CFA conducts performance evaluations of cardiovascular physician practices to meet the ongoing concerns of the physicians, including:
- Long term stability for the group
- Maintain/enhance physician income levels
- Maintain a competitive advantage in the evolving market
- Attract quality physician and non-physician talent
CFA's practice assessments generally involve the following activities:
- Offsite review of data
- Site visit(s) to interview key practice staff and physicians, tour the practice and hospital facilities and observe the ongoing operations of the practice
- Comparison of findings to generally accepted practice standards and national comparative databases, including MGMA, AMGA, STS, ACC, ACCA and other professional organization sources for accurate summary data
- Subsequent analysis of findings and preparation/presentation of summary documentation
The practice evaluation is typically summarized in the following manner:
- Financial performance indicators, including billings per physician, collection percentages, adherence to coding guidelines and basic cost structure
- Staffing levels-physician and non-physician-including FTE to physician levels
- Mix of physician sub-specialties
- Use of physician extenders, including clinical appropriateness and financial analysis
- Summary evaluation of clinical quality.
- Critique of breadth and depth of clinical service offerings
- Evaluation of patient satisfaction
- Market analysis, including outreach efforts
CFA's practice evaluations result in summary assessments and recommendations in the areas of clinical quality, operations, financial performance and strategic positioning/market development. They often culminate in the identification of clear cut opportunities to enhance efficiency, cash flow and practice income levels through disciplined financial management. Recommendations are frequently made in the areas of proper coding of procedures and visits, point of service collections, collection efforts with insurers and patients and monitoring of collection performance versus targets. The evaluation can enhance the practice's positioning for recruitment and retention of high quality physicians.