Performance Assessments          Other Consulting Services | Request a Proposal
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The Purpose of a Performance Assessment

Practicing medicine and managing your practice are similar, but different in important ways. They both require specialized knowledge and skill, but in different disciplines. They both benefit from adherence to sound principles and new discoveries, but from different bodies of knowledge. Being an excellent physician doesn’t always translate into being an excellent business decision maker.

That’s why physicians often look to independent practice management consultants – in much the same way patients look to their physicians for a comprehensive health examination – to receive a periodic assessment of the condition of their medical practice. They want to know how their fiscal fitness compares with its potential, how their vital signs contrast with the norms for their specialty, and what they can do to improve.

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The Solution

A Performance Assessment from The Hekman Group lets physicians know what they need to know to keep their business healthy and vital, to keep the profession satisfying, and to keep patients from wanting to look elsewhere.

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The Process

A comprehensive Performance Assessment involves a multi-day, on-site consultation including the following components:

• Assembly and analysis of financial, productivity, and statistical data

• Comparison of the six core business “vital signs” with national benchmarks

• In-depth analysis of billing and collections processes and of accounts receivable management

• Interviews with physicians and selected support staff

• Observations of patient flow, scheduling, phone service and records management

• Market analysis of practice potential

The on-site consultation concludes with a verbal report, followed by written documentation of the findings and recommendations for business development, professional enhancement and service improvement.

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How is a Performance Assessment Different from a Strategic Plan?

Assessment is the first step in strategic planning. Many of the practices we work with are happy to take the results of the assessment and implement the recommended changes themselves. Others want more leadership than they are ready to offer with in-house resources, and elect to go forward in developing a strategic plan. The planning process gives practices the opportunity to articulate and understand their strengths and weaknesses more fully, to design short-term and long-term goals, and to build a work plan to maintain accountability for action.

We’ve refined the strategic planning process to an art, and will be happy to discuss the potential for bringing our unique perspectives, tactics and results to bear for your practice as well. Simply express your interest in a proposal for strategic planning services, and we’ll explain the comprehensive program.

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Why Choose The Hekman Group?

See for yourself what my resume and references say about The Hekman Group.

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The Cost of Professional Performance Assessment Services

A Performance Appraisal requires a high level of professional judgment, which has come as the result of more than twenty years of healthcare executive experience, graduate study and professional accreditation. The professional fees are comparable to those of a mid-career attorney or accountant who specializes in a complex component in his field. Expenses in addition to professional fees may include travel costs, lodging, meals and other services incurred as a direct result of the assignment.

Specific quotes are available upon request.

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Data Requirements for Medical Practice Performance Assessment 

The Hekman Group will request the assembly of the following data to complete a medical practice Performance Assessment, to be gathered at the time of the site visit:

• Financial statements compiled by the practice or its CPA firm for each of the last five fiscal years, plus the most current year-to-date statement
  

• Physicians' W-2 statements for each of the past five fiscal years
  

• Charges, payments and adjustments by physician for the current fiscal year
  

• The most recent accounts receivable by age and payer type
  

• The current fee schedule by CPT code
  

• A list of all employees by name, position, weekly scheduled hours, and wage
  

• The depreciation schedule for all owned equipment

The consultants may also gather or review the following additional information at the time of the site visit:

• Office visit volumes based on reviews of the appointment schedules for recent months
  

• Written personnel policies
  

• Written credit and collection policies
  

• Leases on facilities and equipment
  

• Documentation of all debts of the practice
  

• Managed care participation contracts
  

• Explanations of benefits from major payers
  

• Any other material that seems pertinent to the determination of the value of the practice

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