Wellington, FL -- (SBWire) -- 12/14/2012 --Health Care Financial Management begins at the Medical/Physician Practice Management level and in any clinical enterprise; best practice requires two basic tools: A Business/Financial and Strategic Plan. HSMN has developed and used these tools to help make the difference between success and failure in Clinical Practice. HSMN’s tools create a clear understanding of the goals and objectives for the next three to five years. These financial and program projections have been critical to our successful clients whose outcomes in physician practice or Medical Staff initiatives have been noteworthy.
Competing entities are making the health care environment very complex so that physicians are questioning whether they should continue battling third party payors or sign on with an Accountable Care Organization or become a hospital employee. This new environment is slowly killing the entrepreneurial spirit. Yet third party payors are looking at those entities who truly understand Healthcare Financial Management and who can deliver quality services cheaper, help patients avoid emergency room visits and provide care in a less intense delivery environment. The providers who can provide those services will do very well in this new environment. HSMN clients are turning to us to help them navigate these very rough waters.
HSMN has found that the fear of third party payors especially Medicare is driving Physicians away from private Medical Practice and into employee status. Physicians and clinics who use HSMN’s Health Care Financial Management’s tools, (Practice Management Business/Financial and Strategic Plan), have succeeded in making much better decisions about their future.
In HSMN’s work with physician practices across the country, we have learned that every practice needs to assess where it is, and where it is going. HSMN has developed a tool which we call the Practice Management Business/Financial and Strategic Plan. Our basis for creating the methodology comes from examining how the real world deals with Business planning and adapting those techniques to the unique field of Medical Practice. Our clients find it easy to use and instructive. It is easily updated.
Health Care Financial Management at the Medical practice management and clinical level, require that specific questions must be answered before any decision is made to start or stop a service. These questions probe where organizations have been and where they are headed. While seemingly simple, it underlies everything that is important about success. Asking the right questions and formulating the answers requires tools to estimate costs, revenue, market place, start-up, financing, capital investment, recruitment, space, growth, and reimbursement for services. HSMN’s tools require both a financial and time investment but our clients tell us that those investments have paid off.
HSMN’s tools play a pivotal role in determining whether or not a market exists, how large and how old it may be; these facts help to define the audience and its geographical specifics, and they also help to give a clearer financial picture. HSMN has been doing such Plans for over 26 years; it isn’t only about software and calculations; it is about understanding the nature of the clinical practice, the audience for the practice and what can be reimbursed especially under the “Affordable Care Act”. The decision to move ahead, stand still or leave practice should be made on the basis of fact and not only emotion. One of the major products of the Plan is a three-five year Pro Forma; it is essential for financing and for attracting partners or doing an expansion.
For many years Health Systems Management Network (HSMN) has helped clinicians focus on what is important to them both professionally and personally. Personal and financial goals must be clearly defined and agreed upon by the partners as they would in any business. First there has to be an overall Strategic Plan and then interim objectives which are called the tactical plans. This is the road map and the very heart of Health Care Financial Management. As the private practice or entity grows the same principles will apply.
HSMN has found that the most successful Physician practices and clinical ventures have been able to answer the questions through the creation of both a Business/Financial and Strategic Plan that are part of an overarching Health Care Management Plan. With its strength it can attract the right partners, investors and financing for its growth. Some may question whether it is worth the money to invest in such plans; in this environment it is absolutely essential. We urge you to contact us if you are thinking about going into practice, joining a practice, leaving a practice or considering employment.
Email us at theo@hsmn.com or go to our web site http://www.hsmn.com and send us a note about your current situation. HSMN has a breadth of experience and a very deep client list of successful practice outcomes.
HSMN Announces the Formation of Its Business and Strategic Planning Unit for Its Medical Practice Management Clients