Financial and Operational Performance Consulting

My attorney recommended PMRG – they spent several days thoroughly analyzing our 3-ophthalmologist practice. They detailed areas we could improve, including billing, staffing and charting. Their recommendations were vital to putting our practice on the path to recovery and ultimately, success.
– Adam Friend, MD, Eye Care Associates of New Jersey, PMRG client since 2004

With thirty years of clinical and consulting experience in medical practices, PMRG has developed a unique approach for assessing your practice’s financial performance. Unlike other consultants, we begin with your clinical services. We quantify those services, and, given your practice’s marketplace, determine the income those clinical services should produce. We add an assessment of your overhead expenses, and provide a report on your performance against calculated targets. Armed with this report and our detailed recommendations, we guarantee* increased practice income and a quantifiable improvement in the business performance of your practice.

The PMRG Consulting Services for Ophthalmologists includes:

On-Site Financial Analysis and Operational Assessment

PMRG does an on-site analysis and assessment of the following areas, and then provides a written report summarizing our findings which includes our recommendations for improving areas in need of improvement or upgrades.
• Product Line
• Payer Mix
• Contracts
• Charge Capture
• Fee Schedule
• Billing and Receivables Management
• Overhead Expense
• Medical Records Compliance including Coding
• Professional Liability
• Office Staffing
• Appointment Scheduling
• Computer Systems/Automation
• Policies and Procedures

Off-Site Financial Performance Data Review

The off-site data review provides a diagnostic analysis of your business, and includes the following assessments:
• Computer System Set Up
• Fee Schedule
• Payer Mix
• Collection Performance
• Practice Expenses.

Financial Performance Monitoring and Reporting

The financial performance monitoring service is for the practice that has had an initial consulting engagement with PMRG and recognizes the real value of what we provide. With this package, we conduct the following:

• A monthly review of the financial data with a detailed, annotated report that includes practice productivity, service mix, payer mix, collection performance and aging analysis.
• A quarterly review of the overall financial performance with the key physicians and staff via conference call.
• An annual on-site visit which includes a half day coding and compliance seminar and financial performance review.

Marketing and Practice Development

Growing a practice is a challenging undertaking and one that very few physician/owners have the time or expertise to tackle effectively. PMRG can assist you in increasing your practice volume. We will assess your market and your current practice development activities, recommend new strategies, and assist in the implementation new marketing strategies.

Transaction Planning

In addition to the legal services a practice needs when considering a major transaction, you also need to consider the business reasons and ramifications for such a transaction. PMRG will conduct the business assessment to support the following transactions:

• Physician Compensation
• Mergers and Acquisitions
• Physician Transitions – employment, buy-ins, and buy-outs
• Office location strategy
• Valuations

To find out if PMRG is the right solution for your consulting needs, click here to contact us…..

*The PMRG Guarantee: if you are not satisfied with the results of our consulting engagement, the balance of the fees after the initial deposit (with the exception of incurred expenses) are waived.