What do Medicine and Finance have in Common?
What does a cold and financial management have in common? The symptoms creep in slowly, but before you know it, the virus has taken over! With financial management, your symptoms could be increasing expenses, lagging accounts payable, or even just office employees coding in different ways. Before you know it, your practice is ill, and unless you can cure your symptoms, the problem could lead to chaos. Adam Kae is here to help! With the Adam Kae Way, we can cure your finances so you can focus on curing your patients.
Step 1: Adam Kae Analysis
When you first meet a patient, what’s the first thing you do? We do the same with a 360° look at your practice’s finances. We first take a look at your revenues and expenses. For revenues, we look at your ratios of third-party to self-payers, bonuses, and other streams of revenue, as well as any grants or donations you may receive. For your expenses, we look at your administrative expenses, staffing, technology and supplies, and more to get a grand view of your company.
Next, we also look at your environment. We do a deep dive of your competitors to understand their status and how you can best compete. We also look at the market as a whole to watch for new trends and understand new processes that can benefit you. This includes an understanding of your insurance negotiations and suppliers, so we can best ensure you’re getting the most for your money.
Step 2: Identifying Activities
Now that we understand the big picture, we take a closer look at your finances. Think of this as a financial X-ray! We look at your billing and coding processes and explain how much gravely a wrong code can cost! We also take a deeper dive into your contracts with insurance providers and suppliers and find solutions to negotiate better terms. This could include office shadowing, meetings with your office staff, and more!
Step 3: Areas of Improvement
We’ve run the tests and sent them to the “lab” (AKA, our team), and we can now identify some areas of improvement! These might include:
Improving Your Cash Flow to Ensure You’re Prepared for Emergencies
Improving Your Cash Flow so You Can Reinvest More In Your Practice
Upgrading Your Technology and Recommending a Rent vs Buy Option
Streamlining Your Billing and Coding Processes to Ensure Office Staff Stay Consistent
Finding Specific Areas to Renegotiate Contracts
Step 4: Modeling Your Business Plan
Think of this as writing your prescription to cure your financial virus! We develop 6-month or 12-month strategies, depending on what fits your vision for growth best, that includes improvements to processes, new systems and tools for office management, new negotiation terms, and more.
Step 5: Presentation & Implementation
A prescription is only as good if it’s taken correctly and consistently, right? Okay, we’re not doctors, but you can understand that implementing and measuring your plan is just as important as creating it. This is where Adam Kae & Associates sets ourselves apart from other consultants - we give you a growth plan and we help you implement it! We’ll provide timelines, costs, measurement strategies, and 24/7 support as your finances heal.
Adam Kae & Associates could be described as a financial doctor for your business practice. You’re in the business of treating patients, not managing cash flow! Let us do the work for you so you can continue to treat patients and simultaneously grow your practice! Contact us today for a free consultation.
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Disclaimer: This article contains information and opinions from Adam Kae & Associates, and the information and opinions should not necessarily be seen as the best possible solutions for your business. Please contact us at email@example.com to help you find the best solutions for your business.