Physicians are under even more pressure than ever before to make sure their practice is run as efficiently and effectively as possible. Price pressures, healthcare reform, declining reimbursements and other issues are making it incredibly hard to be able to provide the necessary focus on patient care. These are just a few of the reasons you should consider hiring a medical practice management consultant.

Efficiency is Key

A medical practice management consultant can make your office run much more efficiently, freeing you up to do what you do best – take care of your patients. He or she will know how to make it easier for doctors and staff members to work as a team, implementing management processes and tools to help operations flow smoothly. Consultants offer not only strategic assessments, but also administrative support services to take your efficiency to new heights.

These are just a few areas where a professional consultant can help:

• Business office operations
• Cost analysis
• Electronic medical records
• Financial analysis
• Personnel management
• Marketing your practice

A Comprehensive Approach

When you partner with a medical practice management consultant, you will be working with an expert who knows not only how to help you put together a strategic business plan, but also a marketing program that will bring new patients through your doors. A professional will also offer you the tools you need to make more informed decisions that can substantially reduce your operational costs.

A medical practice management consultant with Synergy MSO has a great deal of experience and a well-established track record of success. If you would like to learn more about the services we offer, please contact us online or give us a call at 214-550-1469.

An operational assessment can be essential for a medical practice, helping uncover inefficiencies that can undermine performance and also improve patient relations. These are just a few of the reasons you should strongly consider having an assessment conducted by a qualified Dallas medical practice management consultant.

Hire a Third-Party or Go it Alone?

While trying to perform an operational assessment internally can save money and provide more flexibility in terms of timing, there are several drawbacks. Physicians may not have a clear idea how to conduct an assessment, or they may not have the time to do so. There is also the chance that a doctor will have a preconceived notion of a clinic’s issues – he or she may be too close to the situation to see certain problems that may exist. If staff members are chosen to perform the task, they may not feel comfortable speaking frankly with physicians so the assessment might not be as comprehensive.

Using a third party, however, can ease time concerns and make it easier for staff members to raise potential issues. Experienced consultants are experts in conducting operational assessments and look only to solve problems – not place the blame on anyone or anything.

Choosing the Right Consultant

It can be challenging to find an operational assessment consultant who has experience in your particular field of practice. One of the best ways of doing so is by asking fellow practitioners who may have had one conducted to see who they would recommend. Once you are able to identify two or three consultants, ask each of them to supply references and check them thoroughly.

Synergy MSO has extensive experience in conducting operational assessments. If you would like to learn more about what we have to offer or you would like to schedule an appointment, please contact us online or call 214-550-1469.

Remember that saying in real estate, “location, location, location?” Well, the same principal applies to physicians looking to optimize business through specific geographic placement of their medical practice. Believe it or not, there’s more to it than just looking for the biggest city, the cheapest overhead, or the commute. In fact, many physicians who have multiple locations for their medical practice really need to take note of the significance of strategic development.

Determine Your Prerequisites

Being a customer-dependent business, the most obvious thing to consider when opening a new medical practice facility is to always settle on a location that offers an over-abundant exposure to potential patients.

Additionally, however, there are less obvious factors that need to be addressed and considered, as well:

Practice Image
– What kind of image are you trying to maintain, and is the location complimentary to that?

Competing Practices
– Is there any comparable medical practice within a 5-10 mile radius of the location you desire?

Employee Environment
– Is the area prime for finding potential employees, and what will their commute be like?

Future Growth
– If you anticipate further growth for your medical practice, would the location accommodate expansion?

Juxtaposition to Patients
– Would the medical practice be easily located and visible for local patients?

Safety
– After having done research on the current local crime rate, is this practice location somewhere that employees will feel safe alone in the building or walking to their vehicles?

Zoning
– Are you familiar with the zoning regulations and procedures applicable to the county you are looking to establish your medical practice?

Find out about how a property is zoned by contacting our leadership team.

Weighing Financial Cost

There are quite a number of financial considerations when opening a new medical practice, besides just knowing what you can afford in overhead. Here are just a few:

Hidden Expenses
– There are very few business-ready spaces available, so remember to include aspects like renovation, decorating, and IT system upgrades (among others) into the overall cost.

Taxes
– Be aware of tax rates for the area and how to qualify for tax breaks on your medical practice. Also, be sure to research the recent trend in property tax fluctuations.

Government Economic Programs
– Your business location will determine qualification for government economic business programs and incentives.

Understanding laws and regulations imposed on local businesses in a particular region is a fundamental key to the groundbreaking process. Whether you’re looking to expand your medical practice, or you’re just getting started, working with one of our medical consultants to maximize commerce will give you a supplementary advantage in the medical marketplace.

Let us assist you in knowing what is available to your medical practice in 2014. Contact our Dallas medical management consultants at 214-550-1469.

According to Forbes and Bloomberg, studies show that small businesses have a whopping 80% failure rate within the first 18 months of operation.  But, what does that mean to your medical practice?  It means you may just be treading water and not even know it. Kathryn Moghadas, a practice management consultant with Associated Healthcare Advisors in Fern Park, FL, told Medscape points out that “If you find yourself reading articles on a topic, it’s usually a sign you have an issue that has to be dealt with. I don’t know a single person who would read an article on building a practice unless they needed to build a practice.”

Self-analysis is the key to physicians finding themselves huddled in with that small percentage of successful businesses.  The more you are open and aware of the inevitable missteps, mishaps and mistakes that  can occur at any given time, the more likely you are to stay out of the proverbial small-business purgatory. So, what are a few of the most common blunders that small business owners – and healthcare business owners – make?

Physicians Face Small Business Challenges

1. Untrained Leadership

To put it in statistical category, about 97% of small business owners fail within their respective practice due to weak, ineffective leadership. But, let’s face it, leadership is not exactly something that can be taught.  Most effective leadership qualities are typically innate.  The other portion is learned through basic trial and error, and rigorous self-assessment training.  Many physicians may face a struggle as they seek to find balance through a “Top Down” style of management.  You can’t be everybody’s buddy at all times, yet the dictatorial style of leadership has proven to fail time and time again.  Good leadership for your medical practice includes setting a purposeful course for everyone involved, constantly communicating practice goals, and being an open inspiration to the medical team.

2. Lack of Marketing Strategy

Marketing used to be a foreign concept to those with a medical practice.  Unfortunately, the days of pinning your business success to properly executed grassroots marketing campaigns have long subsided.  It’s imperative that doctors develop a marketing strategy to improve patient traffic and public awareness (thus increasing potential revenue), through developing your own individual brand.

What does all this mean exactly? Here are some solutions:

Make Time to Network, Again

There’s no way around it.  Your physician(s) have got to meet and network with patients, prospective patients and other doctors.  Employ the “Rule of Three.”  Strive to meet three potential referrers per week.  Try to avoid your typical medical colleagues.  It’s also a good idea to meet with non-physicians on a regular basis, too.  The point is to reach out to people who don’t already know about your staff or your medical practice.

Keep Your Brand in the Know

Five:  that’s how many times people need to see something before it’s recognized. So, physicians must be sure to get their name out there, wherever potential patients look. That means publications, social media, free-standing office signs, and even mailings to patients and local residents.

Build a Great Website

This one is pretty self-explanatory.  Every medical practice must have a good website – one that reflects your expertise and echoes the style of any patient-education materials.  It’s also essential that your web address be legible on all print, ad and media materials.  And, do your research.  Websites are the best avenues for patient communication with your medical staff. Be sure to allow for HIPAA regulations, as well. A well maintained website ensures that you stand apart from others inside your market.

3. Not Asking For Help (When it’s Needed)

Do you envision employing the aid of others as a general sign of weakness?  If so, you may want to subscribe to a different philosophy for running your medical practice.  According to an article published by CNBC in 2011, author Mike Michalowicz ascribes the greatest mistake of an entrepreneur’s career to believing he/she can do everything all by themselves. Don’t fall into the trap of constructing the shell of a car and assume that it’s just going to run (or that your natural proficiency can make it into a well-oiled machine).  The more physicians learn to delegate their time and resources, the less they have to worry (say goodbye to those long days and nights).

One effective way to delegate is by bringing in a medical management consultant, who can oversee areas that you find challenging or time consuming.  Consultants typically work on a flat-fee or per-project basis.  Experience, geography, and size of practice all factor into the cost.  The good news is that a successful healthcare management consultant knows, and will offer, cost effective strategies to meet the specific needs and expectations of the client.  And, the typical physician’s ROI (return on investment) is well above the average cost of investment.

Remember, it’s all with the intent of growing your practice and making it successful!

So if you’re worried about falling into the pitfalls of small business ownership, do your homework and seek trusted sources such as the medical office consulting experts at Synergy MSO.  We have more than 30 combined years in the healthcare industry and can show you exactly what you need to achieve success for your medical practice.

Contact our Dallas, TX, medical office consulting team at 214-550-1469.