This list is a sample of what we cover in a Physician Practice Assessment, including your Financial, Administrative, Operations, and Strategic issues. It is a very "abbreviated sample" of a real-life Medical Practice Assessment. Our actual, comprehensive evaluations are much more detailed ... standardly looking at 200+ unique points in the practice. However, because each setting is unique, The Fox Group will custom tailor its audit to the individual profile of the healthcare business being assessed, taking into account the organization's size, service line, and strategic goals. That said, this depiction should be viewed as a window into those areas that may be assessed in your own business ... potentially uncovering a myriad of opportunities.
Physician Practice Assessment - Financial Management (sample)
Analyze practice profit and loss performance
- Income review for past three fiscal years
- Changes in charges/collections
- Changes in patient/client volume
- Changes in payor mix
- Changes in expenses
Annual operating budget and budgeting practices
Review managed care contacts
Analyze medical billing and collections
- Coding and billing analysis
- Patient charge entry protocols
- Review timeliness of initial billing
- Study of billing frequency and follow-up protocols
- Define priorities
- Delinquent account strategies
- Evaluate accounts receivable aging trends
- Patient fee schedules
- Payment posting
- Disposition of payor credit balances
Analyze Accounts Payable
- Vendor agreements
- Payment classifications
- Expense trends
- Accounts payable aging and cash management
- Petty cash fund management
- Inventory control and supply ordering systems
Banking
- Types of accounts
- Check signature policies
- Deposit protocols
- Lock box utilization
- Bank account reconciliation practices
Financial reporting
- Income and expense
- Balance sheet
- Accounts receivable aging
- Prior period comparisons
- Chart of accounts review
- Review internal and external practice benchmarks
Physician Practice Assessment - Operations (sample)
Effectiveness of patient appointment system
- Appointment scheduling practice
- Verification of insurance information
- Patient authorizations
Review medical records
- EHR vs. EMR vs. paper system
- Storage of patient records
- Loose paperwork filing
- Timely documentation
- Medical transcription
- Medical record destruction protocols
- Release of records protocols
Patient check-in processes
- Collection of co-pay amounts
- Patient "no-show" protocols
- Patient check-out processes
- Review patient care areas
- Medical history forms
- Medical documentation
- Universal precautions
- Medication storage and administration
- Prescription pad security
- Prescription refill protocols
Physician Practice Assessment - Administrative Activities (sample)
Office automation
- IT system hardware
- Practice management system
- EHR/EMR
- Office phone system
- Paging
- Email, SMS, other
- IT system security practices
Human resources deployment, practices and benefits
- Personnel policies and procedures
- Position descriptions
- Training
- Performance metrics and evaluation
- Payroll analysis
- Personnel file audit
- Turnover issues
- Interview practices
- Benefits package
Risk management
- Insurance coverage
- OSHA
Physical Plant
- Signage
- Equipment
- Repair
- Exam rooms
- Space requirements
- Traffic flow
- Office environment and ambiance
Referral development
- Referral source audit
- Patient satisfaction
HIPAA and Compliance
- Privacy and security rules
- Compliance policies, procedures and practices
- Medical documentation audit
Internal control
- Handling of cash, credit cards, etc.
Physician Practice Assessment - Strategic Options (sample)
Identified areas new volume/income generation
- SWOT analysis
- Task-specific plans
Value of a Comprehensive Physician Practice Assessment
The value of a periodic "check-up" of your Medical Practice has the potential to be quite large. Engaging an expert to review your business operations is just as important as a periodic "check-up" of a patient's overall health. Catching problems early, keeping focused on the "big picture", and basing strategic decisions on known data are the cornerstones to success.
If you would like to discuss assessment needs in your practice, let us know. We're ready to help you navigate toward your future.