Medical Practice Management
Sep 08

Another Reason Why Your Physician Practice Needs Assessment of Operations/Finances

In this age of uncertainty for healthcare practices, decisions made today for the future of your practice must be made based on facts.  The facts of your practice can be determined by an analysis of data, operational assessment based on best practices and a detailed assessment of the whole of your practice.

Many components go into the daily operation of a healthcare practice; some are complex, some are tedious and some governed by culture.  Having the whole picture can help your practice understand its current position financially and operationally, where improvements can be made and provide reality as a basis for planning, expanding or changing your practice.

Many practices have rushed into alliances with hospitals without first understanding options available to them based on current data driven facts.  This has inevitably led to misunderstanding, poor relationships, struggling practices under new leadership and employees seeking alternative employment options.

Some practices have decided to stay not to ally with other organizations, but are second guessing that decision.  Both the marketplace and government uncertainties have driven bad or unsuccessful decisions.

What we know today about the future can be summed up in 3 general areas:

1. IT will drive healthcare in the foreseen future 2. Patient satisfaction will continue to dominate patient choices 3. Patient demographics will have a greater and greater impact on practices as misinformation surrounding insurance options and MCD increases.

How your practices position themselves to meet these challenges will be closely linked to your operational and financial health today. Your practice cannot make informed and practice successful choices about the future without knowing where you are today. By seeking an assessment of your current operations and financials, your practice can begin to make those important decisions to improve service to patients, cut costs and spending IT dollars wisely.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →