Members of the Coalition of Medical Consultants are highly skilled and experienced in their respective fields. Each of us works closely with medical practices and physicians and can discern what it is they need in order to be successful. Our goal is to provide you with information and resources to ensure your practice meets the challenges it faces and continues to flourish into the future.
Successful practices work with a team of service professionals on which they can rely. The most successful ones surround themselves with advisors who have direct knowledge of and experience in working with doctors and medical practices of all sizes and specialties.
Professional services represented in The Coalition of Medical Consultants include:
When it comes to legal matters, it is imperative to have a lawyer who has specialized knowledge of healthcare law. Whether you are a single practitioner or part of a large group, it is important to find an attorney who has in-depth experience providing advice and representation to physicians in such area as HIPAA, Stark, Medicare, and Medicaid regulations, reimbursement, practice operations, and creation/acquisition of physician practices as well as recruitment, employment, and contracting of physicians.
Whether you want to purchase or start a practice, or expand or refinance your existing practice, working with a banker who has specialized expertise in lending to physicians is fundamental. Healthcare bankers understand the pressing issues facing the industry and the stress they can have on your day-to-day and long-term finances.
The role of the practice manager involves a variety of responsibilities and challenges that may go well beyond one person’s skill set and work week. As a result, many successful practices are utilizing accounting professionals to assist their overworked practice managers and back office staff to improve overall efficiencies and financial reporting. CFO advisors help practices draft strategic initiatives and improve profits and financial performance. A good advisor should be able to offer services such as profitability analysis, benchmarking, cost containment analysis, physician compensation planning, and revenue cycle analysis and metrics.
A CPA who understands the rapidly changing landscape in the medical field and its impact on your business is central to your success. When engaging an accounting firm, it is important to look for professionals who are experienced in focused accounting and tax planning for medical practices as well as practice management, personal financial planning, valuation, practice start-up and transition. In addition, your CPA firm should have experience in such areas as: retirement planning and implementation, operational assessment and improvement, compensation planning, partnership transition strategies, M&A, fraud prevention and detection, and payroll.
Insurance Broker/Benefit Advisor
In this day and age, it is crucial to the success of a practice to be able to offer competitive benefits to hire and retain the best and brightest in the dental field. It is important to find an insurance provider who understands the challenges of a small business owner in offering these benefits.
Real Estate Brokerage
Working with a real estate broker to lease space, purchase an office condominium or building, or purchase land to build your own building is a critical decision in maximizing practice success and profitability. Physicians looking to start up a new practice, relocate, buy or sell a practice, should meet with a real estate broker to ensure they are making the best financial decision.