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Healthcare Insights: Keys to Understanding Your Practice's Financial Position

The COVID-19 pandemic has drastically impacted the healthcare landscape, and healthcare providers expect to continue dealing with the aftermath for years to come. During the beginning of the pandemic, federal funding buoyed provider organizations as they faced issues such as dramatic reductions in patient volumes and increased costs from staff, supplies, and new technology solutions to support virtual healthcare. However, despite this federal support, many provider organizations continue to struggle to achieve pre-pandemic financial performance. As provider consolidation and transactions continue, albeit at a slower rate than in previous years, it is more important than ever that organizations clearly understand their financial position in order to properly build and drive an effective long-term practice strategy.

For physician practices, the process of understanding opportunities to reduce costs and improve efficiencies requires a multifactorial analysis. Citrin Cooperman works with practice leaders to undertake Performance Management Assessments that zero in on both top line and expense opportunities. Following this assessment, practice leaders will be able to knowledgably answer questions:

  • How does our physician compensation compare to competitors and the market?
  • Which supply expenses vary across our physicians?
  • What areas of expertise are driving our costs?
  • How do our reimbursement rates compare to the industry and how has it changed over time?
  • How do our employees perceive our practice and what opportunities do they see to improve our performance?

Whether providers are looking to sell their practice or remain independent, a nuanced understanding of their organization’s quantitative and qualitative strengths and opportunities gives leaders confidence in charting their path into the future. Our professionals work to empower leaders through actionable analyses and holistic insights; for more information, contact Heather Spillman at hspillman@citrincooperman.com and Dominik van der Veen at dvanderveen@citrincooperman.com

 

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