Review of Business Operations
GCS performs business operational reviews to evaluate all of the business aspects of medical practices. Specific areas that are evaluated include, but are not limited to, staffing levels and human resources, compensation levels, compliance matters, billing and collection functions, charge capture, follow-up processes, use of management reports, data flow and information technology. Based upon our findings, we provide the subject practice with recommendations designed to improve the performance and profitability of the practice. In addition, we are always willing to assist with the implementation and monitoring of our recommendations.
GCS performs medical practice valuations, which are often used for buy-ins, buy-outs, mergers and acquisitions, as well as for estate tax purposes and divorce proceedings.
Generation or Review of Fee Schedules
GCS develops and/or reviews practice fee schedules and compares the fees charged by a practice to its local market. This assists the management of the practice in analyzing performance indicators, for example, collection percentages, and ensures the practice is maximizing its revenue stream.
Development and Review of Employment and Owners’ (shareholders, partners, etc.) Agreements
GCS assists practices in developing the terms of its Agreements in an effort to ensure the owners and key employees fully understand the implications of the Agreements. In addition, GCS often acts as a facilitator during negotiations of employment agreements and partner/member/shareholder agreements to minimize the likelihood of disputes between the parties during negotiations, which often occur when the negotiating parties hire separate representatives who act as adversaries during negotiations.
Development of Billing, Collection and Internal Control Procedures
GCS assists practices with the development of billing, collection and internal control procedures based upon the characteristics of the subject practice. GCS will also assist management with the implementation of procedures and the subsequent monitoring of adherence to, and the effectiveness of, the procedures.
Establishing Relations and Negotiating With Lenders
GCS assists practices in obtaining financing for various projects and capital needs through its contacts with numerous lenders. In addition, the experience of GCS personnel in this area helps to ensure the practice will receive competitive terms.
Mergers and Acquisitions
GCS assists practices in the area of mergers and acquisitions in a variety of ways, including the identification of candidates for merger/acquisition, the valuation of the subject practices, model development to project post-merger operations, the development of staffing and service offering models, pro forma financial statements and the development of contractual terms. In addition, GCS often acts a facilitator during negotiations to assist both parties in structuring a fair deal that is most likely to lead to long-term success for all parties involved.
Development of Integration Models (IPA’s, Groups, Joint Ventures, etc.)
GCS assists practices with the development of integration models that are designed to accommodate the specific objectives of the subject practices. This includes the development of large single and multi-specialty groups, the formation of Independent Practice Associations, joint ventures with other healthcare partners (i.e, hospitals, etc.), as well as other structures based upon the specific needs of the subject practices.
Consulting Services to Hospitals
GCS provides consulting services to hospitals that include, but are not limited to, the development of expansion programs, evaluation of service offerings, evaluation of contracts, evaluation of billing, collection and charge capture by department, formation of private practices for specific hospital-based services performed by hospital employees, medical practice valuations and strategic planning.