The Path To Profitability and Satisfaction
1.The engagement letter. We’ll send an engagement letter with a list of the information we’ll need to get started.
2.The financial analysis. Once we’ve received the requested materials from you, we’ll complete your practice’s financial analysis. The financial analysis is a thorough exploration of the revenue and expenses in your practice. We analyze:
- Doctor productivity and consistency
- Invoice numbers and average invoice amount
- Your fee structure
- The number of active and new clients
- Frequency of patient visits
- Client retention
- The age demographic of your patient base
- Your operating expenses
- The makeup of your medical and ancillary revenue categories
We’ll compare your practice’s financial analysis with our benchmarks for all revenue and expense items in a Well-Managed Practice®️, and will help you develop a plan to hit the benchmarks if you aren’t there yet.
3.The practice visit. Next, we’ll visit your practice to discuss the financial analysis with you and your management team. We’ll tell you what the numbers are telling us and identify areas where improvements can be made. We’ll have a staff meeting so your team can get to know us and participate in the process. At the end of the first day at your practice, we’ll develop the Business Plan—a step-by-step treatment plan to accomplish your goals. The next morning, we’ll present the Business Plan to you and your management team for discussion.
4.The implementation. After the visit to your practice, we’ll send the written Business Plan, including the specifics—what you’ll do, who’s responsible, and the target completion dates. We’ll schedule regular follow-up conferences throughout the 12 months of work to discuss your progress and address any new questions or concerns that arise.