Physician Groups, Surgery Centers, Other Healthcare Entities

We specialize in providing CFO support services to Multi-location Physician Group Practices, Ambulatory Surgical Centers & Other Healthcare Entities.

Many CPA's and CFO's that have not been employed as a CFO in the healthcare sector think healthcare is no different from other industries. However, any CFO that has worked in a medical or other healthcare entity can tell you that the healthcare sector is very different from other industries.  

We have held positions in the healthcare sector as Controllers, Practice Administrators, and Chief Financial Officers. Some of the areas we have direct experience include;

  • Multi-location Physician Practices-Specialty Physician Practices & Integrated Practices with GP's, Specialists & Radiology
  • Ambulatory Surgical Centers
  • Eyeglass Manufacturing Company
  • In-Patient Post-Acute Rehabilitation Centers
  • Out-Patient National Drug Rehabilitation Treatment Centers

We can provide a healthcare company a CFO with real-life healthcare experience that others just don't have.

We provide all of the standard CFO services, but we provide several services specifically for our healthcare clients. Following is a list of just some of the services that our extensive healthcare experience can provide:

Standard Financial & Reporting Issues:

  • Business check-up; Analyze key performance indicators to highlight areas of concern.
  • Financial Statement Reporting & Analysis
  • Preparation of Budgets and Forecasts.
  • Cash Management & Improvement
  • Assistance Obtaining Bank Financing
  • Review accounts payable procedures to ensure effective use of cash; [bills paid timely and discounts taken and not double paid]
  • Assist with setting up a new general ledger account structure to allow for better financial statement reporting. [for example, to enable reporting by office location]
  • Assist with new software implementations; We have overseen the implementation of accounting programs, payroll programs, practice management programs & EHR programs.
  • Assist with the selection of credit card merchants

Physician Compensation Issues:

  • Assist with physician compensation issues and devising compensation methods for agreements. 
  • Perform compensation and bonus calculations.
  • Prepare monthly comparative variance reports for physicians on; collections, charges, procedure counts, net income, etc.
  • Monitor AR collections by each doctor, to ensure maximum profitability.

Revenue Cycle Management Oversight:

Poor revenue cycle procedures are a common and costly problem for many healthcare entities. Below are some ways we can help;

  • Review the general effectiveness of procedures used for Charge Entry, Collections & Payment Posting. Suggest process improvements for increased returns.
  • Review Accounts Receivable aging for possible collection problems.
  • Ensure all charges and payments are being captured.
  • Assist billing with proper month-end close processes.
  • Analyze monthly data and report negative trends to owners.
  • Review internal controls to ensure cash is properly protected from theft.
  • Assist with the management of managed care contracts to ensure profitability.
  • Analyze contract profitability.

Other Healthcare Related Issues:

  • Analyze potential new practice or surgery center acquisitions.
  • Forecast profitability of new location openings. 
  • Assist with new physician buy-in transactions.
  • Assist with physician buy-outs and planning for physician retirement.