Financial and Operational Analysis

HPS provides financial and operational analysis, and strategic planning to optimize the success of our clients’ medical practices.

Successful practice management requires a business approach to strategy, planning and implementation. HPS Solutions offers an extensive menu of proven services to set a course for achieving specific financial and operational goals. These services include:

Strategic PlanningDetermine strategies for both short and long term operations by incorporating industry, market, specialty and key stakeholder data.

Business Plan Development —  Create business plans to identify steps required to achieve identified strategies.

Financial Analysis — Assess financial statements and conduct budget analysis of existing operations. Provide detailed assessment/feasibility studies on facility or practice expansions.

Productivity Enhancements — Identify initiatives to enhance productivity via customized plans and other tools. Can include clinical flow, staffing needs, front desk operations, patient throughput and facility and space planning.

Group Formation and Compensation — Determine appropriate organizational structure, physician integration model and compensation packages.

Policies & Procedures — Create or update office policies and procedures to create efficient and consistent operational structure.

Revenue Cycle Performance Improvement

HPS provides strategies to improve the collection of receivables from patients and third-party payers.

Creating efficiencies throughout a practice can have a major impact on cost and productivity. Areas that most often benefit by performance improvement include:

Accounts Receivable — Determine and initiate improvements in billing cycle, streamline patient payment systems, address account delinquencies.

Medical Records — Review documentation and coding to ensure proper utilization and determine billing for all entitled services.

Fee Schedule Development — Establish industry-standard, specialty-specific fee schedules.

Staffing — Determine most efficient staffing ratio, overview job descriptions, policies and procedures regarding collections as well as productivity standards.

Information Technology Assessment and Implementation

HPS provides analysis and implementation support for electronic practice management (EPM) and electronic health records (EHR) technology.

Technology can prove to be a physician’s best friend when it aligns with other systems and improves operational efficiencies without disrupting patient flow. HPS creates and implements strategic insight for both PM, EHR and other systems by:

Pre-Implementation Analysis — Analyze existing processes and operations to make certain that the IT system enhances rather than disrupts patient care.

EHR/EPM Vendor Selection — Provide a personalized search to determine the right vendor match.

EHR/EPM Implementation — Assist the practice in the design and implementation of new Electronic Health Records and Electronic Practice Management system implementation.

EHR Meaningful Use and Incentive Payments — Assist the practice in identifying meaningful use criteria to ensure successful attainment of both Medicare and Medicaid incentive payments.