For small- to medium-sized practice groups, as well as Private Equity MSOs (Managed Services Organizations), financial reports for medical practices have quickly emerged as an essential tool to optimize efficiency and maximize profitability – not only for growth, but for survival.
Yet, as the practice of medicine has not historically revolved around quarter-to-quarter financial optimization and performance, such tools are not typically built into the operation of medical practices. Thus, today’s environment of practice consolidation – whether between senior partner physicians or stepping up to Private Equity investment and capitalization transactions – has created a need for more sophisticated financial management tools that can be implemented and used at the practice management and MSO level.
One such tool that is now available to practice groups and MSOs – even smaller ones – is Financial Dashboards.
Financial Dashboards can bring together the disjointed practice group data sources into intuitive, easy-to-use and understand onscreen visual “snapshots” of the financial performance of the practices across a practice group or MSO – creating executive dashboards at the touch of a button.
Medical Practice Financial Management Pain Points
Perhaps the biggest “pain point” solved by Financial Dashboards technology is the time-consuming monthly manual assembly of data reports from multiple practices in a practice group or MSO. Currently for many groups and MSOs, this involves intensive labor – gathering data from various sources and systems across the member practices and consolidating that data into a pieced together report.
Financial Dashboards automate all of this, eliminating manual data assembly and integration, and allowing management to jump right to evaluation, problem-solving, and solutions implementation. Richard Cooper, VP of Finance at OrthoBethesda sums up the value “Automating the collection and visibility of the data has saved us time, money and headcount.”
Another “pain point” greatly alleviated is the ability to quickly and easily compare financial performance across all practices in the group or MSO. Typically, each practice performs in an isolated “silo,” with analysis limited to that practice’s performance month-over-month or year-over-year. With Financial Dashboards, it is easy to evaluate not only each individual practice’s performance against its own KPIs, but to immediately compare that practice’s performance against others in the group or MSO. In this way, opportunities for improvement can quickly be identified, and standards and best practices for every practice in the group can be understood and implemented.
Data to Drive Results for Small- to Mid-Level Groups
Perhaps the most exciting feature of today’s newly available Financial Dashboard technology is that small- to medium-sized practice groups and Private Equity MSOs can now enjoy automated medical practice financial reporting sophistication that has previously been available only to large enterprises – such as large hospital systems, healthcare organizations, and private payers.
Specifically, the Financial Dashboard solution from Medical Advantage uniquely enables practice groups, MSOs, and Private Equity firms to view and digest actionable data (whether descriptive, diagnostic, predictive, or prescriptive, from a business finance point of view), consolidated from all available sources within the organization, to benchmark medical practice performance and capitalize on best practices and efficiencies.
Medical Advantage has industry-leading capabilities in the customization of Financial Dashboards for small- to mid-size practice groups and MSOs, including integrating technologically and geographically diverse data sources to automate consolidated and comprehensive financial reports for medical practices featuring user-friendly displays powered by Microsoft Power BI.
Further, Medical Advantage has the unique capability to not only identify areas for improvement with our Financial Dashboard solution, but also to address and solve those issues identified – through our Revenue Cycle Management, EHR Optimization, Practice Workflow, MIPS/Payer Quality Scoring, and other healthcare consulting services.
Medical Advantage and TDC Group can help.
Medical Advantage, with our 20+ years of in-practice experience in profitability optimization – together with the overall resources of the TDC Group of which we are a member (a $6B entity serving over 100,000 healthcare providers and organizations as the nation’s largest provider of Insurance, Risk Management, and Healthcare Practice Improvement Solutions) – can help your organization achieve peak efficiency, survivability, growth and profitability by implementing Financial Dashboards.