Medical group leaders are under constant pressure to improve financial performance, enhance the working environment for providers and staff, and enable the delivery of high-quality patient care. Medical groups that struggle to do so are susceptible to losing market share to higher-performing competitors.
Savvy medical group administrators understand the financial performance of their organization and how their group compares to similar organizations. But this knowledge comes through routine evaluations. Just as we want patients to undergo a periodic physical to assess their health status, so should medical groups. Operational leaders without this diagnostic information are unable to manage their medical group effectively and generate the cash flow needed to fund strategic initiatives.
Rapid Performance Assessment
ECG’s Rapid Performance Assessment is designed to quickly and objectively identify high-impact areas of financial improvement opportunity, using industry-proven and proprietary qualitative and quantitative analyses to swiftly understand:
- Baseline medical group key performance indicators.
- Operating challenges.
- Competitive landscape.
Our analyses reveal targeted and measurable opportunities that can improve revenue capture and growth, streamline overhead and operating expenses, and optimize operational processes and workflows. The assessment is typically completed within 30 to 45 days.
How It Works
Our approach is similar to a physical examination.
Diagnostics
At the outset of the engagement, ECG will submit a detailed data request that includes all relevant organizational, financial, and operational data needed to conduct all in-scope performance evaluation analyses.
Medical History and Chief Complaint
Parallel to the data request submission, ECG will schedule interviews with key medical, executive, financial, and operational leadership to better understand organizational characteristics, competitive environment, and any operational challenges.
Physical Examination
In addition, the project team will conduct on-site visits at key clinical and support services locations to evaluate core operational processes and observe staff performance.
Assessment of Systems
Using the data gathered, ECG will conduct a comprehensive evaluation of the medical group’s financial and operational performance in comparison to relevant industry target performance levels across the following areas:
- Financial performance
- Organizational design
- Provider productivity
- Provider compensation
- Patient access
- Clinic operations
- Revenue cycle management
- Managed care contracting
Diagnosis and Treatment Plan
At the end of the evaluation period, a comprehensive practice assessment report will be provided that clearly outlines current medical group performance and identifies specific quick wins and long-term strategic tactics that support incremental value generation. The analytics and operational insights equip medical group executives with industry-leading business intelligence that supports informed strategic, financial, and operational decision-making.
High-Impact Results
For the majority of our rapid assessment clients, we are able to identify revenue improvement and/or cost reduction strategies and tactics that do not require incremental capital or operational investments. Examples include:
- Billing workflow redesign to improve collection efficiency.
- Provider schedule template optimization to increase patient throughput.
- Exam room utilization improvement strategies to decrease overhead costs.
- Improved expense management governance.
A Comprehensive Approach
Attempting to implement a game plan for improvement without identifying the interconnected components of both financial and operational opportunities can frustrate providers, staff, and patients with temporary process improvements and short-term solutions that garner undesirable results. Understanding the interrelated systems and how improving one aspect of a medical group’s performance might disrupt another will produce the best strategic approach for performance transformation.
In our assessments of medical groups, we often find that revenue and costs aren’t affected just by one issue, but several interrelated issues.Just as patients with multiple comorbidities must have carefully orchestrated treatment plans, so must medical groups’ improvement plans employ a comprehensive approach.
The ambulatory care setting continues to undergo incredible change, with more care rendered in the outpatient environment than in the acute care setting. A clear understanding of where financial and operational opportunities exist within a medical group provides the best path for an improvement plan for sustainable success.
Published June 9, 2021
