Manage Overhead. Learning Objectives. Overhead
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1 Manage The Great Mistake Pamela L. Moore, PhD, CPC Editorial Director, s Practice Denver, CO Learning Objectives Assess overhead rates for your practice relative to other practices and within the context ROI Identify specific ways to reduce practice costs so available funds can go further 2 How do you define it? 1. See patients. Make money. 2. Pay out overhead (staff, facility, supplies, transcription, technology, etc.). 3. Take home whatever is left. 3 1
2 Expenses We forget about the denominator ROI : defines your ability to turn operating expenses into revenue 4 A. $300,000 overhead costs and $1,000,000 revenue B. $500,000 overhead costs and $2,000,000 revenue Which practice do you want to be? 5 Divide by revenue Not gross charges All net revenue Expenses (A): (B): Rate = (A/B)*100 % 6 2
3 Total Cost per FTE Family Practice Primary Care, Single Medicine Single (exc. IM) All $462,675 $184,593 $185,863 $222,134 $221,703 Better Performers $603,968 $221,807 $236,933 $225,804 $252,199 7 Source: Medical Group Management Association, Performance and Practices of Successful Medical Groups: 2004 Report Based on 2003 Data Total Operating Cost as a Percent of Total Medical Family Practice Primary Care, Single Medicine Single (exc. IM) All 48.75% 57.81% 59.65% 48.37% 60.30% Better Performers 41.91% 56.21% 54.27% 41.57% 54.72% 8 Source: Medical Group Management Association, Performance and Practices of Successful Medical Groups: 2004 Report Based on 2003 Data Total Operating Cost as a Percent of Total Medical Sp e ci al ty Me di a n, Pri mary Care Only % Fa mily Practice % I nternal Medicine % OB-GYN % Source: Medical Group Management Association, Cost Survey for Single- Groups: 2005 Report Based on 2004 Data 9 3
4 Total Support Staff Cost as a Percent of Total Medical Median, Primary Care Only Internal Medicine Pediatrics Family Practice OB-GYN 30.84% 31.32% 28.77% 31.53% 25.24% 25.80% 10 Source: Medical Group Management Association, Cost Survey for Single- Groups and for Groups: 2005 Report Based on 2004 Data Median Medical and Surgical Procedures per FTE FTE Staff per FTE FTE Staff per FTE FTE Staff per FTE 4,863 5,807 6,696 3,906 4,200 4,466 Family Medicine 5,585 6,384 8, Source: Medical Group Management Association, Cost Survey: 2003 Report Based on 2002 Data Median Total Medical after Operating Cost per FTE FTE Staff per FTE FTE Staff per FTE FTE Staff per FTE $209,147 $230,907 $259,450 $416,932 $458,990 $518,572 Family Medicine $181,674 $170,996 $194,646 Orthopedic Surgery $413,329 $521,678 $527, Source: Medical Group Management Association, Cost Survey: 2003 Report Based on 2002 Data 4
5 and Comparison $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $686,222 $470,063 $396,433 $348,704 Dr. A Dr. B Dr. C MGMA 13 Source: Private Consulting Data 2004 Gross Charges $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Dr. A Dr. B Dr. C MGMA Source: Private Consulting Data 14 Watch overtime Staff well, hold people accountable Telecommunications cost consolidate, eliminate Malpractice don t be over-insured Supplies review systems, protocols Benefits cost-sharing, capped plans Shopping online Your own printing and desktop publishing 15 5
6 Budgeting 101 Number of office visits and procedures (know what you need to break even, track by month) New services you might add Services you ll drop (eg. OB) Times of higher levels (eg. Back to School) time off (watch cash flow after vacations, maternity leave) 16 Budgeting 101 Expenses Increases in staff salary/benefits Increases in staff Investment in technology, equipment Drops thanks to maintenance agreements, loan payments ending Lower expenses thanks to technology investments 17 Budgeting 101 Review monthly Dig to understand variances. Not all savings are good. 18 6
7 Conclusion Understand overhead correctly Avoid common mistakes Control the right costs 19 Contact Info Pamela L Moore, PhD, CPC Editorial Director s Practice pmoore@physicianspractice.com 20 7
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