Practice Management

We understand the nuances of running anesthesia practices. Medac's practice management services save time and money for anesthesiologists across the country. Instead of handling the details of their office, our clients are able to leverage our vast resources to details of their practice more efficiently.

DAY-TO-DAY MANAGEMENT

• Coordination with other practice advisors to bring value to the practice
• Close coordination with billing managers to insure achievement of billing and collection goals
• Managed Care Contracting – Review all managed care contracts and make recommendations regarding rates and contract language. On an on-going basis, we aggressively negotiate with the insurance carriers for a preferred payment rate.
• Hospital Contract Negotiations - Working with designated physicians, and the Group’s attorney, provide support to secure an appropriate contract, which would include financial support from the hospital
• Practice Manager - meets regularly with the Group’s Board of Directors (“Board”) or the designated physicians responsible for practice oversight.  The manager will review all billing reports, financial statements, and offer insights and advice regarding the practice.  This is also an ideal forum to discuss potential business opportunities and to develop strategic plans for the practice.

FINANCIAL ANALYSIS AND BENCHMARKS

• Financial Reports (Review and Analysis of Financial Statements)
• Budgeting and Cash Flow
• Fee schedule and reimbursement analysis

FINANCIAL MANAGEMENT

• Coordination of Federal and State Income Tax Returns
• W-2 and Form 1099 preparation
• Accounts payable, processing of invoices, and check printing Only authorized physicians sign checks
• Payroll and complete tax filing services with direct deposit.
• Bank reconciliations
• Fringe Benefit Design & Management 
• Insurance and Risk Analysis for appropriate placement of your malpractice coverage

STRATEGIC PLANNING & SUPPORT

• Annual Operating and Strategic Plan Preparation
• Feasibility Studies - Our practice management team will analyze and develop feasibility studies on practice opportunities
• Attendance at regular Group meetings (Board, committee, etc.)
• Cash Forecasting - Annual cash forecasts by month are prepared in conjunction with the annual budget cycle 

PRACTICE SUPPORT

• Audit Report
• On-going Client Education
• Managed Care Contracting
• Anesthesia Record, Charge Slip Design
• Electronic Demographic Interface