How can Integrity Management Solutions Group help your team?
When should a practice retain a consultant?
Anytime you are making a change to your business practices it can require expert advice in that area. Professionals often make the mistake of thinking a consultant is only necessary if you are making a major change or shift in your business, while consultants can add value just by reviewing and improving your existing operations.
What will a consultant cost?
Fees vary. Some consultants charge based on the project while others are on billable hours. Some jobs may be set up as a bundled package. Most consultants require a retainer and bill travel expenses separately. It is always best to ask the consultant to provide a quote.
Should I sign a letter of intent or a contract?
Yes, because these types of agreements and contracts help protect you as much as the consultant. By clearly outlining the project goals and objectives, requirements for success, costs and timeline for the project as well as any other expectations, you are getting the project on the right track. These agreements help you be more thoughtful about what you want to get out of the project.
What can I expect from a consultant?
You need a person whose behavior is governed by a code of ethics and who is intently interested in helping you achieve your goals. Consultants are experts in their field of interest and know where to find the right answers to help you grow and improve the operations of your practice.
How do I choose a consultant for my business?
Be clear on your goals, needs and time lines. Check references and interview potential consultants. Then ask yourself if they communicate well and if you and your team feel the consultant will be a good match.
What do I need to do to get my staff to embrace changes?
One of the keys to gaining staff acceptance is to include them throughout the entire process, from consultant selection to completion of the project. No one knows more about your practice than you and your staff and by working together as a team with the consultant you will find the best solution together. Consultants specifically tailor their approach to your individual practice, and should never deliver a canned approach. The overall plan will include ways to make sure your staff embraces the changes that are enacted.
How do I get the most out of working with a consultant?
- Select a consultant with the right skill set for your business.
- Learn about the different types of consultants
- Understand when you need to hire a consultant
- Choose a consultant that will meet your style and the culture of your practice.
The successful management of a practice is a complex challenge. It may be increasingly difficult to remain current in all areas of medicine for all patients, it is also difficult to know all aspects of good business management. By hiring a consultant, you get an expert who remains current in his or her field of expertise. Like hiring any team member, engaging a consultant should be a well planned and thoroughly researched process. There are many types of consultants some may have several areas of expertise while others specialize in one area.
The Different Types of Consultants:
Practice Management
Encompasses day to day management of the hospital functions. Areas covered include recruiting, hiring, training and retaining staff, managing work flow, accounts receivable, accounts payable, inventory control, client service, facilities management, as well as financial analysis and budgeting.
Human Resource Management
Includes employment law compliance, recruitment and selection, compensation and benefits, training and education and performance management. Consultants advising clients in human resource management typically have acquired skills and knowledge from training and certification from industry recognized and accredited human resource programs. Consultants stay current in their knowledge of specific areas of human resources through further certification, credentials or continuing education
Speaking and Presenting
Consultants present locally, regionally, nationally and sometimes internationally on management topics.
Marketing and Media
Consultants specialize in public relations and marketing of practices in areas such as image branding, working with media, market research studies, practice advertising and marketing, event planning, client surveys and newsletters, and an overall strategic marketing plan.
Practice Valuations, Brokers, Mergers and Strategic Succession Planning
Consultants in this category include professionals who consult and generally represent clients in valuing and appraising their practices. In addition these consultants assist in the sale process or the merger of two or more practices, and help clients in long range and succession planning.
Accounting and Tax Services
Consultants guide clients from start-up to maturity through all aspects of accounting and tax issues and ensure compliance with the tax code for their area. Services may include financial statement and tax return preparation, tax planning, entity selection, strategic planning, cash flow and budgeting analysis, financing, financial forecasts, and representation before the IRS and other tax authorities.
Financial Planning Services
Consultants advise clients on a comprehensive or project basis regarding cash flow and debt management, asset allocation and investment management, risk assessment and insurance needs, retirement and college funding, charitable funding, charitable giving and estate planning.
Architects
Consultants who specialize in the design and construction of new practices and/or the remodeling and expansion of existing practices.
Industry Consultants
Consultants who are employed by companies that sell products, equipment, pharmaceuticals, and other services available to the medical field.
Legal and Regulatory Compliance
Includes barred and non-barred attorneys who consult or represent clients on various legal issues. These areas include but are not limited to general corporate representation, tax law, professional malpractice defense, mergers, acquisitions, board compliant defense, employment law, associate contract representation, formatting practice entities, regulatory compliance and real estate law.
Content Provided by
Integrity Management Solutions Group
2072 Sprint Blvd Apopka, FL 32703 (407) 694-9032
Sbradford@intmsg.com
