Representative Engagements

Fairfield Consultants’ innovative approach toward financial and operational goal setting and goal attainment can help your practice reach new heights in provider productivity and financial rewards.  

NEUROLOGY PRACTICE:  Assessed a 5 provider Neurology group concerned with future profitability, ancillary services and staffing/communication issues.        

       RESULTS: Provided means to increase annual revenues by $275,000 and reduce annual operating costs by $175,000 via increased employee provider and ancillary services productivity.   Analysis of organizational structure and staff provided for improved office communication and decision-making.

FAMILY PRACTICE:  Performed An Assessment For A Small Family Practice Concerned Primarily With Revenue Growth, Provider Additions And Office Efficiency. 

          RESULTS:  Provided Methods To Increase Ambulatory Encounters, Improve The Net Collection Ratio And Measure Extender Productivity; Thereby Increasing Annual Revenues By Approximately $300,000.  Also Created New Organizational Structure And Improved Overall Office Communication.    

 OB/GYN PRACTICE:  We reviewed the financial and operational performance of a 9-provider group concerned with provider productivity; ancillary services; extender profitability; coding; accounts receivable and managerial/organizational structure.

        RESULTS:  Recommended revenue enhancements exceeding $500,000 annually and cost reductions approaching $200,000 annually. Revamped organizational structure and continue to work with this practice in recruiting a new manager and implementing assessment recommendations.

GENERAL SURGERY Practice: We assessed a 5-provider group concerned with office management; finances; office space; accounts receivable and coding. 

       RESULTS: Recruited and hired a new office manager; provided financial opportunities exceeding $100,000 annually.

SPECIALTY SURGICAL Practice: Our assessment of this 6 provider practice dealt with their specific concerns in the areas of declining revenues and net income, outdated fee schedules, accounts receivable structure, billing function effectiveness and organizational structure. We provided them with specific methods to: increase revenues through increased ambulatory encounters; obtain higher possible reimbursements for their fee schedule; increase lab study activity and collect outstanding accounts receivable. Our analysis of the billing function showed both a cost savings and improved collections by outsourcing this function.

         RESULTS: Our overall recommendations are projected to increase annual revenues by approximately $740,000, with an accompanying annual net income increase projected to exceed $260,000. We also proposed governance plan implementation and a new, more effective organizational structure.

PEDIATRIC PRACTICE: Primarily Concerned With Office Space And Other Possible Cost Savings, we performed an assessment for this Fairfield County practice.  We devised numerous alternative space layouts and locations that will maximize provider productivity and staff effectiveness. Our assessment also yielded a review of fee schedules with specific recommendations to increase fee income as well as potential expense ratio improvements.  

        RESULTS: By implementing our recommendations, we project annual revenue increases of approximately $343,000, with an accompanying increase in annual net income of approximately $250,000.

DERMATOLOGY PRACTICE/SOLE PRACTITIONER:  We assessed a sole practitioner dermatology practice who was concerned with continuing his past success.  

        RESULTS:  While the physician was performing at maximum productivity, we identified ancillary service revenue opportunities exceeding $300,000 annually, while creating an effective managerial organization.  

ORTHOPEDIC PRACTICE/SOLE PRACTITIONER:  Completed a practice valuation for a sole practitioner. 

      RESULTS:  Provided a “win win” situation for both buyer and seller.

RURAL PEDIATRIC PRACTICE:  An assessment was done for an 8 provider rural pediatric practice.  We developed a new organizational structure, governance policy and various physician compensation options, as well as a revenue enhancement and cost reduction strategy. 

        RESULTS:  Assessment findings projected to increase revenues by $300,000 and net income by $345,000 annually.  We also recruited a new practice administrator as a consequence of the assessment.

LARGE GROUP PRACTICE:  Managed the separation of a large group practice from a managed services organization.  Created timeline and accomplished objectives for the practice’s transition to an LLC including: legal, financial, insurance/retirement programs, payroll, human resources, computer software/hardware purchase, networking, inter-office communications, insurance/patient billing policies/procedures, provider contracting, and credentialing as well as the creation of a website.

        RESULTS:  Estimated annual cost savings for the practice:  $250,000. 

18 SPECIALTY PRACTICES:  Over a two-year period, assessments were performed for 18 specialty practices throughout Connecticut, ranging in size from 3 providers to 14 providers.  All were faced with flat or declining revenues, increasing expenses and various operational issues. Recommended changes in physician productivity, mid-level provider productivity/compensation, ancillary services activity, office charge coding, and clinical trials utilization, while also developing equitable physician compensation alternatives, space planning options, managerial effectiveness, staff efficiency, and need for a satellite office. 

        RESULTS:  Ensuing revenue increases of $500,000 to $1,200,000 annually effected or anticipated with accompanying increases in net income of $300,000 to $600,000 annually per practice. 

13 PROVIDER PRACTICE:  Assessed operations of a 13 provider practice looking for revenue increases and cost reductions essential to offset anticipated professional liability renewal increases.  We reorganized the management structure, introduced governance to physician partners and reviewed office space utilization for optimal provider efficiency. 

        RESULTS:  Provided practice with financial opportunities of approximately $500,000 annually through physician productivity increases, staff reductions and coding improvements. 

8 PROVIDER PRACTICE:  Assisted an 8 provider practice with identifying specific operational and space problems while recommending specific solutions that were designed to eliminate these problems.

        RESULTS:  Identified revenue enhancement opportunities and cost reductions projected to increase revenue by 14% and net income by 18% over a 12-month period.

14 PROVIDER PRACTICE:  Evaluated a 14 provider practice with serious financial hurdles and numerous operational issues.  Operational improvements were developed including a mentoring program for the practice managers and a governance program to ensure appropriate policies and procedures.  We also developed physician performance compensation formulas that eliminated partner friction.

       RESULTS:  Recommended productivity improvements and staffing reductions estimated to increase the overall practice net income by $570,000 annually.  

8 PROVIDER PRACTICE:  We revisited an 8 provider practice that developed serious partner communication issues.

       RESULTS:  Recommended not expanding current physician roster and defined financial formula and operation role for a physician partner intent on reducing his role within the practice.  We performed a space analysis for future growth and developed a hiring plan for support staff. 

6 PROVIDER PRACTICE:  Analyzed pressing financial and operational issues faced by a 6 provider practice including declining revenue and income, poor staff morale and assorted space dilemmas.  We recommended scheduling template changes and methods for increased ancillary service activity to increase office productivity, implemented management development programs, organizational structure changes, and governance development for improved staff management.

        RESULTS:  Staff reductions and space utilization revisions projected to increase practice revenues by nearly $700,000 annually with a commensurate increase in net income of approximately $400,000 annually. 

10 PROVIDER PRACTICE:  Reviewed financial and operational issues faced by a 10 provider practice.  Specific problems included substandard physician productivity, declining revenues and net income, aging provider pool, and limited growth prospects.

        RESULTS:  Recommended changes that reduced partner physician head-count, eliminated mid-level provider positions and reduced partner compensation distributions estimated to trim overhead expenses by over $500,000 annually. We recommended operational changes, which included extending/staggering office hours and creating a formal management structure, including physician partner governance.  Developed revenue enhancements to exceed $300,000 annually by implementing clinical trials, increased ancillary services activity and creating a proactive marketing program. 

12 PROVIDER PRACTICE:  Analyzed a myriad of issues facing a 12 provider practice that included, but was not limited to, reduced role physician compensation, practice satellite locations and the absence of effective management.  We created a management structure and recommended changes in satellite office structure.

       RESULTS:  Developed revenue increase opportunities in excess of $300,000 annually by improving provider productivity, implementing Saturday office hours, reducing physician vacation time and improving office charge coding.  Also proposed cost savings of $200,000 annually by eliminating physician positions, changing compensation formula and eliminating mid-level provider positions. 

5 PHYSICIAN, 5 MIDWIFE PRACTICE:  Evaluated a 5 physician, 5 midwife practice experiencing numerous personnel issues, including whether or not the midwives provided a profitable service.  We established that the midwives’ presence was profitable for the practice.  In addition, we worked with the practice manager to improve communication in the office.

        RESULTS:  Proposed revenue enhancement opportunities for the practice exceeding $600,000 annually. 

6 PHYSICIAN PRACTICE:  Reviewed a 6 physician practice concerned with their lack of expense controls and a sense of helplessness regarding the most effective means to increase their revenues.  We reviewed their expenses with the practice manager and established methods to identify “problem” expense categories and to initiate timely corrective actions. 

        RESULTS:  Developed new patient scheduling templates, a schedule for extending office hours and ultrasound activity increase projected to generate a $1,000,000 increase in annual revenues.

5 PHYSICIAN PRACTICE:  Developed an expense reduction program for a 5 physician practice and provided interim management over a ten-week period to implement the program.  Recommended cost savings relative to closing one office, staff reductions, reduced part-time provider remuneration and mammography.  In addition, we recommended increased revenue opportunities for mammography and ultrasound procedures.

        RESULTS:  Anticipated annual cost savings of $230,000, increased   revenue of $800,000 and a net income increase of $525,000 emanating from this program. 

9 PHYSICIAN, MULTI-SPECIALTY GROUP:  Provided interim management for a 9 physician, multi-specialty group over a 2-month period.  During that time, worked almost exclusively with the internal medicine unit to improve practice workflow by implementing a new organizational structure with staff job descriptions containing redefined staff roles.

        RESULTS: Increased annual net income by a projected $215,000 through increased physician productivity (+25%) and an estimated $30,000 reduction in overtime expenses.

 

ARTICLE 28 DIAGNOSTIC CENTER:  Provided interim management for an Article 28 Diagnostic and Treatment Center over a 3-month period.  During this time, eliminated a year old data entry backlog (charges and payments) within the first month of the engagement.  To ensure continued and future financial stability for the practice, monthly financial/practice management reports were created, an organizational structure was implemented, staff job descriptions were written and an overall management plan was created.

        RESULTS:  Increased practice revenues by 100% and average monthly charges by 70%, as well as patient volume by 45% 

5 PHYSICIAN PRACTICE:  After assessing a 5 physician practice, provided interim management over a three-month period.  Extended office hours were implemented and physician/mid-level provider productivity was increased. 

        RESULTS:  Patient volume was increased by 30% resulting in a $400,000 increase in annual revenue.  In addition, new OB patient volume increased by 19%, all with reduced expenses.

5 PHYSICIAN PRACTICE:  Assessed the operations of a 5 physician practice with declining revenues and increasing expenses.  Recommended changes in physician productivity, mid-level provider profitability and ancillary services while evaluating equitable physician compensation alternatives.

        RESULTS:  Anticipated revenue increase of 17% annually with accompanying reduction in overhead expenses exceeding $100,000.  

7 PHYSICIAN PRACTICE:  Reviewed physician productivity, part-time mid-level provider profitability and office staff efficiency for a 7 physician practice located in a highly competitive specialty market.  Performed analyses of individual physician visit templates and mid-level provider utilization.

        RESULTS:  Specific recommendations were projected to increase practice revenues and profits by 20% or more annually.

PHYSICIAN PRACTICE MERGER:  Conducted a cost/benefit analysis for a physician practice merger, including an analysis of the financial and operational opportunities associated with the merger of 3 single specialty physician practices.  Reviewed hospital and community relationships, the impact of real estate consolidation, office space utilization, physician motivation, staff distribution and office systems. 

        RESULTS:  The final recommendations projected overall savings of 10% to the three groups, with opportunities to increase physician income by 25% or more annually.  

8 PROVIDER PRACTICE:  Assessed the operation of an 8 provider practice including physician productivity, staff distribution, patient call management, and partnership relations.

        RESULTS:  Identified opportunities to improve physician productivity and simplify call management from a 20 step process to a 5 step process, thereby eliminating patient complaints and improving staff productivity. 

2 LARGE GROUP PRACTICES:  Analyzed the accounts receivable for 2 large group practices, including identifying attributes of outstanding claims and management of the collection process.  Strategies developed included revising collection protocols, managing staff goals and improving payment processing.

        RESULTS:  Outstanding accounts receivable were reduced by over $1 million for one practice and by over $250,000 for the other practice within 90 days of engagement. 

LARGE GROUP PRACTICE:  Developed enhanced patient payment systems for a large group practice.

        RESULTS:  Reduced direct patient billing volume by 40% through the implementation of new collections procedures and systems. 

LARGE GROUP PRACTICE:  Negotiated the purchase and coordinated the implementation of a new medical practice management computer system to determine operational changes while implementing electronic claims submissions.

        RESULTS:  Improved practice cash flow, increased net collection ratio markedly and provided more information to make key decisions effectively.