By integrating practice 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, managed care contracting, hospital negotiations, 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. We pledge to work closely and cohesively with the physician leaders, the practice administrator and the other practice advisors in achieving this goal.  With Medac, you have a partner in the business of anesthesia.

PRACTICE MANAGEMENT SERVICES INCLUDED IN BILLING FEE

• Managed Care Contracting – Review all managed care contracts and make recommendations regarding rates and contract language. On an on-going basis, Medac aggressively negotiates with the insurance carriers for a preferred payment rate.

• Hospital Contract Negotiations – Work with designated physicians and the Group’s attorney to provide support to secure an appropriate contract, which could include financial support from the hospital.

• Practice Manager – Meet regularly with the group’s Board of Directors, Executive Committee or the designated physicians responsible for practice oversight.  The manager will review all billing reports and financial statements and offer insights and advice regarding the practice.  This is also an ideal forum to discuss potential business opportunities and to develop strategic plans for the practice.  The Practice Manager also:

• Coordinates with the billing managers and other members of the Medac support team to maximize collections and to exceed the industry standards for billing and accounts receivable management;

• Interfaces with the other practice advisors to provide seamless management which brings value to the practice;

• Reviews fee schedules and third party reimbursements; and

• Conducts feasibility studies and assists with strategic planning.

PRACTICE MANAGEMENT SERVICES AVAILABLE FOR AN ADDITIONAL FEE

• Financial Management

• Coordination of Federal and State Income Tax Returns;

• W-2 and Form 1099 preparation;

• Accounts payable - processing of invoices with checks signed only by authorized physicians;
• Payroll and complete tax filing services with direct deposit;
• Bank reconciliations;

• Financial Review and Analysis of Financial Statements - Each month our practice management group will provide a corporate financial report that includes a summary of the group’s income and expenses by cost center;

• Budgeting and Cash Flow - Our practice management group will develop an annual budget for the group based on projected income and historical expenses.  Each quarter, the group will receive a comparison of the group’s actual financial activity to the group’s budget;