Practice Development Support:
Forming a Group Practice involves the selection of the appropriate
organizational structure. Different models are authorized under the laws
of each state. The selection of the model that is right for your situation
requires an understanding of the interests and intentions of the founder
physician(s) regarding tax planning, pension plan flexibility, tolerance
for debt and revenue distribution. PSR can help you navigate the process
so that the organization that is created is ideally suited to the purposes
and functions of the new Practice.
Practice Operations Support:
Financial success of a Practice is often determined by the efficiency
of the coverage matrix designed and implemented by the Practice. The larger
and more diverse the patient population in a particular ED, the greater
will be the potential for increased/improved efficiency. Using our proprietary
computer modeling, PSR can expertly construct the coverage model (hours,
shift times and length) needed to effectively accommodate patient volume
based on arrival times and established patient demand, as impacted by department
staffing levels, length of stay, patient acuity and percentage of beds
occupied by admitted patients (“boarders”). Access to this
expertise is essential to the effective and profitable operation of the
contract and can be invaluable in negotiating a variety of agreements and
understandings with your client hospital.
In addition to assisting with the evaluation and design of the coverage matrix, PSR supports the Practice with our full-time staff of physician and mid-level provider recruiters, credentialing personnel and schedulers. These highly experienced staff members facilitate optimal day-to-day operations of the Practice based on the aforementioned mutually developed staffing parameters.
Group Governance Development:
One of the biggest threats to the on-going viability and success of
an independent practice is the group’s ability to make and live with
its decision. Creating the culture of effective decision making requires
an understanding of the core values of the founding physician(s). It also
requires a commitment of the ownership that acknowledges the realities
of group dynamics – namely that the issues facing the organization
must be thoroughly examined and fully discussed. However, that process
must not be allowed to prevent the Practice from being viewed by their
client hospital(s) as well as their membership and employees as being responsive
and reliable.
To ensure that your practice is viewed in that manner, PSR will help
you develop a structure that identifies the issues requiring attention and
tracks the results of the deliberations. This guarantees each issue is addressed
and resolved. PSR will assign a Practice Administrator (PA) that will meet,
along with other key PSR personnel, regularly with each client Practice.
The PA will attend the meetings of the management group (board, executive
committee, etc.) and will serve if requested as the moderator and/or referee
making sure that each issue is thoroughly considered and resolved. The Practice
Administrator develops and distributes the meeting minutes that documents
each meeting and coordinates the completion of the “To Do’s” that
result.
Leading Edge Compensation Plans:
A PSR crafted compensation plan has never yielded less than 15% improvement
in the effective hourly clinical rate. The combination of an owner-operated
emergency physician staffing and management contract and an incentive-based
compensation system provides the basis for a new culture of operational
efficiency, patient satisfaction and financial performance. Our unique compensation
plans
seamlessly integrate productivity, patient satisfaction and other important
data as identified with the Practice. Each PSR client incentive plan
is unique. The successful Compensation Plan aligns and rewards activities
of emergency physicians and mid-level providers with the Practice’s mission; the
operational and financial success of the hospital; and most importantly,
the well being and overall Emergency Department experience of the patient.
Continual Benchmarking:
Information from clients, patients and billing companies is stored in data warehoused designed and built by PSR. With this vast amount of information, constantly being updated, PSR's analysis tools and expertise make Continual Benchmarking a reality! It's never been easier to measure and compare your group with practices NATIONWIDE!
Billing & Reimbursement:
Although the company has the means and the expertise, PSR has made
the decision not to provide Billing Services. That decision was made for
a variety of reasons, most notably a belief that providing both billing
and management services pose the potential for a conflict of interest.
At present, almost all of PSR’s clients contract with a different billing company. That situation had made it necessary that PSR become quite adept at identifying the performance metrics that distinguish the effective billing company from the “also-rans.” Through the process, PSR has gained enormous exposure to and experience with the varying practices and philosophies of different billing companies.
The selection of a billing company is likely to be the single most important decision in the start-up of the new Practice. PSR will help you identify billing companies that meet our exacting performance standards. We’ll ask them to participate in the process to forecast Practice Feasibility. We’ll then use the information that is developed from that process to demonstrate the unique characteristics and strategies of each agency.
Accounting & Financial Support:
The company’s comprehensive Accounting and Financial Support was designed
to exceed the expectations of even the most demanding Practice. Included
in PSR’s basic scope of Accounting and Financial services are:
The unique accounting and financial needs of individual practices are also accommodated.
Human Resources Management:
By working exclusively with Emergency Medicine Practices, the company
has gained a keen understanding of their unique Human Resource Management
needs.
PSR handles day-to-day responsibilities such as benefit management
and administration; new employee orientation; and, maintenance of personnel
files. Additionally, we provide advanced expertise and management
skills for “high-level” HR
issues such as compliance with OSHA, CMA & HIPAA; group management of
hiring, terminations and employee relations; and, the selection and
relationship management of insurance vendors (health, property, workers’ comp,
etc.).
Information Technology:
PSR Information Technology provides access to hardware,
software and technical talent that might be out of reach for many independent
Emergency Medicine groups. The business tools you need to succeed and prosper
are always available.
With the collective brainpower at PSR and our clients, new tools are constantly being developed to meet the demands of Emergency Medicine business today - and tomorrow.
Managed Care Contracting:
Our Managed Care Contracting expertise is unsurpassed. Working with
over one dozen Emergency Physician Billing organizations provides the company
a great deal of expertise in negotiating fair and equitable Managed Care
Agreements for our client Practices. Additionally, PSR provides managed
care contract term compliance monitoring to ensure that the Practice is
being paid at no less than agreed upon levels.
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