Client Gains 50% in Practice Profit Now and in the Years to Come When a busy surgical group became a practice review client, we noted several concerns within their practice. Now they’re an ongoing client and our management consultant has helped them focus on those issues to refine their practice and maximize their opportunities, enabling the doctors to realize increased practice profit of 50% in 2006, and correctly positioned for continued gains in the years to come. Some of the changes we helped initiate: Effective Human Resource Guidance: Our Human Resources Department helped recruit a new office manager, by placing carefully worded ads in various print and on-line sources, reviewing submitted resumes and initiating the interview process. Our HR staff also helped revise their personnel policy to provide more effective and consistent management of their staff and assisted in updating their paid time-off policy. Revised Insurance Contracts: Our analysis of insurance reimbursements from various payers indicated appropriate payment levels; however, we helped them to revise language in several contracts to make participation more beneficial for the practice. Development of Ancillary Services: Nearly half of the profit increase was attributable to additional diagnostic services established by the practice. After working through the feasibility of the project, our consultant helped them resolve legal issues, staffing concerns, and actual development of the facility. Effective Practice Governance: Our consultant helped them develop legal documents including buy/sell agreements and employment contracts. Such advance planning creates a more stable practice environment in addressing critical issues before they can cause disruption and dissension among doctors. Stronger Internal Controls: The doctors adopted our recommendations for stronger internal controls, making sure that those who overview the handling of money do not make deposits and setting up a bank lock box arrangement for all practice deposits. Smoothly Integrated Accounting and Payroll Records: The group opted to outsource to us the practice accounting and payroll work, resulting in more timely and complete monthly financial reports. Our Private Payroll Service allows their general ledger accounting data to integrate smoothly with their payroll information. Outsourcing also freed their staff from the burdens of accounting work, enabling them to focus on more productive tasks. Each practice is unique. Our firm’s more than 60 years experience in working exclusively with solo and group medical practices, in all specialties, enables us to help you realize maximum profit for the work you do.