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Using RBRVS (resource based relative value system) to maximize profit for services performed.
So, do you really want to know how much profit you earn (or loss that you incur) for the work you do?
That knowledge may raise your blood pressure, especially if you’re involved with multiple managed care contracts.
If you’re brave, read on…
Cost accounting – sounds ominous, however, as you’ll discover, this methodology is very straight forward. Further, with some basic financial information combined with data from your management software system, we can illustrate rather quickly what procedures actually cost you to perform and how much you earn!
We can do this globally and for specific payors.
What you learn will help you to:
1. Determine whether or not you should be participating in certain or any managed care plans
2. Determine a strategy for negotiating with managed care companies to improve remuneration
In any event, the knowledge you gain from this simple process will provide important data to assist you and your colleagues in operating a more efficient and profitable business. Yes, you’re correct – more GREEN!
If you’re interested in more GREEN, call and we can discuss the process.
Summary:
In the current environment, it is more critical than ever to understand where your resources are being allocated and if they are producing a reasonable profit. Make this process work for you - you’ll be glad you did!
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A logical approach to new physician compensation 2007 and beyond
You’re hiring a new physician and wondering….
· How much should I be paying this person?
· How can I afford to pay them as much as they are expecting?
· How can I keep this great prospect from going to another practice that is offering more money?
If you are asking yourself these and other questions about new physician compensation, you’re not alone. Practices throughout the country are struggling with the same issues. It’s more of a struggle today and that’s because the dynamics of managed care have so dramatically impacted on practice profits and the manner in which a physician operates their “business”. My experience is that those physicians using a specific methodology or "system" will do significantly better in hiring and retaining quality physicians and compensation becomes a non-issue. They establish the right base and Thompson can help you with this important process.
These frustrations can be handled in an objective,
simpler, less time consuming effective way – FORMAL MEDIATION
For years, Thompson has worked closely with
physicians and on behalf of physicians and physician organizations
in various types of negotiations. Some different kinds of negotiations
have included:
- Negotiating ED remunerations with hospitals
on behalf of physician organizations, physician practices
and
individual physicians;
- Negotiating shareholder and stock redemption
agreements;
- Negotiating associate physician employment
agreements for individual physicians and on behalf of medical
practices;
- Negotiating compensation arrangements
for physicians and staff;
- Managed care contract negotiations
including remuneration;
- Negotiating buy-sell agreements;
- Negotiating buy-in and
buyout arrangements.
Additionally Thompson
has:
- Facilitated individual physician issues within
a medical practice among physician owners and/or associate
physicians
- Facilitated strategic planning sessions
among staff and owners
- Facilitated development and implementation
of business plans
Recently, I was honored by being selected as
a New Jersey Municipal Court Mediator for the Monmouth County,
NJ Vicinage. I've attended and completed
a formal 35 HOUR training program in understanding the dynamics
and skills required to be an effective mediator. These very
intense and focused training sessions added valuable professional
mediation skills to the MENU of SERVICES that THOMPSON makes
available to clients.
Call for details on how this new service can
help you or someone you know deal effectively with a difficult
issue.
Hands on interactive workshop Implementation
Programs. Interpreting and implementing annual OIG Work Plans
WHAT’S DIFFERENT ABOUT THIS NEW SERVICE?
J.P. Thompson & Associates has formed working
relationships with select industry experts to bring a NEW level
of compliance support to physician practices. These associations
have resulted in professional alliances dedicated to providing
meaningful business experience to YOU, the client. This EXCITING
initiative combines base line assessments of the critical components
of a Corporate Compliance Program with tailored compliance and
employee policy manuals as well as implementation systems. The
result – significantly improved practice efficiency and effectiveness
– Experience the Difference!
WHAT’S IN THIS PROGRAM THAT WILL HELP ME DEAL
WITH COMPLIANCE ISSUES?
Independent base line audit of medical charts
and documentation for each physician in the practice. You will
know exactly where the exposures are!
Independent base line audit of key financial and operational
drivers of the practice. You will know exactly where your practice
management and financial strengths and limitations are and what
to do about them.
Developing your "TAILORED COMPLIANCE PROGRAM" – Attend
a Thompson innovative workshop and we will walk you through
the development of your own compliance and employee policy manuals
and Implementation System – ALL ON DISKETTE for easy use.
NEW, NEW, NEW – Let us show you how to include the latest HIPAA
requirements into your Compliance Program – simply and inexpensively!
Other NEW Programs offered by Thompson
Practice Risk Management Program for Medical Practices
During the past several months, we have been
working on some new products and revision of current products
that are designed to impact immediately on the profitability
of a practice’s bottom line. The result? The THOMPSON “Comprehensive
Risk Management Program for Medical Practices”. It’s
information that you might find important to you personally,
or, to your practice. We also updated the information in the
Thompson Compliance Manual, our exclusive Compliance Implementation
Guide and the Employee Policy Manual in an effort to keep those
manuals current, as they are critical elements in the Risk Management
Program. We are convinced more than ever, that our SYSTEM is
the most effective way that a practice can guarantee its future.
New and updated Manuals
Physicians Policy Manual – provides meaningful,
consistent direction for physicians as partners, associates
or employees. Primary benefits – reduces internal disagreements,
promotes consistent, positive physician behavior towards staff,
colleagues and other healthcare professionals. Some of the issues
that this manual addresses are: scheduling, time off, submitting
reports, timeliness, meetings, adherence to Compliance Manual
and other issues that impact directly on exposure to assets.
This is critical in any multi-physician practice and truly impacts
on the bottom line!
Professional Liability Risk Management Manual – This year physicians countrywide will experience one of the
largest increases in professional liability insurance premiums
in many years. The question is, “What can the practice do proactively
to reduce the potential for claims?” This manual addresses specific
actions that physicians can take right now. It covers such critical
areas as poor or ineffective communication; Inconsistent, late
or non-existent follow up with patients regarding medical reports,
tests etc.; Physicians becoming uninvolved and delegating communication
responsibility to others in the practice; Poor treatment of
patients by staff (including non-medical staff – front desk,
billing and collection staff etc.) and; Physician treatment
of patient (uncaring, abrupt, use of medical terms not understood
by patients, contradiction etc).
HIPAA Implementation Guide - Keep it simple!
We’ve developed a wonderful educational guide to HIPAA compliance
that complements our OIG Model Compliance Plan and Employee
Policy Manual. We’ve put this all together in a way that assures
compliance, facilitates implementation and minimizes the time
a physician needs to spend on the project!
Catastrophe Planning Guide - If you don’t have
a disaster plan right now – you are exposing the assets of your
practice! It’s not hard – just another “system”. Thompson has
created an easy to use guide that will help you in categorizing,
in a systematic way, the key components of your practice that
will be important if a catastrophe of any kind should occur.
Of course, you can review the Thompson web site
at www.jpthompson.com for more details on any of these products
or other products and services that are available. Call or e-mail
me (jpt@jpthompson.com) if you want any more information on
these or other issues!
Customized training programs
What do you need?
Learn how to pick the 8 correct software reports
that will, help you understand and manage the financial health
of your practice.
8 Criteria guaranteed to improve the quality of your new hires
– reduce costs of turnover – Develop an exciting supercharged
Team environment!
Learn to maximize your profit using RBRV's.
Learn about the latest techniques for effective delegation,
time management, team building, communication and other critical
business skills!
Conduct a retreat with tailored and proven interactive workshops
and training sessions designed for an immediate Return On Investment!
Experience a customized and "tailored" approach to
obtaining the skills required in your practice or organization.
See the seminar section of this site for more
ideas on our customized training programs
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Jeffrey P. Thompson, principal JP Thompson &
Associates is a nationally recognized physician consultant and
speaker and writer. For more information on your specific compensation
issues or other practice concerns, contact him in NJ at 732-528-7645
or via e-mail at jpt@jpthompson.com.
Contact Information
Jeffrey P. Thompson
1541 Logan Drive Manasquan, NJ 08736
Phone – 732-528-7645 E-Facsimile – 732-783-0342 E-mail – jpt@jpthompson.com
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