Learn Why It Is Important For A Doctor To Hire Medical Business Consultants

Medical business consultants provide service for doctors and clinics

. Their main purpose is to provide administrative and management services for doctors in need. These consultants will evaluate suspected problem areas as well as go further in their investigation by looking at sources that may not seem to be a problem to the doctor but turns out those additional areas of their medical business needs support or reorganization.

Consultants for the medical field are about improving the cash flow but the services they offer go far beyond just cash flow issues. Some of the other services they offer are the organization of fee for service groups, helping to implement employment agreements, come up with business strategies and help the doctor implement them. They can also negotiate any contracts there might be between the doctor and hospitals, work with insurance companies and enforce the contracts they have with the doctor. They can also help set up contracts or partnerships with vendors and or suppliers. They can help make financial records simpler by producing understandable finance reports. They can evaluate the fee schedule; create financial budgets for the doctor to follow which in turn will help their overall cash flow.

There are five key management categories that medical business consultants deal with when they are providing assistance to a doctor. The first one is called reimbursement management. They will investigate everything that is associated with their billing procedures and see how it impacts their reimbursement and cash flow. This type of management will analyze the existing policies and procedures. They analyze fee schedules and accounts receivable. They will perform monthly audits and send out reports to the doctor. This category also includes executive summary performance, monthly corporate business meetings and legislative guidance.

The next category is called the third party management. They will investigate any managed care affiliations that the doctor deals with and they will evaluate any existing managed care contracts that the doctor has open. They will make sure that these existing contracts are enforced. The consultant will also take care of any contracts that need to be revised or renegotiated.

The third category is compliance management. The medical business consultants will actually write a policy and procedure plan for the doctor. They will make sure that it is enforced by talking with key employees. They offer education and training. The consultants will also offer monitoring and auditing as well as disciplinary actions or corrective actions.

The fourth category is called strategic management. This basically is the design and implementation of a business plan that the doctor can follow. It also includes other services like marketing, corporate agreements and all issues dealing with contracts.

Financial management is the final category of service that is offered by medical business consultants. This is probably the category that the doctor is most concerned with. In fact it is probably the main reason why he would have contacted a consultant. This category includes financial statement assessments, assessment of the productivity of employees, general finance issues, administrative issues, benefits offered to employees as well as retirement benefits.

by: Barb Rasmussen

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