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Once purely a profession, the practice of medicine today has taken on the classic overtones of a business enterprise. |
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Practice Management
• Billing and collections
• Accounts receivable
• EOBs
• Benchmarking
• Overhead analysis
• Fee schedules
• Payor grid
• Coding and medical records
• Compliance plans
• HIPAA
Management and Partnership
• Selection of practice entity/ form of organization
• Partnership and shareholder agreements
• Physician contracts, agreements and compensation
• Income distribution planning
• Capitalization
• Group practice formation and alliances
• Practice sales and mergers
• Formation of Management Services Organization (MSO)
Accounting and Financial Management
• Financial reporting
• General ledger maintenance
• Lease versus purchase of assets
• Forecasting
• Budgeting
• Government and third-party payor contracts
• Overhead cost controls
• Internal accounting controls
Tax Planning
• Personal, corporate and partnership returns
• Retirement and benefit plans
• Investment programs
• Tax audit representation
• Cost segregation studies
Strategic Planning
• Practice management review
• Operational analysis
• Practice objectives and strategies
• Staffing analysis
Patient Satisfaction
• Patient satisfaction surveys
• Patient retention strategies
Personal Financial Planning
• Cash flow
• Investment alternatives
• Educational financing
• Retirement and estate planning
• Risk management
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The art and science of practicing medicine today requires the business and financial acumen of a seasoned management expert. Compliance regulations, coding, collections, managed care, employee productivity and increasingly complex tax laws have forever altered the way modern medical practices are managed. In an already highly regulated field, the need to comply with current and future laws and regulations (e.g., JCAHO, OSHA, HIPAA, etc.) and the importance of sound Compliance Plans are critical for effective practice management.
At Margolin, Winer & Evens LLP, medical practice management is a highly specialized discipline. Our dedicated Healthcare Services Practice Group offers medical practitioners a team of skilled professionals experienced in the field of modern practice management. MWE’s mission is to increase practice profitability by improving revenue flow and enhancing operational efficiencies.
Founded in 1946, MWE is one of the largest accounting and business advisory firms in the Northeast. MWE continues to be a trusted advisor to the healthcare community providing extensive expertise and experience in this focused area of practice.
In the medical practice management arena, our objective is to diagnose and assess the financial health of our client’s medical practice. Our review of the practice’s performance, personnel, policies, procedures and efficiency will allow the practice to develop a step-by-step program. It begins with observation of the office’s operations and in-depth interviews of office personnel; an elucidating process that can provide important insight into the practice. This is followed by a comprehensive cash flow analysis encompassing fees, managed care contracts, aged accounts receivable, and the billing and collection process. From this information, we construct profitability/overhead ratios which are benchmarked against industry standards.
The cash flow analysis is augmented by a review of the practice’s physical resources and office procedures as well as examination of financial statements, internal controls and tax returns.
At the conclusion of our engagement we present the practice with a comprehensive report containing our findings, conclusions and recommendations. Most importantly, we meet with the practice’s owners to discuss our findings in detail and define the next steps.
In addition to practice management advice, our healthcare consultants are often asked to assist practices with management and ownership issues. Our expertise extends to partnership and shareholder agreements, compensation alternatives, practice formations, mergers and buy-ins. MWE also provides traditional accounting and tax services and expert advice for succession, estate and retirement planning. Our healthcare professionals ensure that this important aspect of financial management is incorporated into the medical practitioner’s long-term planning.
Members of our Healthcare Services Practice Group are active in leading professional associations and serve on specialized committees in order to remain current with new industry trends and developments. They also lecture to trade and professional organizations and contribute articles to leading journals and business publications.
Among the organizations in which the MWE Healthcare Services Practice Group maintains an active role are the Medical Group Management Association, Physician’s Viewpoint Network , and the Medical and other Professionals Committee of the New York State Society of Certified Public Accountants.
As your practice management consultants, MWE will be there with you every step of the way, ensuring that the full value of our services pays off in increased efficiency and enhanced profitability of your practice. We call it turning vision into value. You’ll call it one of the best practice management decisions you’ve ever made.
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