PreferredMD is more than a consulting firm. We are a trusted advisor that has earned the status of partnership with our clients.
We have accumulated the knowledge and reach over the years to establish an exclusive network of clients, associates and resources. Gaining entrée to this network will afford you access to accumulated wisdom from the best, brightest and most elite surgical practices Manhattan has to offer.
We specialize in helping our clients leverage the inherent ‘equity’ in their practices. Is there a business opportunity within your patient population that can be developed? Do you want to recruit surgeons to use your OR? Do you want to add a synergistic specialist? Is there a better way to grow your Out of Network patient referrals?
Growing a surgical practice efficiently with minimal disruption is an incredible challenge. Successful practice growth requires adequate planning and a real commitment to addressing growth drivers. It takes preparation, planning, the right tools, and the assistance of partners that understand the complexities.
Growth brings advantages, but the cultural, operational, and infrastructure demands can be significant. Whether you are starting out, or growing your practice, we have the expertise to effectively oversee the inherent challenges in bringing on new providers, new modalities or expanding your footprint.
PreferredMD understands. We are physicians, executives, business strategists and analysts who have been in your shoes. Together, we’ll build a multidisciplinary team that matches your requirements, and has the expertise and experience to forge strategies that ensure your growth goals are clearly mapped and actualized.
We can help your practice grow
- Analyze your practice current business model
- Formulate a goal-driven plan for practice growth and future targets
- Share our specific resources which match your vision for your practice
- Build a personalized network of physicians and medical professionals so you can attain these goals
CASE STUDY 1
PreferredMD was engaged by a well-established OB-GYN group with 24 practitioners to search for an anesthesiology service provider that suited their specific needs. One of their requirements was to find an anesthesia group that would provide sporadic coverage in an office-based setting (OBS) with less than 24 hours’ notice, 7 days a week.
The client was so impressed with PreferredMD’s network of contacts in the outpatient surgery business in Manhattan that the founder of the surgical practice called upon the services of PreferedMD to spearhead the next phase of expansion of their practice. With 2000 patient interactions every week the OB-GYN group wished to extend the suite of services they provide to their loyal patient base.
PreferedMD was able to conduct market research to determine which modalities would be most beneficial as an add-on service for the client’s practice. We then engaged in an exhaustive recruitment process to hire the right surgeons to join the practice.
PreferredMD was also able to provide investment strategies to leverage additional revenue the group realized from increasing surgical cases. We presented all the investment opportunities in the article 28 Ambulatory Surgery Facility businesses available in the NYC area and were able to guide the client to make a well-informed choice.
PreferredMD is now working with the client to develop their own multispecialty OBS facility to meet the needs of their expanding surgical volume.
CASE STUDY 2
We were in discussion about our billing services with a prominent New York City General Surgeon, who at the time had annual billing of roughly $5 Million. He had previously heard about our services through another independent Surgeon colleague. In the process of our contract negotiations, he called to request assistance with a particularly sensitive matter. He had to emergently terminate his two main staff members: his Office Manager and his Surgical Coordinator. With no advance preparation we were asked to staff these key roles.
Even before the billing contract was executed with this Surgeon, we accommodated his urgent request. PreferredMD mobilized an administrative team from other locations overnight. The proxy team “picked up the baton in stride” and the office was able to function without disruption. As an added benefit, the interim team with the direct supervision of a PreferredMD consultant, was able to identify areas in patient flow and process management which they optimized to improve revenue and the patient experience. The team at PreferredMD was also instrumental in recruiting a new administrative team to ensure the future success of the of office.
This Surgeon’s practice grew by 30% in 1 year as a result of the efficiencies and support PreferredMD provided.
Services PreferredMD rendered:
- Captured 100% of all pending surgical bookings, ensured the practice didn’t lose a single dollar during the complete overhaul of staff
- Performed eligibility verifications to direct patients to the appropriate facilities, ones that would be the most cost efficient for the patient
- Assisted the clinicians with prescriptions for presurgical testing, pain medications, physical therapy
- Requested and collected all MRI and other testing results in order for the Dr. to stay ahead of his patients
- Improved existing documentation guidelines in order to adhere to ICD-10 requirements
- Advertised and screened for administrative staff replacements
- Trained new staff and provided them with streamlined workflows and compliance tested templates for daily transactions
- Identified areas of high cost expenditures and put in cost cutting measures
- Routinely checked in on staff both remotely and in person to make sure new protocols were followed and see if further improvements could be made