The definition of oversight is “watchful and responsible care.” When applied to your medical practice, oversight means paying attention to operational details and establishing checks and balances. Without proper (i.e., proactive) oversight, your medical practice could risk losing revenue, experiencing fraud, or falling into noncompliance.
As a healthcare-focused CPA and Certified Healthcare Business Consultant, I provide objective and proactive oversight for all types of medical practices.
Who performs medical practice oversight?
Medical practice oversight must be performed by someone who is independent of your practice. This could be an outside advisor such as your CPA or healthcare consultant.
When should you perform medical practice oversight?
Medical practice oversight is an ongoing process. Although there’s no such thing as a perfect medical practice, you should know if yours is in order at any given time. Depending on the size of your medical practice, oversight activities should take place monthly, quarterly, or, at a minimum, annually.
Activities are involved in medical practice oversight
Medical practice oversight includes a thorough review of many aspects of your practice, including:
Financial performance (and comparison to industry benchmarks)
Employee overtime and related staffing patterns
Compliance with OSHA, HIPAA, and other regulations
The consequences of poor medical practice oversight
Insufficient medical practice oversight could result in:
Loss of revenue
Increase in expenses without explanation
Recoup of reimbursements by third-party payers
Federal government or commercial payer compliance audit
Reed Tinsley medical practice oversight services
I work with my clients on an ongoing basis to proactively address potential operational and compliance issues. From finding $40K in lost revenue due to poor coding to uncovering costly embezzlement schemes, I’ve helped physician owners keep their practices in order and intact. My goal is to make sure you have dotted the I’s and crossed the T’s.
The medical practice oversight services I provide typically include regular reviews of a medical practice’s comparative profit and loss statements, practice management statistics and benchmarks, regulatory compliance, and office operations. I am available to respond to any question or concern raised by physician owners or practice employees.
Secure the proactive medical practice oversight you need
It’s easy to forgo proper oversight in the day-to-day hustle, but the consequences of doing so can be devastating. Don’t let this happen to your medical practice. To learn more about how I can help you fill this critical role, contact me today.