Whether you would like to start your own practice, grow your existing practice, or just need help in running your practice, Advanced Practice Management can help.
Janet Papst, Owner/Executive Director, has over 20 years of experience in the healthcare industry. She has assisted numerous physicians with practice start-ups, mergers, expansions, adding new service lines, creating and managing to a budget, among other strategic planning.
Consulting – proper planning of new start-ups or strategic growth can determine whether your business will thrive or fail. If you are considering opening a medical practice, we can work with you to take decisive action and achieve sustainable results, complete with setting expectations of monetary requirements and realistic timelines. APM can also work with your existing practice to develop a strategic plan on how to grow your business and fulfill your goals and dreams for the next 1, 3, 5, or 10 years.
— Project management with a new business start-up, complete with task lists and timelines
— Assessment of the viability and proper timing of adding additional providers to your existing practice.
— Assessment of the viability of adding additional locations or new service lines to your existing practice.
— Implementation and project management of the agreed upon growth plans of your business.
Budgeting – having a budget is like having a road map for your business. It allows you to be proactive and take corrective action when things veer off course. It also allows you to have a picture of the financial needs of your organization and provides financial institutions with the proper information needed for you to obtain any needed lending. Budgeting is a crucial step to the strategic direction and daily operations of your practice. Let APM develop your budget complete with accounts receivable ramp up projections, profit and loss statements, balance sheets, and a cash flow statement.
— Whether you’re a new start-up practice or you are adding locations, providers, or new service lines, APM will create a budget that will give you a realistic expectation of incoming collections that factor in the ramp-up period of patient volume as well as insurance payments.
— APM creates a complete budget that includes cash flow expectations, so you know what is needed from owner contributions or financial institutions when it comes to equipment loans or lines of credit.
— A complete budget will not only tell you when your practice will become profitable, but when it will become cash flow positive.
— APM will work with your CPA or will perform your bookkeeping services, such that you can compare your actual performance to the planned budget, allowing you to be proactive and stay on track.
Bookkeeping – we understand that accurate financial information and strong cash flow management is vital to the success of your business. It also sets the groundwork for proper budgeting and monitoring your practice to be proactive to take steps when things vary from the budget. APM can perform these services for you and provide you with timely information that will help with your business operations.
— Accounts Payable
— Manage daily deposits
— Monthly bank reconciliations
— Preparation of month end financial statements
— Budget vs Actual financial reports
— Prior year comparisons and other financial analysis reporting
Other Management Services – Do you feel like you spend more time managing your staff than you do taking care of your patients? Let APM help you with all aspects of Human Resources from right-sizing your staffing to setting the guidelines/rules for employees to follow which will help minimize daily staffing issues.