Medical Practice Network Financial Turnarounds
Still losing your shirt on hospital-owned medical practices?
Most hospital-employed physicians are just as bright and capable as their private practice peers. Yet, many hospitals report losing more than $60,000 per year for every physician they employ! Regardless of the losses, most hospitals must offer a physician employment option today in order to attract and retain both primary care and, increasingly, specialty physicians. Just ignoring the losses or hoping to recoup practice losses on the hospital side is not a viable long-term option in most competitive markets.
Hospitals and health systems in several communities have used the Halley Consulting Network Turnaround approach to dramatically improve the financial performance of their medical practices so that hospital capital can be used for investment rather than practice operating losses.
Our turnaround process is based on physician and executive leadership supporting tactics on three levels:
- Our Rapid Improvement Plan identifies practices that will not achieve financial viability and “prunes” them from the network.
- Network-Wide Initiatives improve physician engagement, practice management, physician compensation, accounts receivable management, network development and management information across the network.
- Site-Specific Initiatives engage the physicians and managers at each practice in performance improvement initiatives that achieve visit, service and coding targets to guarantee improved financial performance.
What truly sets Halley Consulting apart from traditional consulting firms is our hands-on implementation process. Our Network Executives become a part of your team, coaching, educating, leading and increasing the rigor necessary for performance improvement.
