Strategic & Financial Planning

 

Strategic & Financial Planning 

In the book Art of War, Sun Tzu wrote: "Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat." Unfortunately, this is true of most medical practices. Without a well-defined, researched and developed strategy, they are just creating the noise before defeat.

For most people, including physicians, it's very hard to devote time and energy to something today that may not pay off for a year or more. Understanding the importance of having a strategic plan is one thing, but the bigger issue is how to get it done. Typically, very few people inside the practice have the time or experience necessary to complete this process. With the addition of our newest team member, Cindy Nyberg, Fulcrum Strategies is ready to assist you, protect your business, and prepare for your future. 

Cindy comes to Fulcrum with a wealth of experience in the financial and operational management of medical practices. Most recently, Cindy served as Chief Financial Officer for one of the largest private neurology practices in the country. In addition to overseeing Accounting and Finance, Business Office, Compliance, Information Technology and EMR, Financial Services, Pre-Authorization, and MRI Departments, Cindy also managed strategic projects including: improved access with same day appointments and improved utilization of midlevel capacity, EMR implementation, improved departmental and cost accounting, and new patient collections workflows. A certified public accountant with CMPE credentials, Cindy brings real world experience in EMR implementation, strategic planning, expense management, and operational efficiencies to the Fulcrum team.  

We realize that no two practices are alike, so we are able to tailor our services to meet your needs and bring value to your organization. 

Does your practice need ongoing assistance and consultation for your business operations and financial planning and reporting?  

Fulcrum Strategies can do the following: 

  • Assist with overall management consultation.
  • Develop and deliver ongoing management reporting and communication with physicians, including: calculation, tracking and communication of key performance indicators. 
  • Perform specific project-related data analysis.
  • Assist with cash management and debt reduction strategies.
  • Review physician's compensation.
  • Assist with operational reviews and project management.


Is your practice operating towards future success or only reacting to the daily challenge?  

Fulcrum Strategies can assist in developing a comprehensive strategic plan for your practice. 

  • Comprehensive analysis of your group's financial data.
  • Formal report outlining what your business will look like over the next five years.
  • Projections for each partner's income of the next five years. 
  • Full analysis of your group's strengths, weaknesses, opportunities, threats, financial projections, and evaluations. 
  • Detailed strategic plan with suggestions for improving operational efficiency, ancillary income, and overall business success. 


Is your practice ready for shared savings or value based reimbursements?  Do you know the cost of services provided?  

Fulcrum Strategies can assist in developing and maintaining an activity based costing system. 

  • Develop a general ledger accounting system that provides accurate cost data. 
  • Analysis of the cost of providing services from overall practice expense down to a specific service such as an office visit. 
  • Report and communicate with physicians and administration.

 

At Fulcrum Strategies, we understand your day-to-day challenges of running a practice, and our goal is to come alongside and assist you with a forward-thinking approach.  We are confident that our team has the knowledge, depth, expertise, and vision to support your practice in planning for the future and operating in this ever-changing healthcare environment.   

For more information, please contact us today.  We will setup a call to learn more about your practice and discuss your specific needs, and we will provide you with a detailed proposal for our strategic and financial planning services.