Getting a Practice Checkup
You understand the importance of a checkup. It helps you diagnose current issues a patient is facing and aids in preventing future ones. Have you given your practice that same level of attention?
As industry regulations become increasingly complex, it is important that you undergo regular checkups to ensure that your business is operating reliably and efficiently. It is key to managing costs and revenues in a medical practice. A practice management review can be both preventative and treatment.
Through interviews and observations, we will analyze select processes and procedures with an eye on accelerating cash receipts, removing waste, minimizing risk and increasing productivity. To help you diagnose inefficiencies, our healthcare team may:
- Test the revenue and expenditure cycle
- Analyze the financial close process and package
- Develop a dashboard for evaluating key performance indicators
- Model various compensation formulas
- Review information and accounting systems
- Measure internal controls
- Examine asset management
- Study resource management
- Look at current governance
After meeting with management to understand the existing controls, policies and procedures in place, we will evaluate their effectiveness by testing transactions, interviewing management and/or staff, conducting site visits, using outside verification and observing work being performed.
It’s time to give your practice a solid checkup. Contact us to learn how we can help your practice be more effective and profitable.