 |
| Volume
1 : Issue 1 : Spring 2002 |
Welcome. |
|
|
Welcome to the first installment of the MPI Advisor, a free informational
service column written exclusively to provide useful Practice Management
concepts and literature links designed to assist physicians in the
daily operation and long-term strategic planning initiatives of
their medical practice. Each quarter, Medical Practice Initiatives
will report on an issue or topic of relevance to your practice's
operation, efficiency or profitability.
We are pleased to provide you with this quarter's article:
"Professional
Practice Management Consultants and their impact on Private Practice
and the Healthcare Industry"
"Professional
Practice Management Consultants" or Practice Consultants, have
become popular among many physician groups as well as solo-practitioners.
They can be especially effective in providing a considerable amount
of experience and advice in a variety of Administrative areas including:
Human Resources, Financial Management, Coding and Compliance, Strategic
Planning, Marketing, Management Information services and Practice
Management.
Practice
Consultants often bring relevant past management experience which
often result in an increase in operating efficiency and profitably.
Their services can be utilized periodically, or on a regular basis.
Due to the nature of their services, Practice Consultants are not
subject to the same benefits afforded to regular full-time employees,
therefore, substantially reducing overhead.
Masters
Degree programs including Master of Healthcare Administration, MHA,
or Master of Business Administration, MBA typically educate Practice
Consultants. Moreover, professional societies and groups such as
the American College of Medical Practice Executives, ACMPE, and
the Medical Group Management Association, MGMA support continuing
healthcare education for Practice Consultants and provide them with
the most current information in the industry.
Before
you hire a Practice Consultant, be prepared to ask three fundamental
questions. How can he/she best address issues faced by your practice
and how will they implement an action plan? Does the Practice Consultant
listen to your concerns and needs? Finally, how will he/she be reimbursed
for services rendered?
Make
sure that the Practice Consultant is able to comprehend and diagnose
the source of the problem. All to often, industry consultants get
retained by clients and do not diagnose the problem effectively.
What you must come away with after your first meeting with a Practice
Consultant is that he/she has a grasp of the problem and your concerns.
Make sure that you are satisfied with his/her ability to complete
the project in a timely manner. Completion of the project should
invariably require multiple meetings with one or more partners and/or
staff. Make sure that your Practice Consultant is able to communicate
the goals with the key players in your practice.
Finally,
how will your Practice Consultant be reimbursed for his/her services?
The most common structure among consultants is an hourly rate plus
travel. Others charge by the project. If you are being charged hourly,
make sure you have some definitive timeline established in which
to complete the project.
Practice
Consultants have dramatically added value to the healthcare industry.
Today, more than ever, physicians across the country are dealing
with increased administrative and clinical responsibilities and
decreased fees for services set forth by insurers. Physicians need
the assistance of an ally who can coordinate resources and utilize
management skills to monitor a practice's financial potential and
to help create value by increasing profitability. Practice Consultants
are well accomplished in a variety of areas such as Human Resource,
Financial, Billing and Compliance, Strategic Marketing and Planning,
Professional Governance, Risk Management and Information Systems
Management. All of which are used to create a more efficient, and
profitable working environment.
|
