Highly successful and profitable practice suffered substantial losses after over expansion, bad business decisions, and outside changing economic factors. The board engaged a CRL team as interim COO and CFO to lead the medical practice back to prominence.

Process

• Bring about stability and direction
• Empower staff to take corrective action
• Analyze technology / MIS
• Analyze medical procedures
• Analyze billing processes
• Create interactive planning model to provide a financial road map for the turnaround

Execution

• Revamped billing procedure / pricing
• Accelerated collections of accounts receivable
• Provided on time financial information
• Provided stability and direction
• Identified critical processes to be revamped
• Identified capacity issues
• Empowered management

Results

• Returned the practice to profitability
• Increased average revenue per procedure
• Reduced cost and streamlined management
• Increased cash flow and working capital
• Stabilized banking relationship