Consulting Services

Conomikes Associates has helped over 1,500 medical practices make changes that resulted in better organization, more effective procedures, increased profitability and long-term stability.

Here are descriptions of our most common medical practice consulting services:

1. Practice Performance & Profitability Improvement

This is our most frequent assignment. It is a total review of the practice:

Methodology: interviews and observation with all staff and physicians; analysis of practice financial reports. Review of: coding and documentation; billing and collections procedures; physician and clinical staff utilization; and patient management.

Results: Recommendations for specific actions and steps to take to improve practice performance and profitability.

Fees: Depend on the size of the practice. Will be quoted in our initial proposal.

2. Physician Income and Expense Sharing Arrangements

When physician partners/shareholders, or physicians employed by a hospital system, are dissatisfied or disagreeing with an established arrangement, an impartial “outside expert" evaluation is often called for.

Methodology: Review of the existing compensation plan, plus last 3 years of financial statements, buy-sell agreements, physician production data, and actual payments to physicians. One-on-one interviews with each physician, practice managers/administrators, and the practice CPA firm.

Results: An impartial appraisal and recommendations for new arrangements. The results may not be appreciated by all involved physicians, but they will be fair.

Fees: Depend on the size of the practice. Will be quoted in our initial proposal

3. Practice Sale, Purchase, or Buy-In

This is an independent appraisal to help determine the value of practice, whether for a practice sale, purchase, or a buy-in to become a shareholder.

Methodology: Review of practice financial performance and data for the prior three-year period. Additional data needs include: equipment review, depreciation schedules, and employee data.

Results: An expert appraisal, independent of local accounting bias and useful as a negotiation tool. Can provide a valid alternative when there is an offer from the other party.

Fees: The professional fee for this service is $5,000. This includes the appraisal, the Report, and post-report conference calls to answer any questions and to coach on negotiation strategies.

4. Manager and Administrator Job Search

Many physicians and hospitals turn to us because of anonymity. They are not identified until the final interviews.

Methodology: We place the want ads, review the applications, conduct extensive interviews, do reference checking, and recommend the best 2 to 4 candidates for final screening. And, we do the salary and benefits negotiation with the selected candidate.

Results: A more extensive search resulting in more qualified candidates. Better utilization of the practice physicians’ valuable time. We also develop a Plan of Action and Timetable of Events as guidelines for the new manager/administrator and physicians

Fees: Range from 10 to 15 percent of the selected candidate’s annual salary. This is half of what most search firms and placement agencies charge.

5. Practice Leadership and Governance

Many medical groups have weak physician leadership. Warning signs: inability to make hard decisions; not adjusting to challenges in the market; and conflict among physicians. Risk: costly break-ups.

Methodology: Extensive on-site interviews with all group physicians, managers, key practice staff and, when needed, hospital administration; review of past meeting agendas; by-laws, financial performance data, salary and benefits histories.

Results: Recommendations for more effective leadership and governance—based significantly on recommendations from the participating physicians, which leads to better acceptance of the recommendations.

Fees: Depend on the size of the practice. Will be quoted in our initial proposal

For information on any of these services, contact:

Regina Reading or George Conomikes at (800) 421-6512