Financial Performance

In today’s medical marketplace, the typical management approaches of the past are no longer adequate. Practices must be evaluated and managed like any other business. At the same time, quality of patient care and the relationship between physicians and their patients must be protected.

HMR will:

• Assess the income your clinical services should produce
• Evaluate your overhead expenses
• Manage your operational efficiency
• Provide recommendations to maximize your income
• Prioritize recommendations
• Assist in implementing recommendations

Operations Performance

A poorly organized business office and/or improper staffing can significantly contribute to your profitability as well as your personal satisfaction. HMR will evaluate your front and back office operations, report findings, present recommendations and manage the implementation of the corrective plan you approve.

Areas of HMR operation performance evaluations may include:

• Appointment and surgery scheduling
• Patient registration
• Referral coordination and pre authorization procedures
• Front desk procedures
• Business and billing office procedures and performance
• Rooming procedures
• Staffing levels and schedules
• Patient satisfaction
• Other areas that may impede the organization

New Practice Development

New Practice Development is one of HMR’s core competencies. A few of the many important issues that you will want to address in your new practice startup include: Developing a realistic financial pro forma, securing your capital financing; choosing your practice location and evaluating your staffing needs. HMR will work with you every step of the way.

New Practice Development Services:

• Feasibility analysis
• Business and strategic plans
• Pro forma financial projections
• Establish banking and financial relationships
• Establish legal and accounting relationships
• Set up and implement billing and accounts receivable system and procedures
• Evaluate and select information systems
• Develop a fee schedule
• Negotiate managed care contracts
• Third-party payer credentialing
• Conduct practice location evaluation
• Negotiate space and equipment leases
• Staff recruitment
• Develop and implement policies and procedures
• Establish and administer fringe benefits
• Procure office equipment and supplies
• Strategize and implement marketing plans

Outsourced Billing and Account Receivable Management

HMR offers a comprehensive, turnkey billing service. The expertise we have gained comes after decades of medical billing experience in dozens of medical specialties. Our clients enjoy the comfort and confidence they deserve in knowing that their clinical services are being converted into a maximum level of income in a minimum amount of time.

When you entrust your Billing and Accounts Receivable activities to us, we accept responsibility for:

• Office space
• Minimize your rent costs
• Convert your current business office into revenue generating exam rooms

• Trained business office staff
• Eliminate the headaches and costs
• Staff turnover
• Recruitment
• Training
• Coverage for vacations and illnesses
• Staff management

• Technology
• Eliminate the risk of obsolescence and costly computer hardware and software upgrades
• Archiving
• Disaster planning

• Management
• Don’t worry about keeping abreast of confusing state and federal medical billing regulations
• We will take care of your collections policies and procedures

Outsourced Administrative Services

The accuracy and timeliness of financial & corporate record keeping is one of the most critical aspects of any business. The medical practice is no different and yet financial record keeping is often one of the most neglected and poorly managed aspect of medical practices.

HMR Will:

• Manage Your Accounts Payable Bookkeeping
• Write your checks and give them to you for signature
• Establish and maintain your vendor files
• Provide and maintain your Accounts Payable software
• Maintain your corporate General Ledger
• Produce monthly financial statements
• Reconcile with bank, credit card and accounts receivable statements

Facility and Real Estate

Finding the right commercial real estate broker for your needs is an important decision. HMR focuses exclusively on healthcare facilities.

HMR will:

• Analyze relocation options
• Negotiate leases
• Assist in space and equipment needs evaluation
• Coordinate all aspects of your move

Practice Consulting

We understand that as a healthcare professional, your time is valuable and most effectively used meeting the needs of your patients. A well-run practice can typically operate on a daily basis without too many bumps in the road. However, from time to time, large projects or issues arise. Managing and completing this additional work is not only taxing on the practice staff and resources, it may be outside their areas of experience.

• Governance and management structure
• Strategic planning
• Revenue and expense ratio analysis
• Benefits restructuring
• Human resources issues
• Physicians compensation review
• Third-party contract review
• Business office performance analysis
• Practice succession planning
• Physicians network development

Practice Management

HMR’s expertise in Practice Management is rooted in each consultant’s own personal experience as practice manager and administrator. Since its beginning HMR has been assisting other practices with common and not-so-common management issues.

We can provide hands-on management and oversight of daily administrative, business and human resource issues including:

• Staff recruiting
• Staff scheduling
• Staff Performance evaluations
• Management of payroll, accounts payable and general ledger
• Liaison to corporate accountant
• Management of business office and accounts receivable performance
• Annual fee analysis
• Annual reimbursement analysis
• Resource for state and federal regulations
• Physician/Provider recruiting
• Physician/Provider compensation
• Insurance contract negotiations
• Other opportunities/issues that are discovered