Plan to Succeed For a Healthy Business
A performance driven process with specialized solutions.
- Understand current state of business and highlight the challenges & areas of concern
- Gather key data required for initial assessment
- Confirm and prioritize needs
- Identify potential strategies to address client’s challenges
- Expected deliverables & timelines
- Investigation, research & validation of information extracted during business needs analysis.
- Project kick-off with CIG BAS team to set expectations from both sides and gather further data required for analysis
- Interim reviews to ensure that the project is executed in an efficient and timely manner
- Development of customized solutions and recommendations based on best practices, research and analysis, keeping client’s best interests in mind
- Final report presentation
- Implementation support, as required
- Schedule follow-up meeting
Case Study 1: Practice Enhancement and Growth
Multi-physician, multi-location specialty practice.
Improving the existing practice while also growing the organization.
To create and support in the execution of a strategic plan in terms of adding new locations, ancillaries etc.
Conducted an all-round assessment of the practice to identify areas of improvement and opportunities for growth, established priorities and timelines, advised on appropriate organizational structure, modeled out financial impact of the various opportunities and determined capital requirements for growth.
Practice expansion from three to six office locations.
Growth in revenues from $5 million to $10 million.
Case Study 2: Super Group Formation
Physicians and physician groups with well-established practices ranging across primary care and multiple specialties in Southeast Michigan.
Retaining financial and operational independence in the face of squeezed margins due to simultaneous pressure on revenues (reimbursement cuts) and costs (increasing costs and the need to improve quality and efficiency of patient care).
To create a suitable platform for collaboration among the diversified group of physicians, aimed at effectively addressing the challenges posed by healthcare reform with specific focus on creating operational efficiencies, improving buying and negotiation power and identifying additional sources of revenue.
Establishing a strategic, financial, and operationally viable model to bring together the independent physicians, physician groups under the umbrella of a single multi-specialty “super group” – structured to leverage the benefits of a centralized setup and inter-relationships while retaining a large degree of operational independence.
Engaged and signed on physicians from multiple specialties (primary care, gastroenterology, oncology, neurology, radiology, etc.)
Operationalized ancillary services
Case Study 3: Practice Exit
Thriving single physician (experienced and well established) specialty practice supported by able midlevel providers in Southeast Michigan.
Enabling the founding physician’s wish to retire in the near future at a time when the practice with a growing patient base and great reputation is ideally positioned for expansion.
To create and facilitate a plan to maintain and grow the practice, while developing a successful personal exit strategy for the founder physician.
Assess the value of the practice and explore the options of either selling the practice to an interested party with a phased handover over the next couple of years or seeding a new physician in the existing practice who can manage and take over, allowing the founding physician to slowly transition out.
Sale of practice at a valuation of 1.5 times revenue
Phased exit for the physician – sale agreement with provision for part-time employment over a period of three years