Physician Practice Services
Interim Practice Management
Today’s challenges demand skilled, appropriately focused management. Whether a hospital employed group or independent, a management failure can very quickly shift the practice into financial difficulty. When that happens, an interim practice manager can be of significant value.
One advantage is that your organization can increase the talent and experience level of the staff focusing on the problem. Another is that an outsider can be a more effective change agent, better able to implement needed change and make the necessary restructuring decisions.
The length of interim management engagements depends upon the level of turnaround needed. At a minimum, such engagements take 3-4 months. Interim management will conduct a detailed assessment of the situation, compare the practice to relevant benchmarks, review contractual relationships, define performance gaps, and develop action plans to guide implementation of needed improvements. Typical issues the action plans address include:
- Contractual relationships for modification
- Defined volume expectations and other performance standards for physicians
- Improvements in the revenue cycle management processes
- Changes in personnel or training to address skill deficiencies
- Changes in personnel policies
- Management structure changes
- Definition of a strategic direction for the practice
- Financial modeling of proposed changes
- Budget development
- Recruitment of a permanent practice manager
And, most importantly, the interim manager can begin implementation. During the engagement period, results can be produced and the practice dynamics changed, creating an environment in which the new manager can be successful.
For more information, please contact John Hill, Partner, (502) 814-1185 and jhill@healthcarestrategygroup.com or contact us directly through our website.
