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4. Physician Practice Management: Increasing Efficiency and Improving the Bottom-line

Historically, Physician Practice Management involved individuals or accounting firms reviewing the physician's billing procedures, employee management and was limited to simply holding the physician's hand." Frequently, the physician's office had 1 or 2 physicians and often one of the physician's wives served as the business office manager, supervising a small number of employees. This simply is not today's standard office. Most physicians have recognized the need for economies of scale, and the size of the physician's practice continues to increase with many complex issues never contemplated by the sole practitioner. Unfortunately, many offices are still led by individuals who have gained management responsibilities based upon seniority without the benefit of education and/or formal training, and are ill-equipped to face these challenges which can have a dramatic impact on increasing the physician's "bottom line."

This is where we can help by forming an instrumental and extremely valuable partnership with physicians to improve their practices. M.L. Schwartz & Associates typically works with practices having revenues in excess of $2 million per year. Taking advantage of the 30+ years of executive healthcare administrative consulting experience gained by exposure to all facets of healthcare administration, M.L. Schwartz & Associates conducts a thorough and exhaustive review of the physician practice management, and develops practical and cost-effective solutions to increase efficiency and improve the practice's "bottom line."

M.L. Schwartz will provide the necessary tools to recognize shortcomings in the physician practice which decreases its value to the physicians and/or to entities considering it as an acquisition or merger target. Participants will receive knowledge of the tools needed to better manage a physician's office practice. In addition, hospitals which are considering the acquisition of a physician's practice will be better able to assess its value. Further, physicians considering improving the efficiency of their office(s), the sale of their practice to a hospital and/or the merger of the practice with a another physician practice, will be better able to assess their current practice and enhance its desirability.

Hospital executives would be expected to gain a much better understanding of:

  1. The issues faced by their physicians
  2. How they can work with their physicians to improve the relationship
  3. When it would be appropriate to acquire a specific practice and at what cost
  4. Products the hospital can offer to the physician to increase the physician's bottom line and better utilize underutilized services within the hospital

Physicians would be expected to gain a much better understanding of the steps they need to take:

  1. To improve their services to patients
  2. To improve their office's efficiency and bottom line
  3. To determine the value of another practice they are considering acquiring
  4. To make the practice more desirable as a merger and/or takeover candidate

All will gain a better understanding of:

  1. Management responsibility
  2. Issues Impacting the practice's bottom line
  3. External factors
  4. Necessary marketing efforts
  5. Office staff and its impact on the practice

M.L. Schwartz & Associates has more than 35 components in its Physician Practice Management Assessment. Should you wish additional information related to the components you will need to contact Michael L. Schwartz, FACHE at (813) 885-9983 for a password to a special section of this website.

Should you wish to establish a meeting with Mr. Schwartz at your facility please contact him via email at MSchwar1@Tampabay.rr.com or by calling (813) 885-9983.

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