Lutz provides medical and dental practices comprehensive financial and consulting solutions and services to support quality patient care and increase operational efficiency. We use a team approach in order to provide expert solutions to business issues. Our goal is to be your trusted advisor.
Our promise is to “mind what matters” and that really sums us up. We will work with your team to identify innovative solutions and see them through to fruition.
We have assisted the following healthcare providers:
- Independent Physician Practices
- Dental Practices
- Hospital Owned Physician Practices
Medical & Dental Accounting and Consulting Services
Benchmarking and Statistical Analysis
As a business owner, we understand your focus gets pulled in many directions throughout the day, not allowing you to focus on analyzing your business. Relying on your trusted advisor for this analysis provides opportunities to benchmark to competitors and simplify understanding the financials and operating numbers. Some of the services we provide to help are:
- Identify Practice Key Performance Indicators (KPI)
- Set up Target Benchmarks for Practice KPI’s
- Period Statistical Reporting
- Management Analysis Reports
- Practice Dashboards to analyze data such as:
- Accounts Receivable
- E&M usage
Payor contracts are your bottom line. Yet many physician groups sign on the dotted line before reviewing their payor contracts carefully. Why? Because they don’t know how to spot the pitfalls that can put them at risk or cost them money. Our team can help provide guidance and analysis to help get the best contracts.
We provide the following services:
- Analyze your fee schedule against the most current Medicare reimbursement rates and market data available for your specific area
- Review your Explanation of Benefits (EOBs) to verify what you have been paid
- Assess reimbursement rates and develop a plan for an increase
- Review and edit the contract terms
- Negotiate with third-party payers for increased reimbursement carve outs
- Educate management and staff
With the new HIPAA/HITEC law changes that took effect in 2013 and the continued tightening of rules in the healthcare industry, it is important to ensure your practice is compliant with current rules. With our healthcare experience and expertise, we help practices ensure they are compliant and also bring best practices ideas to each practice to help monitor on-going compliance. Some of the services we offer:
- Policy and Procedure Manual Analysis
- Coding/Billing Analysis
- E&M Analysis
- Provider Enrollment
- HIPPA Consulting
- Reporting Requirement
- Record Keeping
Physician Compensation Strategies
Whether it be a provider wondering if they are getting paid enough to wondering if you are compensating staff adequately, our healthcare team can help provide guidance and analysis to help resolve the questions.
Some of the services provided:
- Analysis of current compensation levels compared to local market and also to national market
- Bonus/Compensation plan design or change
- Review of current compensation packages
- Comparison of compensation to production
- Mid-Level provider benefit analysis
Facility and Capital Planning
Before undergoing a large capital project, such as purchasing or constructing a building, opening a new location, or purchasing large equipment for your practice, you should ensure that you have done the proper analysis on the project to ensure the best tax advantage and accounting correctly. Since many time these projects are one time projects for practices, let us help you ensure that all the proper steps have been taken with the project, including:
- Budgeting and Financial Analysis
- Forecasting Analysis
- Financing Facilitating Assistance
- Strategic Financial Planning
- Feasibility Assessment
- Tax Credit Availability
Internal Control Analysis
Your practice’s goals and objectives are reliant on the internal controls. Effective internal controls can help create efficient workflow environments, deter fraud, and give a business owner the peace of mind needed to continue working in his practice. Conversely, ineffective design or performance of internal controls can both hinder a practice’s ability to grow and also put at risk of fraud. Some of the services we provide to help companies establish, maintain and improve their internal controls are:
- Review of Current Internal Control Infrastructure
- Guidance on Improvements
- Risk Assessment
- Analysis of current internal control risks
The back office for a practice is essential to keep a practice operating, however, the back office can provide for some of the biggest problems in a practice. Whether it is inefficient patient flow, inefficient work flow or inefficient cost structure, the back office of a practice can cost the practice more money than they are worth. Some of the services that we offer practices to help analyze and help practice operations are:
- Departmental Cost Review
- Overhead Cost Analysis
- Budgeting and Reporting
- Patient Flow Analysis
Has your company experienced any of the following pains?
- Not receiving the timely, accurate financial information needed to make critical business decisions.
- Your key employees are spending all their time working on the business and not enough time trying to grow the business.
- Just getting started and need access to a turn-key accounting and support team so that you can spend your time developing the company and serving customers.
- You rely on one person to run your back office with minimal documentation, control or and have no other option if that person is sick or on vacation.
- You need higher level CFO or Controller help, but not on a full time basis.
- You want a true accounting and business ally on their team to work with them to grow the company and achieve their goals.
Lutz can help!
Lutz’s Client Accounting Services (CAS) team offers a comprehensive lineup of short-term and long-term accounting, business advisory, and full accounting outsourcing services that are customized and scalable to your needs. Lutz combines the use of cloud technology and our industry expertise to provide the best solution for your company. The industries we serve include:
- Architecture & Engineering
- Law Firms
- Real Estate
With the evolving healthcare industry more physician practices are either aligning with or being acquired by hospital systems. If you practice is considering an agreement as this, contact us for assistance with:
- Strategic Business Planning
- Revenue Management and Analysis
- Cost Synergy Analysis
- Facility and Equipment Efficiency Studies
- Valuation Services
Revenue is the lifeblood to any private practice. Due to the unique nature of the reimbursement cycle in the healthcare industry including coding procedures, billing, following up with denials, and collecting the final payment, you need a team that is experienced in the industry to help guide your practice through the process.
Some of the services we offer are:
- Medicare/Medicaid Appeals
- Payor Contract Audits and Compliance
- Reimbursement Consulting Services
- Coding Analysis
- Contract Review
- Receivables Analysis
- Payor Mix Analysis
The revenue cycle for a medical and dental practice encumbers all aspects of patient service from scheduling to collecting payment for the services provided. If all aspects of the revenue cycle are working correctly, it’s fairly predictable and manageable. However, if there is a problem in any of the cycle steps, significant ripple effects will disrupt other portions of the revenue cycle. Effects may include costing a practice money in terms of either revenue services that will not be collected, revenue for services that are not paid in full, or time and money spent trying to go back and correct the problems that have occurred.
A good practice is constantly analyzing and monitoring their revenue cycle. The Lutz Healthcare Group’s goal is to help medical and dental practice structure, monitor and maintain their revenue cycle so that they never experience disruptions.
Lutz offers the following services geared towards medical / dental practices and their revenue cycle:
- Fee Schedule Analysis
- Revenue Cycle Assessment
- Third-Party Contracting Support
- Strategic Planning
- Staffing Analysis
- Billing Department Design and Analysis
Strategic Growth and Planning
A practice will pass through many phases during its life cycle, and every phase creates a new set of challenges. Lutz helps medical and dental practices formulate a strategic plan, which acts as a road map to use throughout several different phases of a practice’s life-cycle. We have assisted our clients with phases like; sudden growth, provider retirement, new practice partner, transactional mergers/acquisitions and key management changes.
List of services geared towards medical / dental practices growth and planning:
- Strategic Planning Analysis
- Growth and Cost Projections
- Financial Forecasting
- Buy In/Out Structure
- Key Management Integration
MIND WHAT MATTERS
Happiness on the faces of our team and clients will assure us that we are putting energy into what is truly valuable.