do; however, our bread and butter is co-managing a practice for a period of time, typically 3 years, to help with the turnaround. We embed our team into the practice, and work alongside the leadership and staff to achieve results quickly. This allows for the current operations to still be up and running while the changes are happening,” continues Duffy.
Conclusion: Unlocking the Value of a Consultant
When it comes to transforming a physician practice, consultants can be the solution to help get organized. Depending on the needs of your group, it is often worth engaging the firm to help implement the solutions so you can become a high performing medical group quicker.
“At JHD, we’ve co-managed physician practices for years. One of our most memorable engagements resulted in a $12 million turnaround,” said Duffy.
If you are looking to unlock the value JHD can provide your physician practice, contact us today.