Practice Management is our Specialty
MEDICAL PRACTICE ADMINISTRATORS (MPA) brings its management expertise and business know-how to medical practices that operate in a challenging, competitive, and ever-changing environment. While doctors do what they love, MPA ensures the business side of the practice is effective, efficient, patient-friendly, and profitable.
What We Do
MEDICAL PRACTICE ADMINISTRATORS offers various services as noted below. All of the practices we serve have seen dramatic financial and operational results from our management services and approach.
We advise your current management and help them oversee all business aspects of the practice. Through Medical Practice Administrators, your management will have access to all the tools, resources, and best business practices needed to run a successful medical practice.
FEE SCHEDULE ANALYSIS & NEGOTIATION
After determining your commonly-billed codes and calculating payor mix, we collect and analyze your contracted allowables, which are then used to improve the practice’s revenue cycle and negotiate higher allowables with insurance companies.
PROVIDER CONTRACTING & CREDENTIALING
We get your practice tax ID contracted with insurance companies and get providers credentialed. We can also set up insurance website portals, EDI transactions, and EFT payments.
PHYSICIAN COMPENSATION CALCULATIONS
We help design physician compensation models and complete any monthly, quarterly, or annual calculations.
We handle the routine bookkeeping for the practice including bank reconciliations, bill payments, payroll, fixed assets, and financial report preparation.
FINANCIAL & STATISTICAL REPORTS
We prepare and analyze regular reports that highlight the key indicators of the practice including number of patient encounters, collections, and accounts receivable.
NEW PRACTICE SETUP
We take the stress out of building your new practice by handling the business plans, hiring personnel, contracting/credentialing with insurance companies, obtaining malpractice insurance, establishing banking relationships, setting up offices, purchasing equipment, implementing an EMR, and much more.
We gather info about your practice by visiting your offices, conducting interviews, and collecting data from the practice management system. This evaluation concludes with a meeting to discuss an itemized list of issues and a corresponding list of recommendations for improvement.
We assess how doctors and staff are using the practice’s EMR and practice management systems and then provide recommendations for improving workflow and security. We help implement new features, such as lab interfaces, eligibility and benefits verification, scribing, cyber security, and artificial intelligence.
We propose and oversee print and digital advertising efforts to promote your practice’s offices, providers, and services to the general public and to referring physicians.
We work with real estate agents, lawyers, architects, interior designers, engineers, and contractors while you keep taking care of patients.
Utilizing our extensive medical practice experience, we can take on the time-consuming or overwhelming projects that tend to come up at the worst times.
MEDICAL PRACTICE ADMINISTRATORS has more than 25 years of combined experience in medical practice consulting and management and can provide services to all types and sizes of practices. We consult and manage medical practices across many specialties including:
We know what it takes – in terms of both knowledge and action – to make good practices better or even turnaround struggling practices.
MEDICAL PRACTICE ADMINISTRATORS is results-driven and confident in its abilities. All of the practices we serve have seen dramatic financial and operational results from our management services and approach.
The results listed below have been obtained at multiple practices.
Decreased practice overhead by 3% – 12%.
Oversaw the successful implementation of electronic medical record systems.
Increased total practice receipts by $500,000 – $2,000,000 annually.
Negotiated increases of 10% – 20% in insurance fee reimbursements.
Increased individual physician compensation by $100,000 – $500,000 annually.
Increased collections as much as 15% by focusing on insurance and patient agings and negotiating higher insurance reimbursements.
Facilitated practice growth by helping to recruit high-quality doctor candidates, planning and setting up additional practice locations, adding office space to existing practice locations, and adding ancillary services such as imaging, in-office surgery, and infusions.