MARKETING YOUR PRACTICE

Transcription

1 MARKETING YOUR PRACTICE Donald A. Cowan, CPA, PFS, CFP Deborah R. Mathis, CPA, CHBC Michael S. Lewis, FACMPE, MBA

2 HOW TO MARKET YOUR PRACTICE Presented by: Donald A. Cowan, CPA, PFS, CFP Deborah R. Mathis, CPA, CHBC Michael S. Lewis, MBA, FACMPE A. Run a large, two color display advertisement in the Yellow Pages. B. Place a billboard ad on a highway near your office. C. Leave flyers on car windshields in local shopping centers. D. Schedule office hours on a timely basis so patients don t have to wait. The number one reason that people choose a physician is personal referrals from friends, relatives, co workers and neighbors. 1

3 HAPPY PATIENTS = A SUCCESSFUL PRACTICE Dollars spent on marketing are wasted unless you expend equal effort on brand management every day. Brand management ensures that EVERYONE who interacts with your practice has a consistent experience. More about the LITTLE things that you do, than the BIG things you say! The single most important differentiator between a good practice and a great practice. The brand is not a part of the practice, it is the practice! 2

4 Treated courteously Treated respectfully Made to feel important Made to feel valued Communicated to in a clear concise manner Run office hours on time Explain unexpected delays Expand office hours early and late Professionalandcourteous and phone triage Attentive reception Clear communications Treatment Prescriptions Testing Marketing process by which practices promote their services to potential patients Advertising Print Radio Television Direct Mail Internet Public Relations 3

5 Marketing for physicians is different than for other services or products Review guidelines from the New Jersey Board of Medical Examiners to ensure what is and what is not allowed in marketing medical practices Understand the difference in marketing for primary care physicians versus specialists MOST IMPORTANT QUESTION What differentiates you from the other physicians in your area? Education Training Special procedures Expanded office hours Special services Acceptance of insurances HOW BEST TO COMMUNICATE WHAT DIFFERENTIATES YOU TO YOUR MARKET Print Advertising Pros Inexpensive compared to other media Wide distribution Ads must be eye catching, communicate information but not be too wordy Cons Decreased readership across all markets 4

6 HOW BEST TO COMMUNICATE WHAT DIFFERENTIATES YOU TO YOUR MARKET Radio Advertising Pros Less expensive than television Broad circulation Low production costs Cons Message limited to audio no visual reinforcement Exposure is limited and quick HOW BEST TO COMMUNICATE WHAT DIFFERENTIATES YOU TO YOUR MARKET Television Advertising Pros Provides both a visual and auditory message Allows for creativity Cons Very costly Large number of channels requires guessing game to provide broadest coverage Providing message to many viewers outside of your market area HOW BEST TO COMMUNICATE WHAT DIFFERENTIATES YOU TO YOUR MARKET Internet Pros Way of the future Ability to control cost Provide a great deal of information through links, etc. Cons Limited to tech savvy individuals Competes against multiple advertisers 5

7 Good Internet advertising requires knowledgeable people Website Development Communicate what is different about your practice Information about providers and staff Forms for practice Registration HIPAA Links to medical information On line registration Questions for physicians Website must be kept current!!!!! Old information indicates a lack of interest Use professional website designer the benefits will be worth the expense Keep links updated to provide information on hot topics: Flu H1N1 Brochures Every medical practice should have a brochure that provides information about itself: Biographies of providers Financial Policy Hours of Operation Anything special about the practice Brochures should be colorful convey a message but not be excessively wordy 6

8 Being seen as an expert in your community in your field of practice Raisesyour profileandreinforces reinforces advertising Become the go to person for newspaper, radio and television inquiries about medical topics Active in community organizations Illness specific to your practice American Heart Association American Cancer Society Become a leader Utilize this involvement in brochures, ads, websites, etc. Market is usually other physicians, not the public Increased competition among specialist for referrals from primary care physicians Different specialties providing same services Dermatologic Vascular services Referrals often based on relationships and not quality or type of services 7

9 Ease of patient access Pre printed referral forms Quick communication about patients t Relationship between office managers Lunches/Dinners Educational experiences Every patient should be asked how they came to the practice Existing patient Yellow pages Advertising effort Insurance panel These statistics should be kept and reviewed Determine future marketing efforts Marketing and Public Relations are a continuous process Protect market share Annual state of the practice analysis Review referrals Review patient satisfaction 8

10 Questions? Donald A. Cowan, CPA/PFS, CFP Deborah R. Mathis, CPA, CHBC Michael S. Lewis, MBA, FACMPE Cowan, Gunteski & Co., P.A Your Prescription for a Healthy Practice 9

11 DONALD A. COWAN, CPA, PFS, CFP Shareholder/Managing Director Healthcare Services Group Donald A. Cowan, CPA, PFS, CFP, Shareholder/Managing Director, founded Cowan, Gunteski & Co., P.A. in November He has more than 25 years of public accounting experience in both New Jersey and Washington D.C. His client base includes physicians and physician groups, family-owned businesses, publicly traded companies, manufacturing-based corporations and firms doing business in the construction industry. Mr. Cowan has provided management advisory services in the areas of investment decisions, the evaluation of business structures and preparation of business plans for a wide range of businesses. He has a wealth of experience in medical practice vital signs, physician compensation formulas, buy-sell agreements and medical practice valuations. He has developed special expertise in the tax and financial planning area and has particular experience in familyowned businesses, wealth management and succession planning. Mr. Cowan typically gets involved in helping clients operate their businesses more productively and profitably through proper management and evaluation of their operating systems. He is also highly qualified to address potential merger and acquisition issues. A graduate of Monmouth University, Mr. Cowan is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. He earned the designation of Certified Financial Planner in He was also certified by the AICPA as a Personal Financial Specialist in Mr. Cowan is a member of the national and New Jersey chapters of the Medical Group Management Association. As a prominent member of the New Jersey business community, he serves on the advisory boards of several leading banks. A lifelong civic leader, Mr. Cowan has served as president of the Ocean County/Toms River Chamber of Commerce and is a past president of the United Way of Ocean County. He is also a member of the board of trustees of Community Medical Center and serves as either a board or committee member of various not-for-profit organizations throughout Monmouth and Ocean counties, including the American Heart Association. Cowan, Gunteski & Co., P.A. Certified Public Accountants and Consultants 40 Bey Lea Road, Suite A101 Toms River, New Jersey Telephone: (732) Fax: (732) dcowan@cowangunteski.com

12 DEBORAH MATHIS, CPA, CHBC Shareholder/Director Healthcare Services Group Deborah Mathis, CPA, CHBC, Shareholder/Director, Healthcare Services Group, has been working with physician practices for more than ten years. Ms. Mathis joined Cowan, Gunteski & Co., P.A. in July 1996 and has focused her career on helping physicians and other professionals keep more of their hard-earned money. She consults with physician practices in the following areas: revenue enhancement strategies, practice vital signs, compensation formulas, physician buy-sell agreements and valuation of medical practices. Healthcare providers throughout New Jersey have hired Ms. Mathis to advise them in the formation of their practices, including business entity selection, implementation of practice management and accounting systems, bank loan negotiations, development of fee schedules and retirement plans. Ms. Mathis also consults with established practices considering mergers, recruitment of new physicians, expansion into new market areas and ancillary service offerings. Area hospitals have engaged Ms. Mathis and the Healthcare Services Group to value physician practices for potential acquisitions. As a Certified Healthcare Business Consultant (CHBC), Ms. Mathis is uniquely trained and experienced in both the financial and operational facets of medical and dental practices. Ms. Mathis strong accounting and tax foundations enable her to find creative solutions for her clients, in an industry that has seen constant changes in regulations and reductions in reimbursements over the past decade. Ms. Mathis is a frequent speaker and author on topics related to medical practice management and revenue enhancement for physician groups, hospitals, and various medical associations. She was a featured speaker at the national Medical Group Management Association (MGMA) convention in 2006, as well as the New Jersey MGMA Practice Management Conference for the past couple of years. Deb has been published in MD News, as well as numerous other periodicals for the healthcare industry. Mathis joined Cowan, Gunteski & Co. in 1996 after earning a Bachelor of Business Administration in Accounting from Loyola College. Mathis is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. She serves as the President-Elect of the United Way of Ocean County, where she is also a member of the Campaign Cabinet and chairs the Special Events Committee. In 2010, Ms. Mathis received the Young Altruistic Professional Award from United Way for her community involvement and philanthropy. In addition, she serves on the Board of Trustees of the Southern Ocean County Hospital (SOCH) Foundation and the Meridian Health Professional Care Committee. In addition to being named one of New Jersey s Best 50 Women in Business in 2010, Ms. Mathis has also been included in the 2007 Class of Forty Under 40 by NJBiz. Cowan, Gunteski & Co., P.A. Certified Public Accountants and Consultants 40 Bey Lea Road, Suite A101 Toms River, New Jersey Telephone: (732) ext Fax: (732) dmathis@cowangunteski.com

13 MICHAEL S. LEWIS, MBA, FACMPE Director Healthcare Services Group Michael S. Lewis, MBA, FACMPE, Director, Healthcare Services Group, brings a wealth of knowledge in medical practice management to Cowan, Gunteski & Co., P.A. Mr. Lewis joined the Firm in 2005 after spending 27 years as a senior executive in the healthcare industry and was named Principal in He has demonstrated expertise in identifying opportunities and solving problems within medical practices so that doctors can concentrate on the business of medicine. Mr. Lewis is a recognized expert in: Practice Management Practice Acquisition Healthcare Information Systems Physician Relations Reimbursement and Billing Management Consulting Throughout his career, Mr. Lewis has been actively involved in billing and account receivable management. Practices that he has managed have been recognized by the Medical Group Management Association as among the Best Practices in the country with respect to billing and collection indicators. Prior to joining the Firm, Mr. Lewis served as Executive Director of a 27 provider primary care group with nine offices in Burlington, Camden and Gloucester counties. He previously was the Administrative Director for the Department of Surgery for the Cooper Health System; Vice President of a division of the Graduate Health System that owned and managed physician practices; and the administrator of an internal medicine sub-specialty practice. He has also provided consulting services throughout the years in all areas of medical practice management. Mr. Lewis graduated with a Bachelor of Arts degree in Biology from Brooklyn College in He went on to earn a Master of Science in Biology from Fordham University in 1975 and a Master in Business Administration in Health Administration from Temple University in Mr. Lewis earned the professional designation of Fellow of the American College of Medical Practice Executives (FACMPE) in Listed in both Who s Who in America and Who s Who in Medicine and Healthcare, Mr. Lewis is a member of the Medical Group Management and Healthcare Financial Management Associations, as well as the Gerson Lehrman Group s Council of Healthcare Advisors. He is a frequent speaker on topics related to medical practice management for hospitals, physician groups and various trade associations, including the Medical Group Management Association (MGMA), New Jersey Medical Group Management Association (NJMGMA), Healthcare Financial Management Association (HFMA) and the New Jersey Dental Association (NJDA). Cowan, Gunteski & Co., P.A. Certified Public Accountants and Consultants 40 Bey Lea Road, Suite A101 Toms River, New Jersey Telephone: (732) ext Fax: (732) mlewis@cowangunteski.com

14 COwAN, GuNTeSkI & CO., P.A. H e A LT H C A R e S e R v I C e S G R O u P The healthcare industry is experiencing an era of rapid and significant changes. Changes brought about by HIPAA and other regulatory agencies have caused complexity and confusion. They affect your work environment, employees and patients. with more than 27 years of experience, our Healthcare Services Group is specially trained to deliver consistent exceptional service, value beyond accounting and innovative solutions focused on your practice and financial goals. Revenue enhancement Services Contract Analysis and Negotiation Reimbursement, Fee Schedule and Charge Capture Analysis Accounts Receivable Management Payment Denial Review Ancillary Opportunity Review Physician Practice Compliance CPT Coding Review and education Quality Assurance HIPAA, OSHA, and CLIA Compliance Operational Analysis and Review Staffing Analysis Practice Overhead Analysis and Budgeting vital Sign Reports (key Operating Indicators and Benchmarks) Financial Forecasting Market Feasibility Studies Process Improvement and Organizational Structure Bank Negotiations Physician Recruitment and Retention Physician Search Services Compensation Formula Development Buy-Sell Agreements Merger and Acquisition Assistance Physician Credentialing Financial and Tax Reporting Accounting and Bookkeeping Business and Individual Tax Preparation employee Benefits Financial Statements Internal Controls Selection and Implementation of Accounting and Practice Management Software wealth Management Succession, Retirement and estate Planning Financial Planning and Investment Advice Asset Protection Practice valuations H e A T H C A R e S e R v I C e S HeLPING OuR CLIeNTS ACHIeve THeIR GOALS 730 Hope Road Tinton Falls NJ Phone: Fax: Bey Lea Road, Suite A101 Toms River NJ Phone: Fax: Member of CPAmerica International w w w. C o w a n G u n t e s k i. c o m

15 CG HeALTHCARe SOLuTIONS, LLC AN AFFILIATe OF COwAN, GuNTeSkI & CO., P.A. At CG Healthcare Solutions, LLC, we understand the demands of managing a healthcare practice. You are faced with regulatory and compliance, personnel and quality care issues. Our profitability consultants focus on helping you manage your medical billing, accounts receivable and other practice management issues, so that you can focus on the practice of medicine and healthcare. Our goal is to increase your earnings through solutions that serve as Your Prescription For A Healthy Practice. CG Healthcare Solutions has many years of proven expertise improving the revenue cycle for physicians and other healthcare providers. Our experience includes working with a wide range of practice areas, including cardiology, primary care, dermatology, obstetrics/gynecology, hematology-oncology, radiology, orthopedics, thoracic surgery and ophthalmology. Medical Billing Services Focused On Improving Your Revenue Cycle Real-Time eligibility verification electronic Management of Patient Referrals Sophisticated, Multiple-Resource Scheduling System HIPAA-Compliant electronic Claims and Remittance Customized Reports to evaluate How Your Practice is Performing Handheld wireless Solution for Off-Site Charge Capture Automated Patient Appointment Recall Accounts Receivable Management Services Focused On Collecting Your Money Faster More Than 95% of Claims Paid on Initial Submission Charges and Payments Posted within 24 Hours Aggressive Follow-up for Primary and Secondary Claims Fee Schedule Analysis Coding education and updates for Staff and Providers Coding Review Services Focused on Maximizing Insurance Reimbursement electronic Medical Records ("emr") Solutions Focused on Improving efficiencies Physician and Provider Credentialing Focused on Simplifying The Process And Saving Money Practice Management Consulting Services Focused on Helping You earn More Money Having CG Healthcare Solutions as your Practice Management Team allows you to focus on patient care, while we focus on your financial health. CG Healthcare Solutions is Your Prescription For a Healthy Practice. C G H e A L T H C A R e S O L u T I O N S, L L C HeLPING OuR CLIeNTS ACHIeve THeIR GOALS 730 Hope Road Tinton Falls NJ Phone: Fax: Bey Lea Road, Suite A101 Toms River NJ Phone: Fax: Member of CPAmerica International w w w. C o w a n G u n t e s k i. c o m