Practice Services
Consulting
Hospital Negotiations:
- Development of “Fact Book” for Hospital Contract Negotiations
- Part A Support including Performance Based Component
- Technical Cost Recovery (TCR) for Referred Services
Third Party Negotiations:
( View / Download – 3rd Party Reimbursement Strategy 
)
Development of Business Plans
Creation and Implementation of Practice Plans
Billing Systems and Collection Agencies:
- Prepare Request for Proposal (RFP)
- Evaluate Company Selection
- Negotiate Terms and Incentives
Practice Evaluations
( View / Download our Practice Evaluation Checklist )
- Create the Perfect Practice
- SWOT Analysis (strengths, weakness, opportunities and threats)
- Multi-year Strategic Plan
Compliance Plans:
- Development of “New” Plan
- Review and Evaluate existing plans
- Monitor with Certified Coding Review
Practice Valuation:
- Recognize unique arrangements / assign goodwill
- Shareholder Buy In / Out
- Sale / Merger to other entities
Practice Management
Integrate all aspects of adding a new Physician to the Practice. (Credentialing, Legal, Contracting and Introduction to referring physicians)
Coordinate Physician Retirements and Terminations
Recommend Malpractice Coverage and Business Insurance
Analysis of Fringe Benefit Plans and Health Policies
Evaluate options for Retirement Plan design & funding
Set-up unique cost centers
Implement Sales Commission Plan
Administer Practice Plan
Value the Practice Accounts Receivable
Supervise and Train Staff
Operations Management
Audit Billing Systems ( View / Download – Billing Audit Checklist )
Evaluate Practice fee schedule allowances
Coordinate credentialing activity
Monitor third party reimbursements are consistent with contracts
Design customized reports to monitor progress ( View / Download Operations Report Example )
Calculate dynamic budget by third party to identify performance
Set-up Charge Master and provide updates
Track all aspects of the income system as well as financial results
Maintain a comprehensive Work Plan and Calendar of Events
Compare benchmark data
Develop an Operation Manual ( View / Download Checklist )
Financial Services
Reporting
User friendly monthly Financial Reports with a full display of information. Target problems and highlight critical income and expense categories. ( View / Download Financial Report Example )
Payroll
HBP utilizes efficient payroll services that offer direct deposit, payroll tax filing, automatic check signatures and pre-tax deductions. Working in conjunction with your accountant, we assure correct withholding and track payroll costs as well as time benefits.
Accounts Payable
Timely vendor payments assure cost effective relationships. Accurate vendor-segregated records for accountant and practice review are maintained.
Patient Refunds
Patient refunds are expedited to avoid patient complaints.
Budgeting & Forecasting
Development of financial forecasts to aid in planning and preparing for future results.
Year End Planning
Work with your Accountant to minimize tax liability and to assure Practice Plan is properly implemented.
Analysis
HBP utilizes its knowledge of the Practice and key indicators to provide better management decisions.
Cash Management
Every dollar generated is assured the maximum interest earnings and the minimum service charges through aggressive transfers.
Lockbox Services
HBP provides a unique lockbox service that goes far beyond what is offered by banks. Processing payments at our office allows immediate handling of insurance payments, patient complaints, and bad address returns. We provide a daily Lock Box Log ( View / Download Lock Box Log example ) with a history of deposits by third party. This is compared to the monthly budget by payer and includes historical payments.
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