Healthcare

Physician Practices

Physician Services

Physician retreat

A medical practice is a business, which operates in an increasingly regulated market. It is also subject to external establishment of the price at which its services will be rewarded. It is therefore imperative for physicians to exercise fully the practice decision-making power available to them in areas permitted. Warren Averett assists physician groups with the planning, coordination and facilitation of physician strategic planning retreats. At these retreats, our experienced consultants lead physicians as direction is determined, an action plan is developed and responsibilities are assigned.

Physician compensation review

Warren Averett's Health Care Group is composed of an experienced team of CPAs and consultants.  Our senior leadership often works with physician groups to evaluate compensation packages.  The Health Care Group can assist physicians with:

• Examine with present system and essential characteristics for a revised system.
• Create compensation formula options which encompass optimum numbers of essential elements.
• Discuss options with physicians to locate "common compensation ground" and determine individual ability to support the revised methodology.current compensation formula and the impact of its action.
• Individual meetings with physicians to ascertain likes and dislikes
• Install new compensation system and follow-up to verify the propriety of results.

Chart review

The Health Care Group employs a Certified Professional Coder who specializes in evaluation and management coding and auditing. Warren Averett helps physicians with services such as:

• Review chart documentation to evaluate appropriate coding of diagnosis and procedure codes, use of modifiers and revenue maximization.
• Provide problem specific education to staff and physicians based on the findings of the chart review.
• Provide general education on diagnosis and procedure coding to staff and physicians.

Practice comparison

• Improve practice profitability by a study of the practice in relationship to others in your specialty. Measure performance against similar practices on a national and regional basis.
• Test average revenue per physician. Results below average could require additional study of billing and collection procedures.
• Comparison of individual line items expenses. Areas in excess of average are explored for causes. Ideas for cost reduction are explored and discussed.
• Compare collection percentages, accounts receivable balances and aging.
• Verify reasonableness of physician/employee ratio and discuss reasons for variation.
• Analyze appropriateness of current employee compensation levels and physician remuneration.

Medical Practice Valuation

• Guidance to physicians as to reasons for valuation such as estate planning, design of buy/sell agreements, physician retirement or sale of practice to an outside entity.
• Consideration of the various components of practice valuation, the largest being collectible portion of accounts receivable. Valuation of those receivables using sampling techniques deemed appropriate.
• Contract for the valuation of furniture, fixtures and equipment within the practice.
• The determination of the existence of goodwill within the practice and a range of its value.

Healthcare Reform

• Analysis of managed care participation opportunities including financial and non-financial impact on practice. Present and anticipated payer mix are considered.
• Consultation regarding various integrated service delivery systems. Advice aimed at maximizing strategic advantage while preserving all autonomy possible.
• Through medical round tables, networking within our association of CPA firms, MGMA participation and current study of national action on reform, proactive input is given to enable you to anticipate events not react to them.

Tax Services

• While the compliance aspects of services in this area are vital, the strategic tax planning is one means of distinguishing our firm by giving you added value. Compliance work encompasses timely and accurate return preparation, prompt response on your behalf to inquiries from tax authorities, and audit assistance which expedites the examination and minimizes interruption of and involvement by you and your staff.
• Tax research is integral to compliance and planning. With all tax services and information on CD-ROM, our computer based research is state of the art. Our not-for-profit client service team aids physician clients by building skills needed to assist foundations and other nonprofit organizations in which clients are involved.
• Distinctive tax planning demands tax projections to foresee future liabilities, tax advice that minimizes those liabilities and follow-up to verify that agreed-upon tactics are enacted.
• Some of our other specialty tax services include:
• Preparation of monthly or quarterly financial statements and comparison of current results with prior year performance or with budgeted receipts and expenses.
• Segregation of expenses into fixed and variable components in order to tailor financial statements for physician compensation calculations and bonus determination.
• Identification of operating costs distinguished from physician specific expenses. Detailed listings of physician specific payments to document where potential practice income was spent in addition to a particular doctor's salary and bonus.
• Assist medical office personnel in steps to insure accurate financial statement information and work with practice manager on best use of completed financial statements. Timely response to inquiries regarding financial statements and availability for consultation.
• Calculation of payroll tax withholdings, instruction regarding payroll tax deposits, preparation of payroll returns and response to correspondence from various tax authorities.
• Valuation and summarization of employee benefits. Preparation of year-end recaps of all benefits by employee for illustration of total compensation "package".
• Preparation of initial applications and renewal forms for obtaining business licenses in various municipalities, counties and states. Assist in allocating practice revenues among various governing areas of medical practice when applicable.

Human Resources

• Design employee evaluation system and documentation. Assist physicians and appropriate personnel with implementation and operation.
• Beneficial in dealing with problem staff as well as directing, motivating and encouraging good staff.
• Practice-wide surveys of staff opinions to garner valuable ideas, feedback, constructive criticism and suggestions for improvement.
• Recruit medical office staff members including determination of position requirements, personality and aptitude testing, verification of references and minimize hiring involvement of physicians or practice manager.
• Observe staff meetings and in-service training sessions to assist in gaining improved content, participation, staff morale and overall impact.
• Review, revise or rewrite personnel or policy manuals. Preemptive advice to position your practice in the event of EEOC action, wage and hour examination, OSHA action and employee grievances or lawsuits.
• Annual salary survey to confirm proximity of current salary and benefits to area norms by each position and in light of different experience levels. Provide guidance relative to salary increases and changes in benefit packages.

Management Advisory Services

• Facilitation of retreats for entire office staff and strategic planning meetings for physician groups.
• Negotiations with lenders, lessors and suppliers to obtain best available interest rates, terms, prices, etc.
• Analysis of lease versus purchase options and recommendations which consider current impact and long-term ramifications.
• Assist in development of annual budgets and installation of mechanisms to encourage compliance as well as monitor comparative performance.
• Response to your telephone inquiries usually within one hour, certainly before the end of the day and guaranteed within whatever time frame you ask.
• Pre year-end calculations and planning to arrive at desired annual results which will reduce tax liabilities, allocate practice income among group members and direct income into all possible areas of tax free or tax deferred benefits.

Customized Benefit Plan design and implementation for physician practices

• Evaluation of various qualified retirement plans in light of your practice's compensation package.
• Plan design to deliver maximum benefit to physicians simultaneous with desired employee benefit.
• Meeting with employees to introduce, explain and answer questions regarding your plan.
• Recommend plan amendments or termination when warranted.
• Annual, semi-annual or quarterly accounting of transactions in the retirement plan, including allocation of contributions, forfeitures and plan earnings.
• Determination of employee eligibility and vested benefits for each employee. Discrimination testing on all legal and regulatory bases required.
• Inclusion of retirement plan benefits in an annual compensation package summary certificate provided to each staff member to make then aware of aggregate benefits provided by your practice.
• Analysis of all potential plan contribution possibilities mindful of the desire to maximize physician contribution but careful to monitor the "dilution" to non-physician staff. Identification of the contribution point at which non-physician allocation begins to exceed the current tax cost of taking an additional bonus.