Comprehensive Physician Practice Assessment
In our experience, a comprehensive physician practice assessment produces findings that significantly improve our clients' ability to achieve long-term financial stability and sustainability. Therefore, we generate a 360° detailed comprehensive physician practice assessment in which we immerse ourselves into our clients' day-to-day operations. This allows us to fully understand all practice enterprise elements related to their current condition and relevant to their future goals.
The specific tasks that Southwind undertakes for a comprehensive physician practice assessment include:
Interviewing Key Stakeholders
In our physician practice management experience, stakeholder interviews are vital to identifying and prioritizing key issues in the minds of stakeholders and, as importantly, to building the confidence and trust among stakeholders that operational, compensation and financial improvements will be successful. These interviewees may include currently employed physicians, independent members of the medical staff, other physician leaders, key hospital management personnel, legal counsel and others required to address the full range of issues involved in the success of growing physician employment strategy.
Assessing the Current Management Team
Southwind provides an assessment of the management team's organizational structure, including the degree to which the organization has appropriate bench strength required to sustain the organization long term. In addition, we identify specific management needs and potential promotion opportunities based on the expected growth and future needs of the physician enterprise.
Quantifying Current Financial Performance
Southwind reviews financial accounting statements of the historical, current and projected annual performance. Southwind also provides clients with benchmark comparisons of current performance to industry best practice.
Assessing Practice Operations and Professional Fee Revenue Cycle
Southwind reviews the practice operations and the professional fee revenue cycle operations at all relevant locations. We will determine, as a result of our analysis, whether there are any significant improvement opportunities and recommend changes to current operations in order to achieve performance improvements. With enough critical mass of on-site analysis and financial data, Southwind can estimate the dollar amount of improvement attainable from our detailed analysis and recommendations.
Reviewing Physician Employment Agreements and Current Physician Compensation Plan
Southwind reviews existing physician employment agreements and physician compensation and benefit arrangements. Southwind then provides suggestions for change that would more closely align physician incentives with the health system, particularly around the issues of financial success and clinical quality improvement.
Reviewing Key Managed Care Contracts
Southwind reviews the key managed care payor contracts held by the client on behalf of its employed physicians. Southwind also reviews up to five key payor contracts to determine if there are any opportunities for enhancements to physician payment or to other terms and conditions.
Benchmarking Physician Productivity and Compensation
Southwind prepares a benchmarking analysis of physician productivity and compensation. The analysis compares each individual physician's productivity and compensation by specialty to peers, both within the medical group and regionally.
Creating an Employment Pro Forma Model
Southwind prepares, on a pro forma basis, an initial illustration of how the proposed employment arrangement will impact the client over five (5) years, including both accrual-based profit and loss as well as cash flow impacts. Southwind also prepares one pro forma scenario using industry as well as local data, and then turns the pro forma model over to the client to create additional scenarios if necessary.
Presenting Findings, Recommendations and an Action Plan
Southwind presents detailed assessment findings and recommendations for each of the components in our assessment. The comprehensive physician practice assessment findings and recommendations are presented in a PowerPoint format to facilitate the discussion of actionable items, their cost and return.