Financial Management Services

By integrating financial management with advanced technology and superior anesthesia billing experience, Medac offers the best solution for anesthesia practices to minimize issues and to maximize reimbursement so they can thrive in this challenging healthcare environment. Medac's practice managers have demonstrable expertise in accounting, finance, governance, compensation formulas and group practice management. It is Medac's goal to optimize financial performance for our clients and help them succeed in the business of healthcare.

FINANCIAL MANAGEMENT

• Coordination of federal and state income tax returns

• W-2 and form 1099 preparation

• Accounts payable, processing of invoices, and check printing

• Payroll and complete tax filing services with direct deposit

• Bank reconciliations

• Fringe benefit design & management

• Pension and retirement administration

• Insurance and risk analysis for appropriate placement of malpractice coverage

• Financial Reports (review and analysis of financial statements)

• Budgeting and Cash Flow Management

GOVERNANCE ACTIVITIES

• Development of optimum Board and committee governance structure

• Work with group President to develop monthly Board agenda

• Coordinate distribution of monthly Board packets

• Review and edit Board meeting minutes

• Assist in coordinating committee work and meet with finance and contracting committees as needed

EVALUATE VENDOR RELATIONSHIPS
If it is determined that a more optimal combination of service quality and pricing can be attained, conduct all aspects of a Request for Proposal process (including the drafting of the RFP, evaluation of all proposals and coordination of presentations to the Board and vendor selection process).  Vendor relationships to be evaluated include but are not limited to:

• Collection agencies

• 401(k) trustee and administrative services

• Employee benefits broker

• Independent auditors/tax preparation

• Commercial banking

• Investment advisory services

• Develop strategies to achieve optimum terms based on market conditions and any unique aspects of services

• Work with legal counsel in drafting all agreements

Special projects in these areas would also include assistance with contract negotiations, including setting of specific performance standards, as well as assistance with all aspects of transition to new vendor, as applicable.

ASSISTANCE DEVELOPING OPTIMUM GROUP BENEFIT PLANS

• Health

• Dental

• 401(k)

• Negotiating agreements with carriers

ANNUAL BUDGETING EFFORTS

• Develop revenue, case volume and payer mix assumptions based on facility data

• Conduct a comprehensive review and assessment of all administrative expenses

• Compute overhead and reserve requirements

• Develop appropriate format for all reports and analysis related to budget

• Prepare a final budget package for Board approval

STRATEGIC PLANNING
Conduct group discussions of vision, objectives, goals and other key practice development issues.  Develop a comprehensive plan addressing:

• Vision, objectives, short-term and long-term goals

• Analysis of current situation; strengths, vulnerabilities, opportunities

• Market and competition assessment

• Assessment of all internal and external environmental factors

• Business development plan, as applicable

• Contracting strategies, as applicable

• Historical financial and production trends

• Financial projections assuming achievement of stated goals

• Assessment of all risk factors that could have an impact on achievement of stated goals

• Action plan with time frames and a progress monitoring system

OTHER SERVICES AVAILABLE

• Recruiting Assistance and Orientation of New Group Members

• Assistance with developing or revising policies management policies and procedures

• Assessment of practice expansion opportunities involving other medical groups or new practice locations development of strategies as necessary

• Operating room efficiency studies

• Merger/Acquisition assistance