Medical Practice Financial Planning Management Consultant
From budgeting and revenue cycle management to financial analysis support, the design and implementation of workable financial systems is key to obtaining a profitable physician practice or hospital-based medical group. Given the growing complexities of healthcare practices in regards to billing, collections and accounts receivable, a medical practice financial management consultant can help medical practices develop performance objectives that pave the way for long-term financial health.
Whybrew Medical Management carries decades of experience with in-depth knowledge of business operations as they relate to finances in the healthcare industry. Using analytical data and workflow assessments, we strive to improve strategies on the front end of operations (scheduling, verification of insurance, authorizations, payment and deductible collection) to better plan and project cash flows and overall performance. In addition, we develop strategies to better manage payroll, ensuring that employees and other personnel are paid in correlation with the hours they worked.
Accounting, Financial Planning and Analysis
Among the necessary objectives for effective financial planning is identifying inaccuracies in the documentation of medical records, charge capture, coding and claim resolution. After all, accuracy in claim submission is a critical phase of workflow, and practice revenue is dependent upon the acceptance of those claims. In turn, revenue is needed to keep in step with accounts payable, which calls for accounting management technologies and/or software.
Automated methods of financial planning, accounting and analysis save time and resources, add to the revenue stream, and increase employee and patient satisfaction. Moreover, when advisory services are delivered on a routine basis, physician practices and hospital-owned medical groups can easily track payment terms, lease agreements and more.
Developing unique, yet practical, financial solutions for medical practices, Whybrew Medical Management equips physicians’ groups and private practices to make sound decisions that maximize and sustain revenue, despite current healthcare reform. Contact us today to discuss financial opportunities for your practice.