Health Care Providers
Providers have faced unprecedented challenges in recent years as the highly competitive health care services market has evolved. Unlike past years, when providers could locate virtually anywhere and enjoy a healthy medical practice, the current environment requires providers to operate similarly to other businesses.Since academic medical training usually focuses on clinical and surgical care, physicians often are not trained for the financial and operational challenges experienced in practice. As a result, providers often feel uncertain about the future as they face increased competitive threats and observe shrinking profit margins.
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Fee-Based Consulting
Please note fees for all engagements are determined based on the unique needs of each engagement. In each case, we will assess your needs and provide a firm bid of expected professional fees and reimbursable expenses.
Significant changes in the delivery and financing of health care require providers to re-evaluate and re-engineer their systems, procedures, and strategies. Although excellent opportunities exist to create enhanced value in today's marketplace, careful planning and analysis are crucial to ensuring success. Our services include:
- Facilitation of Strategic Planning Sessions
- Internal Assessment of Client's Operations
- Environmental Assessment of Market Conditions
- Administration of Staff and Patient Surveys With Follow-Up Report
- Development of Written Business Plan
- Assistance With Plan Implementation
Today's health care environment presents so many different challenges that providers often find the basics of clinical operations slip into the background. Nonetheless, these aspects are vital for physicians seeking optimal practice success in an ever-changing environment.
BSM Consulting has extensive expertise in helping practices reach their full operational potential.
Our consulting team can identify inefficiencies and problems in each of the areas identified here, then outline effective and practical solutions that serve to improve clinical practice efficiency and enhance profitability.
BSM Consulting has extensive expertise in helping practices reach their full operational potential.
Our consulting team can identify inefficiencies and problems in each of the areas identified here, then outline effective and practical solutions that serve to improve clinical practice efficiency and enhance profitability.
- Flow and Efficiency Analysis
- Human Resources Management
- Management Training and Development
- Marketing Development
- Maximizing Profitability Opportunities
Successful practices have traditionally been diligent in gathering, measuring, and managing financial information. In addition, these practices routinely compare or benchmark actual operating results to prior periods, budget forecasts, and/or available industry benchmarks. Rigorous assessment of budget variances is commonplace in these practices. This process focuses the practice on continually improving workflow processes while enhancing physician and staff productivity.
BSM Consulting has vast expertise in the area of financial analysis and benchmarking. Over the past 30 years, BSM consultants have analyzed the financial performance of hundreds of practices in a variety of medical specialties. In addition, BSM has carefully "mined" its robust database to obtain meaningful specialty-specific benchmarking data. Our consultants can assist you with the following:
BSM Consulting has vast expertise in the area of financial analysis and benchmarking. Over the past 30 years, BSM consultants have analyzed the financial performance of hundreds of practices in a variety of medical specialties. In addition, BSM has carefully "mined" its robust database to obtain meaningful specialty-specific benchmarking data. Our consultants can assist you with the following:
- Analysis of Historical Operating Results
- Benchmark Key Operating Measures
- Comparisons to Other "Like Kind" Practices
- Assessment of Staff Productivity, Capacity Utilization, and Efficiency
- Preparation of a Summary Report Card
- Recommendations to Enhance Operating Results
Compensation is one of the most important factors influencing ongoing success of the business relationship between an employer and employee or a group of partners.
For more than 30 years, BSM Consulting has helped clients find the right compensation model and structure that most effectively aligns economic incentives and strategic objectives. Our team understands that the "ideal" compensation arrangement will balance individual needs with those of the practice, ensuring a smooth path to development of a long-term relationship. The overall goal is to reward work well done, preserve practice profitability, and provide a logical course toward long-term satisfaction for all parties involved. Our typical engagement includes the following:
For more than 30 years, BSM Consulting has helped clients find the right compensation model and structure that most effectively aligns economic incentives and strategic objectives. Our team understands that the "ideal" compensation arrangement will balance individual needs with those of the practice, ensuring a smooth path to development of a long-term relationship. The overall goal is to reward work well done, preserve practice profitability, and provide a logical course toward long-term satisfaction for all parties involved. Our typical engagement includes the following:
- Historical Analysis of Practice's Financial Statements and Other Reports
- Assessment of Existing Compensation Structure
- Review of Goals and Objectives of Physicians
- Analysis of Alternative Compensation Models
- Presentation of Alternative Models
For most practices to achieve long-term objectives, effective recruitment and integration of new providers is essential. For more than 30 years, the BSM consultant team has successfully assisted practices in meeting their physician recruitment and contracting challenges.
BSM takes a multidimensional view of provider contracting, representing both practices seeking new recruits and new candidates. Our team fully understands and appreciates that, for a business relationship of this nature to work, there must be proper balance in negotiating the "right" terms. We are available to assist you with the following services:
BSM takes a multidimensional view of provider contracting, representing both practices seeking new recruits and new candidates. Our team fully understands and appreciates that, for a business relationship of this nature to work, there must be proper balance in negotiating the "right" terms. We are available to assist you with the following services:
- Determine Feasibility of Adding Providers
- Provide Tools to Facilitate the Recruitment Process
- Offer Assistance With Candidate Selection
- Provide Assistance With Negotiations and Documentation of Essential Business Terms of Association
- Development of Compensation Models
- Coordination With Legal and Tax Advisors to Find Optimum Structure for Buy-In and Payout Terms
"What is my practice worth?" Most physicians ask this question at one time or another, whether planning for a new associate, anticipating retirement, selling their practice, or for personal financial planning.
Although general business valuation methods have application for the medical practice, there are unique considerations that make this a highly specialized field.
BSM consultants possess extensive experience and expertise in valuing different types of practices within different contextual settings. Featuring an intimate, hands-on analysis style, our consultants bring a "real world", practical approach in valuing a practice. This type of engagement would include the following:
Although general business valuation methods have application for the medical practice, there are unique considerations that make this a highly specialized field.
BSM consultants possess extensive experience and expertise in valuing different types of practices within different contextual settings. Featuring an intimate, hands-on analysis style, our consultants bring a "real world", practical approach in valuing a practice. This type of engagement would include the following:
- Clarification of Client's Objectives
- Submission of a Request for Information to Client
- Initial Review of Submission and Follow-Up With Client
- Draft Report to Client for Review
- Review of Client Feedback
- Completion of Final Report
Nationally recognized in the world of eye care, BSM Consulting offers specialized assistance to dispensing ophthalmology practices across the United States. Under the leadership of noted optical expert Carolyn Salvato, BSM Consulting is dedicated to showing you how to enhance the performance of your optical dispensary.
Services cover a full scope, including:
- Financial Analysis
- Inventory Management
- Medicare Audits
- Enhancement of Retention Rate
- Staffing Development and Training
- New Optical Development Support
Online Membership Programs
For nearly 10 years, BSM Consulting has offered a wide array of online business management and distant learning programs for medical providers. We developed these programs in order to make available our extensive library of intellectual property to health care providers in the most efficient manner. We have been overwhelmed by the positive feedback and appreciation expressed by so many clients from around the world.
Many of these programs are offered on a "direct" fee-paid membership subscription, whereas some of our offerings have been developed and licensed to pharmaceutical companies and medical device manufacturers. These offerings are distributed by these companies on a "private label" basis.
Regardless of the distribution channel, the programs typically include tools and resources in the following broad topical areas:
- Business Management Self-assessment Surveys
- Personnel Management
- Marketing and Practice Development
- Financial Analysis and Reporting
- Clinical Operations
- Third Party Contracting
- Provider Contracting and Physician Compensation
- eLearning for Staff and Management Personnel
Programs are available for the following provider groups:
- Ophthalmology
- Plastic Surgery
- Medical Aesthetic Providers
- Bariatric Surgery
- Ambulatory Surgical Centers
