Physician Practice Services – Frequently Asked Questions
What should be evaluated when establishing or affiliating a physician practice?
Before moving forward, the parties should define the purpose of the arrangement, the proposed ownership and operating structure, provider requirements, governance responsibilities, and necessary policies and procedures. The evaluation should also consider whether a management services organization or another alignment model is appropriate, along with the practice’s financial position, business value, and due diligence findings.
What issues can an operational assessment identify in a physician practice?
An operational assessment can identify staffing and workflow gaps, weaknesses in practice management processes, documentation and coding concerns, and breakdowns in revenue cycle performance. The findings can help leadership determine where changes are needed to support more consistent practice operations and financial performance.
What should be included in a physician compensation plan review?
A compensation plan review should examine how compensation is calculated and distributed, whether the arrangement is supported by appropriate valuation analysis, and how productivity and performance measures are applied. It should also assess the financial effects of work relative value unit and reimbursement changes, confirm that the written plan reflects the intended methodology, and determine whether compensation calculations are being administered consistently.
What should a physician practice compliance program address?
A physician practice compliance program should address coding, clinical documentation, medical necessity, identified compliance risks, and the policies used to manage those risks. It should also include ongoing regulatory education and processes for reviewing Open Payments information and other data that may require monitoring or follow-up.
How can accounting and technology support physician practice operations?
Clear accounting policies, reliable financial processes, and internal audit support can strengthen financial reporting and oversight. Cybersecurity, technology risk management, and thoughtful electronic medical record selection or transition planning can help ensure that the practice’s systems support its clinical, administrative, and compliance responsibilities.
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