(A condensation of an article from the 10/6/06 issue of Medical Economics)
Who has your back?
Every physician and practice needs a team of experts to help guide them through the maze of business.
Attorney
Ok, everyone associates attorneys with malpractice, but a malpractice expert is not the attorney you need on a day-to-day basis. Your practice attorney should help quarterback all areas of your business; an attorney that knows and understands the unique risks, management problems and exposures in the health field.
Locating a good healthcare attorney is like finding any other expert. Seek referrals from your peers, colleagues and hospital administrators. Seek out attorneys that have published articles in healthcare trade magazines. Talk to members and administrators of your state or county medical associations. Ask your insurance agent for recommendations.
Accountant
As with your attorney, consider your accountant to be a partner in the success of your business. Don't relegate them to the singular status of "tax preparation" resources. A good accountant can find flaws in your accounting and billing systems, devise internal controls, advise you on collections, the use of credit cards, disbursements and managing cash flow. Accountants can also assist you with finding and implementing retirement plans, finding good investment advisors, even negotiating bank financing for capital expenditures and/or lease considerations.
Locating a good accountant should follow the same guidelines mentioned above in regards to finding an attorney. However, seek out a CPA, rather than an uncertified accountant.
Practice Management Consultant
This category is more of an "as-needed", rather than a "day-to-day", resource. Good practice management consultants should help you plot the path toward a specific goal, such as assessing general operations, adding a new provider or merging with another practice. Unfortunately, most practices do not seek out a consultant until the fire is already spreading throughout their operation. It is an emergency call. Better to find one early and allow them to get to know your practice in advance.
A consultant is also perfect to help a practice go through a comprehensive planning process every year or two. This will help you understand where you've been, where you are and where you want to go; along with determining what it is going to take to get there.
Locating a good consultant should include all of the measures mentioned under attorneys and accountants, along with accessing the website of the National Society of Certified Healthcare Business Consultants. http://www.nschbc.com.
Insurance Consultant
(Although not mentioned in the article, your insurance provider can be an excellent resource and partner.)
Insurance agencies that specialize solely in the healthcare industry have a unique understanding of the myriad issues facing the business of healthcare. Through interaction with numerous practices, they are aware of what's working and what's not working in the business of medicine; along with emerging risks and exposures.
RGI Insurance Services is constantly expanding the resources available to its clients through its Experts Roundtable. Here you can find experts in various categories impacting your practice, from Human Resources to attorneys, consultants, accountants, bankers and much more. Consider the Experts Roundtable as an additional method to find the partners you need for your business. A true insurance professional is much more than an insurance seller; a true professional is a partner in your risk management and general business needs.
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