Providing Practice Improvement, Practice Compliance, and Advisory Services to Physician Practice Groups
The healthcare industry is a highly regulated and ever-changing business environment. To stay competitive and be successful, physicians require expert guidance and quality care from trusted financial and business advisors who understand the importance of things like RVUs, EMRs, and CPT and ICD9 coding.
Sirchia CPAs & Financial Advisors is that firm, specializing in the delivery of services that achieve measurable results for physician practice groups, committed to knowledge transfer, and skilled at providing simple answers to complex questions.
With a deep knowledge of the healthcare industry and the unique challenges and regulations you face each day, we provide a wide range of value-added services to physicians and other healthcare practitioners.
Consider what it would mean to your practice and your personal life if you were able to spend less time on management issues and more time caring for your patients.
Our professional team, comprised of Certified Public Accountants, tax specialists, and QuickBooks ProAdvisors will help you answer the following questions and more...
- Are you as profitable as you can be?
- Are you maximizing the efficiency of your office, technology and staff?
- Is your practice growing in a controlled, profitable and sustainable way?
- Are you taking advantage of all allowable tax deductions, both professionally and personally?
- Have you determined what your retirement will look like and put a plan in place to get there?
Practice Improvement Services (A Comprehensive Physical for Your Practice)
By analyzing everything from office policies to billing and coding procedures to collection and write-off practices, we help you determine where your weaknesses and opportunities lie. Here are just some of the things we can do for your practice:
- Increase your revenues through our understanding of CPT codes, RVUs, and the Center for Medicare & Medicaid Services (CMS). These things are highly specific to your industry and present some of the biggest challenges when it comes to being profitable. In fact, studies show that improving your CPT and ICD9 coding, as well as your documentation, can increase your revenues by tens of thousands of dollars every year! Plus, having solid financial data and analysis to present to third party payors could allow you to negotiate more profitable contracts.
- Develop actionable business plans to help you meet your short- and long- term professional and personal goals.
- Identify and benchmark Key Performance Indicators (KPIs) to help determine how you measure up to other practitioners in your area and nationwide.
- Create fair and equitable compensation and income allocation agreements for a growing practice, merger, acquisition, or pending sale.
- Develop policies and procedures that are HIPAA compliant, and implement them in a consistent manner to reduce staff turnover, improve efficiency, and mitigate your legal liability.
- Act as an interim practice administrator to keep your office running smoothly and help identify areas for improvement.
- Overcome practice compliance challenges. The HHS Office of Inspector General monitors practices for non-compliance, especially in the areas of coding and billing, reasonable and necessary services, proper and thorough documentation, and improper inducements, kickbacks and self-referrals.
Our in-depth knowledge about the needs of physicians, practice groups, and other healthcare related practitioners is unmatched by most accounting firms in the area. We are confident we can assist you with all of your business and financial challenges.
It’s time for you to receive the same care you give. Contact us for a conversation today.