Anesthesia Financial Services
Given the challenges of maintaining physician and CRNA incomes while effectively managing recruitment and retention, an effective strategy for managing the expenses of an anesthesia practice becomes more critical. While it used to be true that many anesthesia medical practices could stay competitive by focusing only on revenue generation (payor contracting, aggressive Accounts Receivable management and hospital subsidies), few can succeed long-term without monitoring expenses assiduously. This involves a comprehensive and rigorous plan for carefully evaluating each line item, comparing it to a budget or industry standards, evaluating options and making changes when necessary.
For some practices, this may involve the calculation of paychecks consistent with a very specific and particular compensation plan. It is not always easy to strike an appropriate balance between compensation and deferred compensation. Too many practices find themselves caught off guard when physicians leave the practice because most buyouts are unrealistic and illogical.
A quick review of even the most routine of practice ledgers inevitably reveals opportunities for more effective anesthesia practice management. Health insurance costs are rising at an uncontrollable rate, malpractice premiums can vary significantly from one carrier to another, and groups often struggle with fundamental questions such as which items should be paid by the group and which should be pushed down to the individual provider. This type of practice management requires an extensive technical knowledge of the tax code, pricing norms and extensive practice experience with anesthesia practices in similar situations.
ABC clients are increasingly finding this level of service an invaluable enhancement to the effective management of the practice. Not only do ABC financial managers understand the underlying issues, but they bring state of the art accounting tools and technology to bear in the pursuit of income maximization. Not only are our practice financial services specifically tailored to the needs of an anesthesia practice, but our pricing is typically far more cost-effective than any other out-sourced option.
