- Practice Profitability Assessment
- Compliance Plans
- Valuation of a Practice
Specialty Services
for Medical and Dental Practices
With hightened
competition for patients, attacks on physician reimbursement and increased
government regulation and intervention, we regard general accounting services
within the context of the healthcare industry. Specific to medical and dental
practices we specialize in the following:
Practice Profitability Assessment
The medical practice
profitability assessment is designed to identify inefficiencies, discover lost
revenue, determine waste, analyze coding documentation, review work flow
patterns, assess physician compensation, review internal controls and identify
areas of opportunity. The Practice Profitability Assessment will identify
strengths and weaknesses of the practice, present viable solutions with the
projected dollar impact to the practice and make specific recommendations for
improvement.
Compliance Plans
Recognizing that compliance is
an area of deep concern and frustration to medical practices, our objective is
to deliver the elements of a plan in a time sensitive, practical, and
cost-effective manner. An initial baseline audit is performed to determine the
extent of adherence with Federal and New York State regulations. The audit
assesses the following areas: billing and reimbursement, OSHA, CLIA, HIPAA,
personal policy, ERISA. Once completed, policies and procedures are written
into a manual. Subsequent training sessions are held with staff to communicate
proper protocols of compliance and address uncertainties.
Valuation
of a Practice
The strength of the practice's income stream and what it
produces for the owner(s) is what creates true value in a medical practice.
When a practice changes ownership, merges, or when a physician buys-in or
buys-out, a valuation is necessary. Also, in cases of divorce a valuation,
different from one done for business purposes, examines the practice with regard
to State Law and precedent cases. The valuation provides three alternatives
based on different methods of valuation. A rationale is provided for the final
figure determined.
