You face many challenges in running a practice. Patient satisfaction. Constantly changing regulations. Burnout. Dealing with payers. Employee turnover. How you manage them dramatically impacts your practice’s growth and success.
For starters, you need a business plan that anticipates opportunities for growth. You also need a sound financial strategy that supports the business plan.
Our Medical Practice Solutions team understands the sweeping changes disrupting healthcare, and the impacts on your practice. And we offer proactive guidance and financial strategies to enhance efficiency, improve patient experience and grow the practice.
Practice Management Consulting
Are you able to anticipate problems in your practice before they occur, and turn them into opportunities and competitive advantage? We can help – by using the power of predictable Hard Trends to identify what will happen, and guide you to shape your future rather than have it shaped for you.
We offer strategic guidance on a wide range of topics, including financial and healthcare industry regulations, overhead management, mergers and acquisitions, capital purchases, bank negotiations, staffing, compensation and bonus planning.
Managed Accounting Services
Balancing patient care, business strategy and financial management is a constant challenge. Day-to-day financial tasks are time consuming, and take in-house resources often better used in other areas.
HORNE offers scalable, managed accounting services that can be tailored to your needs. And with real-time visibility to on-demand reporting dashboards, you can keep an eye on important financial metrics while focusing on other areas to help the practice grow.
Our Managed Accounting Services include:
- Financial Statement Preparation
- Accounts Payable & Payroll Management
- Proactive Financial Planning
- Integration Strategies
- Fair & Equitable Compensation Formulas
- Financial Modeling and Cash Flow Analysis
- Compliance and Risk Management
Outsourced CFO & Controller Services
Most medical practices don’t require a full-time CFO or Controller. But there are situations where you need access to CFO-level skills on an interim basis – such as rapid growth, an acquisition or sale, key personnel turnover or a new financial system implementation.
Our Outsourced CFO & Controller staff consists of executive-quality talent with deep experience in the healthcare industry. Direct collaboration with your team allows us to quickly work together on financial concerns, advise your staff and guide you through critical decisions.
Revenue Cycle Management
Successful practices recognize financial success is a result of managing the most important aspects of their business. Revenue cycle management is the lifeblood of any practice, but most traditional patient billing solutions negatively impact profit margins.
As technology improves revenue cycle management, practices are choosing to outsource due to financial, staffing or technology constraints. We offer customized revenue cycle management options designed to improve your financial performance, and allow you to focus on patient care and experience.
Tax Compliance and Consulting
Tax strategy impacts your practice and personal wealth. Our tax planning, preparation and filing, consulting and compliance services – all grounded in a deep understanding of healthcare - provide tax advice designed to comply with law and minimize your obligations. And we proactively plan and communicate throughout the year, so you understand your tax obligations.
Physicians are highly compensated individuals. Yet they begin their careers later in life, and face years of repaying the investment in their education. Add to that funding the needs of a family, and we often see them delay or neglect building a solid financial future.
We guide physicians through all kinds of life decisions – from putting children through college, to practice start up or exit, retirement needs and estate planning. And we work with you to ensure your earnings are optimized, preserved and distributed according to your wishes.
*Wealth and investment advisory services, insurance and retirement plans are separately provided through HORNE Wealth Advisors, LLC, an SEC-registered investment advisor. HORNE Wealth Advisors is a wholly owned subsidiary of HORNE LLP, a CPA and advisory firm. Accounting, tax and related solutions are provided by HORNE Wealth Strategies, a tax practice group of HORNE LLP.