Medical Practice Appraisal – Putting a Price on Your Practice
Knowing the value of your practice may not seem as important astreating patie nts and hiring dependable, knowledgeable staff, but…
Category: Medical Practice Tools
Free tools to help you manage your physician practice.
Our
goal is to provide the basic tools to help you make decisions about
your practice. Once you’ve identified problem areas you can then take
steps to correct them or make an informed decision to bring in a
practice consultant.
| Medical Practice Tools |
| Analyze your medical practice’s billing – should you outsource billing? |
| Medical Practice Valuation – find the value of your medical practice |
| Sample Computer Security Policy – A HIPAA-compliant security policy for small medical practices |
| Coming Next |
| Find your optimal payer mix |
| Assessing your overhead – Too much? Room to grow? Just right? |
These tools are based around a 4-step process:
Benchmarking Performance.
How your practice performs is objectively measured against industry
norms or other benchmarks. You will usually need access to your
practice’s financial information, like accounts receivable, annual
revenues, etc.
Benchmarking Costs. The second half of
the assessment is understanding costs. Even if performance is perfect,
a practice may struggle if costs are too high. Again, you will need
access to cost information like salary levels and space costs.
Making Decisions.
Because small practices don’t usually have large resources to make
sweeping changes, our recommendations focus on things that can easily
be changed.
Follow-up. Each decision you take will change
the dynamics of your practice. It is important to measure the effects
of your decisions – come back to these tools in a month, three
months and a year after making changes to see how your decisions
affected performance and cost.
While we hope these tools are
helpful, they provide suggestions based on imperfect equations and
imperfect data. Use the recommendations as part of an integrated
decision-making process – and make sure common sense is a big part of
the process.
With each tool we provide links to practice
management consultants who can help guide you if your practice needs
professional, customized attention.