5 Key Questions to Ask When Hiring a Medical Practice Consulting Company

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The healthcare industry is a tough arena to work in. Policies and demands are continuously changing. With your busy schedule, it can be challenging to monitor all the fluctuations on your own. In today’s world especially, it is hard for health experts to find the time to manage all aspects of your practice with the same level of detail.

Yet, with the help of an experienced, highly qualified medical practice management consulting company, you will always have the necessary tools to keep your practice compliant and operating smoothly . To ensure you choose the perfect consulting company for your practice, ask the questions below during the hiring process.

  1. What is Your Availability?

This question may seem too simplistic, but do not overlook its value. As a medical practitioner, the days are undoubtedly hectic and filled with tasks stretching into what seems like forever. You may find it tricky to find the time to meet with your management consultant. So, you need to be able to trust that they will be available whenever necessary.

For this aspect, look through their customer reviews and discuss their availability with them. The management consulting company must have a proven track record of being prompt and finishing tasks on schedule, as expected. They should have the willingness and capacity to dedicate hours to monitoring and improving your practice.

  1. What is Your Previous Experience in This Industry?

Ideally, your chosen consulting company should have several years’ experience in this industry. They should have knowledge of the market and be familiar with its intricacies and patterns to a level that accurately informs their consulting process. They should have a vast knowledge of the market to:

  • Accurately identify any existing (or potential) shortcomings of your practice.
  • Advise you and your staff appropriately, as needed.

Often, medical staff do not have the knowledge or time to commit to identifying market-specific aspects of the company — specifically, internal operations inefficiencies. Your medical consulting company should be able to identify drawbacks in your operations and guide you to effective resolutions.

For example, Trainual-certified Great Lakes Advisory experts offer medical practice strategic planning, along with leadership and management coaching to physicians. These services ensure that your medical practice will operate using tried-and-true methods. These strategies will keep your practice running strongly in the long-term and strengthen the management of your team and network.

 

  1. How Would You Approach Operational and Service Issues in Our Practice?

While you should not expect too much detail in this response, your consulting company should be able to give a general layout of their theoretical approach to various problem-solving scenarios. Solely identifying a problem within your practice can only get you so far. Your consulting company should also have a legitimate and reliable plan of attack on how they will meet your company’s needs in times of hardship or challenges.

If you do not agree with the proposed approach or you do not trust their methods, you may need to look elsewhere for consulting support. With Great Lakes Advisory, however, that is unlikely. Our experts will assist you with improving your workflow concerning patient care and optimize your schedule so that your practice achieves maximum productivity.

Any inefficiencies in operations will be swiftly identified and corrected, improving both the quality of your work environment and customer experience. Additionally, Great Lakes Advisory consultants advocate for the development of transparent, comprehensible protocols that enable balanced delegation and consistent employee performance. You can rely on our expert support if there are any inefficiencies that arise in the fundamental operations that drive your medical practice.

  1. How Do Your Services Adapt to Fluctuations in the Industry?

Professionals in the healthcare industry must come to terms with the fact that things are always in flux. Your consulting company must be equipped to handle this continuous change, especially when it concerns core, industry-wide policies, and regulations. Specific questions such as those listed below are crucial in allowing the potential consulting company to demonstrate their professional flexibility and capacity to adapt as needed on a moment’s notice:

  • “How have you resolved unexpected issues in the past?”
  • “How does your company respond to changing regulations?”

As you inquire on this matter, understand that changing regulations are not the only factor that can influence your company’s performance and viability. Another facet of managing a medical practice is having to deal with instabilities in insurance pricing. Insurance companies are notorious for altering their pricing in ways that eat into your revenue. You must be able to recognize the need for adjustments at the drop of a dime.

Great Lakes Advisory is equipped with technology to do just that. For example, our services include the application of Underpayment Detection software that utilizes the following to detect inaccuracies in payments immediately:

  • 835-remittance data
  • Fee schedules
  • Payer rules

 

When your company’s needs inevitably vary with the ebb and flow of industry demands, we will also be there to support you in your business growth by:

  • Assisting in recruiting and employee onboarding
  • Negotiating insurer relationships
  • Updating and optimizing company protocols

 

  1. What distinguishes you from other practice management consulting agencies?

Your potential consulting company should be able to state clearly why their services are the best. What distinguishes their expertise over their competitors’? Why should you trust their advice over anyone else? Of course, their answer should be supported by customer reviews and an observable record with past clients. To verify their success in this industry, you should also request references to gain insight into their methods and reliability.

Great Lakes Advisory is one of the most trusted medical practice management consulting companies in the industry. Our services range from advising medical professionals on growth strategies and price optimization, to employee recruiting and management coaching.

You can trust our experts to keep your practice on track regardless of industry fluctuations. To maintain the strength and integrity of your office with high-quality medical practice consulting, get in touch with Great Lakes Advisory experts today.