From the Mailbag
"I'm a Rheumatologist in solo practice in the DC Metro area. I enjoy reading your blog when I can, it is always very informative. I've been in practice for about a year and a half and I'm still trying to wrap my head around the management aspect. I was thinking of having a small practice management firm have a look at my books but the first estimate I got was completely out of my budget. Do you think I need to do this and how else can I approach it? I'd appreciate any suggestions you might have."
This email came from Jennifer, and I want to thank her for taking the time to write. Of course, I completely empathize with her situation, but I am left wanting to know more. How large is her staff? What is nature of her concern--legal? Financial?
It's an important decision to involve a consultant, and if I may speak informally here, I'd say the fact that you want someone to look at your books and help you better understand "the management aspect" means you do need to seek a professional opinion. Not because you are doing anything wrong, but because the uncertainty you mention needs to be addressed.
Of course, the problem is finding an affordable solution. I am unfamiliar with your area, but have you asked around? Perhaps some colleagues might have a better suggestion? Inquire with any professional associations you might belong to and see if you can find a good management firm via networking.
A good, reliable firm will be worth your investment. It's a lot of responsibility to practice medicine and run a business, Jennifer, so I wish you luck. If you have more specific questions, don't hesitate to ask.
As always, I invite any readers who have advice to please leave a comment. We're all in this together. Perhaps someone in the DC metro area might have some names or contacts which might be useful?
posted by Anne @ 10:11 PM
7 comments
7 Comments:
I worked as the Practice Administrator managing a Rheumatology practice, a Cardiology practice and an Internal Medicine practice. I have managed practices since 1996. Having worked in a Rheumatology practice with five rheumatologists and four mid-levels with two clinics in this area, I understand how the business of running such a practice can become overwhelming, especially if you are trying to practice medicine at the same time. I can imagine that the A/R, A/P and Payroll alone can be quite daunting without even considering the myriad other aspects of such a practice. A good consulting firm can help you sift through issues such as personnel, practice management software, HIPAA, OSHA, etc.
Good luck and hope all turns out well with your practice.
When I started out in the business I was told that your sucess can be measured in the number of good consultants you can utilize. I did not believe this of course, being that I knew more than anybody else anyway. Turned out that I didn't know as much as I thought, and a good consultant can go a long way to promoting your success. Find one you can trust, and tell them the absolute truth, do not hide your problems. They cannot help you if they can't see the whole picture. After almost 25 years in this business I still have a consultant on call.
I believe that Jennifer might try contacting MGMA, Medical Group Management Association,at (303) 799-1111 and ask them for consulting services. MGMA offers consulting services, or they may know of someone that is studying to become a Certified Medical Practice Executive, that would be interested in doing a project or paper regarding your Rheumatology practice to fulfill education requirements.
I have been in Medical Group Management for 27 years and a member of MGMA for 25 years, and I have found them to be extremely helpful. I believe it would be worth a phone call and ask what they would charge, or if they could refer you to some local members that might be willing to help. I would offer, but I am in AZ.
I agree with Anne, if you believe you may need some help, you probably do. Good luck!
MGMA ( a good assoc for groups, with lots of info - I'm an affiliate member of 20+ years) specializes in group practices, not solo practices.
The leading professional association of medical consultants is the National Society of Certified Healthcare Business Consulatants whose website is http://www.NSCHBC.com . Their consultants -which include faculty to medical associations and most authors in the field- include solo practices, and they have a "find a consultant" directory on the website.
A practice management consult need not be prohibitively expensive, and will often result in income in excess of the cost, so the the net cost is zero (if you do what they say) ;-)
I'd suggest caution in engaging a CMPE "student" as recommended by "anonymous", because of the economic risks involved to the practice. You want the best person possible on your team, so check credentials and experience of any consultant thoroughly.
Keith Borglum
Medical Business Consultant, Appraiser & Broker Lic# 00767129 http://www.PracticeMgmt.com
NSCHBC Membership Co-Chair
MGMA Affilliate
Medical Economics Magazine Contributing Editor
Besides the MGMA, you might want to consider contacting your local Practice Management Group. I have found that there are Practice Managers who will 'consult' on the side. As long as you are not hiring a manager from a competing business, it might be nice to have someone who is familiar with your marketplace and dynamics help you out. Of course, they need to sign a confidentiality agreement. Good luck!
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I agree with each comment. I found that it was very valueable to have a consultant around when I was working as a practice manager. I now consult, and the informaiton I gained from them helped me tremendiously in practice management. I agree that if you can find someone who is CMPE or other certification you can be assured that the individual knows what to do and if not knows how to direct you to the right people. Just remember if you truly want help you have to open up and let them understand the whole practice and try what they say to do, or other wise it was a waste of your time and money. I am sure there are smaller consulting firms who will not charge as much because they focus on smaller practices, and get referrals if possible from other practices. Good luck and I know because you are asking you are going to go far and be a great practice manager.
Good Luck,
Cissy Mangrum, CMPE
CM Medical Consulting
www.cmmedconsulting.com
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