By Carolyn Hall, CPA, MBA
Business owners with an entrepreneurial spirit welcome growth without necessarily focusing on the bottom line. MSO and DSO professionals who own and operate medical and dental service organizations that are experiencing patient gains and revenue growth can often lose sight of the details that go into back-end processes.
Your accounting system can be your first and most visible sign of trouble. When billing is slow or error-filled, processes are broken, locations aren’t communicating and too many key tasks are manually executed, it might be time for a third-party business process review.
There are improvement opportunities in every MSO and DSO. Opportunities for processes to be shortened, technologies upgraded and pain points addressed and rerouted. When we conduct a business process review for healthcare organizations, we start by assessing, analyzing and preparing recommendations.
We notice when processes aren’t automated or are conducted with obsolete technology tools. We study the ratio of salaries to revenue. We examine revenue by location and ask questions such as: why is Los Angeles clinic so outperforming the Miami office? How are accounts reconciled? What does the monthly close look like and why?
While processes were put in place for reasons that made sense at the time, those systems need to be reevaluated as time passes. As third-party advisors, we can suggest alternative processes and technologies to help your organization boost productivity and establish and maintain more rewarding relationships with patients, vendors, employees and other stakeholders.
A business process review is a one-time assignment - a management tool that might better position your staff and facility for the future. You’ll review your findings with our advisors and decide what next steps should be taken collaboratively.
More than anything else, you’ll gain peace of mind knowing that your MSO or DSO has been primed for the growth that you can now confidently embrace.
Coming soon- We will be following up with next steps after the BPR! Sign up to receive our weekly updates.
Carolyn Hall is a leader in the Wiss Advisory Group at Wiss & Company LLC. You can contact her at (973)994-9400 or at firstname.lastname@example.org.