Fairfield Consultants’ innovative approach toward financial and operational goal setting and goal attainment can help your practice reach new heights in provider productivity and financial rewards.

Case Study – LARGE CARDIOLOGY GROUP

PROBLEM: Group needed interim COO to introduce new programs, sell off real estate of unprofitable satellite office and to reorganize practice operations.

RESULTS: As interim COO, introduced new ancillary services (PADNet, In-Home Coumadin testing); eliminated unprofitable ancillary services; expanded clinical trials; converted underutilized office space to revenue-generating exam rooms; closed unnecessary satellite office and sold real estate for a profit in a difficult real estate market; revamped website; negotiated various equipment and service leases; handled changes for employee benefits and worked closely with vendors on IT projects including EMR, all of which were projected to increase annual revenues by $800,000.

Case Study – LONG-TIME CLIENT

PROBLEM: Move satellite office or remain in present location.

RESULTS: Performed a quantitative analysis of both the financial and operational office characteristics and showed client that he should maintain the present location, which he did.

Case Study – OB/GYN GROUP PRACTICE

PROBLEM: Conducted a comprehensive assessment for a 9-provider group concerned with provider productivity; practice profitability; accounts receivable management and practice management/organizational structure.

RESULTS:
By providing methods to increase provider productivity and ancillary services while maximizing accounts receivable management, project annual revenue increases exceeding $500,000 annually. In addition, identified cost reductions exceeding $130,000 annually while creating a new organizational structure and recruiting newly hired practice manager.

Case Study – NEUROLOGY GROUP

PROBLEM: Assessed a 5 provider Neurology group concerned with future profitability, ancillary services and staffing/communication issues.

RESULTS: Provided means to increase annual revenues by $275,000 and reduce annual operating costs by $175,000 via increased employee provider and ancillary services productivity. Analysis of organizational structure and staff provided for improved office communication and decision-making

Case Study – FAMILY PRACTICE

PROBLEM: Performed An Assessment For A Small Family Practice Concerned Primarily With Revenue Growth, Provider Additions And Office Efficiency.

RESULTS: Provided Methods To Increase Ambulatory Encounters, Improve The Net Collection Ratio And Measure Extender Productivity; Thereby Increasing Annual Revenues By Approximately $300,000. Also Created New Organizational Structure And Improved Overall Office Communication.

Case Study – OB/GYN PRACTICE

PROBLEM: We reviewed the financial and operational performance of a 9-provider group concerned with provider productivity; ancillary services; extender profitability; coding; accounts receivable and managerial/organizational structure.

RESULTS: Recommended revenue enhancements exceeding $500,000 annually and cost reductions approaching $200,000 annually. Revamped organizational structure and continue to work with this practice in recruiting a new manager and implementing assessment recommendations.

Case Study – GENERAL SURGERY

PROBLEM: We assessed a 5-provider group concerned with office management; finances; office space; accounts receivable and coding.

RESULTS: Recruited and hired a new office manager; provided financial opportunities exceeding $100,000 annually.

Case Study – SPECIALTY SURGICAL

PROBLEM: Our assessment of this 6 provider practice dealt with their specific concerns in the areas of declining revenues and net income, outdated fee schedules, accounts receivable structure, billing function effectiveness and organizational structure. We provided them with specific methods to: increase revenues through increased ambulatory encounters; obtain higher possible reimbursements for their fee schedule; increase lab study activity and collect outstanding accounts receivable. Our analysis of the billing function showed both a cost savings and improved collections by outsourcing this function.

RESULTS:
Our overall recommendations are projected to increase annual revenues by approximately $740,000, with an accompanying annual net income increase projected to exceed $260,000. We also proposed governance plan implementation and a new, more effective organizational structure.