CFA assists in financial planning for new practices to:
- Create a solid foundation for 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 provides direction and guidance in establishing initial parameters for the new practice in the areas of:
- Accounts receivable management, including billing and collections
- Contracting with third party payers
- Accounts payable management
- Cash management, including point of service collections, collection approaches to insurers and patients, and monitoring of collection performance versus targets
- Information systems
- Budgeting, operations and capital
CFA assists in designing new systems, policies & procedures and processes that will assist the practice in meeting generally accepted practice standards and following national standards, including those recommended by the MGMA, AMGA, STS, ACC and other professional organizations. CFA's start up planning assistance can result in establishing an efficiently run practice with sound cash flow. Practice income levels can be achieved and maintained through disciplined financial management.
CFA also assists the new practice in interacting with and evaluating the myriad of third party payers that present to the practice, including:
- Financial evaluations of potential contracts
- Synergistic issues related to multiple payer contracts
- General policies to address opportunities in the future
Sound financial planning is crucial to the success of the new practice and provides a foundation for future growth.