J.P. Thompson & Associates, Manasquan, NJ
Phone: 732-528-7645 / 732-278-9474 / jpt@jpthompson.com

New Initiatives

New Initiatives

Ongoing Services – Anesthesiology and New Initiatives

 
Business Retreat workshops
Do we merge our practice with another practice? What about Group Practice Without Walls? Or perhaps I should just sell the practice to a hospital or private company and become their employee? Not really certain what to do? Well you’re not alone as many of your colleagues struggle with the very same issues. Regardless of what you direction you choose, you can be certain that you’ll need to present yourself, your colleagues and staff as a well running business.
 
In many cases that’s just not so. It’s also the very reason we’ve developed a proven format for critically assessing your “business” and developing strategies to position the practice for any number of opportunities. We call it a BUSINESS RETREAT. The last one we facilitated was a tailored 2 1/2 day weekend program in Atlantic City with 4 different sessions (approximately 10 hours of concentrated and focused sessions); each dealing with specific practice issues that required open and sincere critical evaluation. The result – the issues were discussed – no interruptions and specific plans for improvement in Key Result Areas. Our role was keeping the discussion on point, recording the ACTION steps and adding our 35 years of experience and expertise in helping to consider all alternatives.
 
This is an awesome service and one that can help you and your colleagues get on a fast track to effective and efficient management with solid plans for your futures eliminating many of the control, identity and uncertainty questions that you have today.
Call for more details of how one of these sessions might help you.
Ongoing Services – Anesthesiology
During the last six years we’ve become increasingly involved with anesthesia practices. Key among these services has been executive management, analysis of financial drivers, successful negotiation of managed care contracts and exclusive hospital service contracts. Confidentiality of terms and conditions related to these contracts is of utmost importance and specifics of every client are carefully guarded and protected from disclosure to others.
 
With managed care contracts, each practice is analysed on a case by case basis, trending production, payor mix, units and OB activity over three year periods. The data is then organized and used during the negotiation process to validate income required to retain and attract qualified healthcare professionals. Operating expenses are trended against industry recognized data sources. We work collaboratively with practice principles involving them in every step of the process and as as the final decision makers.
 
With hospital contracts, we carefully evaluate OR capacity and utilization trends, quality indicators and deliverables to compile a meaningful analysis of performance against expectations – again involving practice principles in each step of the process and as the final decision makers.
New Initiatives
EMR selection, purchase and implementation
 
EMR is most likely in your future. As they say, “the future is now”. We understand that you may have a strong grasp on this intricate and daunting process; you merely may need some oversight management or simply some guidance. Or you may be like some of your colleagues that do not know where to begin or how to successfully manoeuvre through this process culminating in a well matched certified and qualified EMR system. Maybe you are somewhere in between. Doesn’t matter. We have done our due diligence, we understand the players, the process, the contracts, pricing, other alternatives and can assist you and or your implementation team to the extent needed. Really, a tailored plan to suit YOUR needs – sound unusual – well it is and that is one important difference when you choose Thompson.
Call in confidence for more details – 732-528-7645
NEW SERVICE – forensic auditing/cost accounting
Using RBRVS (resource based relative value system) to maximize profit for services performed.
 
So, do you really want to know how much profit you earn (or loss that you incur) for the work you do?
 
That knowledge may raise your blood pressure, especially if you’re involved with multiple managed care contracts.
 
If you’re brave, read on…
 
Cost accounting – sounds ominous, however, as you’ll discover, this methodology is very straight forward. Further, with some basic financial information combined with data from your management software system, we can illustrate rather quickly what procedures actually cost you to perform and how much profit you earn!
 
We can do this globally and for specific payors.
 
What you learn will help you to:
 
1. Determine whether or not you should be participating in certain or any managed care plans
 
2. Determine a strategy for negotiating with managed care companies to improve remuneration
 
3. Assist you in developing meaningful compensation plans
 
In any event, the knowledge you gain from this simple process will provide important data to assist you and your colleagues in operating a more efficient and profitable business. Yes, you’re correct – more GREEN!
If you’re interested in more GREEN, call and we can discuss the process.
Summary:
 
In the current environment, it is more critical than ever to understand where your resources are being allocated and if they are producing a reasonable profit. Make this process work for you – you’ll be glad you did!
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NEW SERVICE – physician compensation alternatives
A logical approach to new physician compensation
 
You’re hiring a new physician and wondering….
 
· How much should I be paying this person?
 
· How can I afford to pay them as much as they are expecting?
 
· How can I keep this great prospect from going to another practice that is offering more money?
 
If you are asking yourself these and other questions about new physician compensation, you’re not alone. Practices throughout the country are struggling with the same issues. It’s more of a struggle today and that’s because the dynamics of managed care have so dramatically impacted on practice profits and the manner in which a physician operates their “business”. My experience is that those physicians using a specific methodology or “system” will do significantly better in hiring and retaining quality physicians and compensation becomes a non-issue. They establish the right base and Thompson can help you with this important process.
NEW SERVICE – formal mediation services
There are countless times that people experience difficulty in resolving serious individual concerns within a business. This occurs for many reasons. Yet, too often these disagreements lead to serious, time consuming and expensive battles that can lead their way even into the court system.
 
These frustrations can be handled in an objective, simpler, less time consuming effective way – FORMAL MEDIATION
 
For years, Thompson has worked closely with physicians and on behalf of physicians and physician organizations in various types of negotiations. Some different kinds of negotiations have included:
 
  • Negotiating ED remunerations with hospitals on behalf of physician organizations, physician practices and individual physicians;
  • Negotiating hospital/physician service contracts;
  • Negotiating shareholder and stock redemption agreements;
  • Negotiating associate physician employment agreements for individual physicians and on behalf of medical practices;
  • Negotiating compensation arrangements for physicians and staff;
  • Managed care contract negotiations;
  • Negotiating buy-sell agreements; and,
  • Negotiating buy-in and buyout arrangements.
Additionally Thompson has:
 
  • Facilitated individual physician issues within a medical practice among physician owners and/or associate physicians;
  • Facilitated strategic planning sessions and retreats for business owners;
  • Facilitated development and implementation of business plans
NowMEDIATION SERVICES
 
Some years ago I was honored by being selected as a New Jersey Municipal Court Mediator for the Monmouth County, NJ Vicinage. I’ve attended and completed a formal training programs in understanding the dynamics of mediation and skills required to be an effective mediator. These very intense and focused training sessions added valuable professional mediation skills to the MENU of SERVICES that THOMPSON makes available to clients.
 
Call for details on how this new service can help you or someone you know deal effectively with a difficult issue.
COMPLIANCE PROGRAMS INCLUDING COMPLIANCE
Hands on interactive workshop Implementation Programs. Interpreting and implementing annual OIG Work Plans
 
WHAT’S DIFFERENT ABOUT THIS NEW SERVICE?
J.P. Thompson & Associates has formed working relationships with select industry experts to bring a NEW level of compliance support to physician practices. These associations have resulted in professional alliances dedicated to providing meaningful business experience to YOU, the client. This EXCITING initiative combines base line assessments of the critical components of a Corporate Compliance Program with tailored compliance and employee policy manuals as well as implementation systems. The result – significantly improved practice efficiency and effectiveness – Experience the Difference!
 
WHAT’S IN THIS PROGRAM THAT WILL HELP ME DEAL WITH COMPLIANCE ISSUES?
 
Independent base line audit of medical charts and documentation for each physician in the practice. You will know exactly where the exposures to assets occur! 
Independent base line audit of key financial and operational drivers of the practice. You will know exactly where your practice management and financial strengths and limitations are and will receive recommendations and even implementation support if required.
 
Developing your “TAILORED COMPLIANCE PROGRAM” 
 
Attend a Thompson innovative workshop and we will walk you through the development of your own compliance and employee policy manuals and Implementation System. 
Other NEW Programs offered by Thompson
 
Practice Risk Management Program for Medical Practices
 
During the past several months, we have been working on some new products and revision of current products that are designed to impact immediately on the profitability of a practice’s bottom line. The result? The THOMPSON “Comprehensive Risk Management Program for Medical Practices”. It’s information that you might find important to you personally, or, to your practice. We also updated the information in the Thompson Compliance Manual, our exclusive Compliance Implementation Guide and the Employee Policy Manual in an effort to keep those manuals current, as they are critical elements in the Risk Management Program. We are convinced more than ever, that our SYSTEM is the most effective way that a practice can guarantee its future.
New and updated Manuals
 
Physicians Policy Manual– provides meaningful, consistent direction for physicians as partners, associates or employees. Primary benefits – reduces internal disagreements, promotes consistent, positive physician behavior towards staff, colleagues and other healthcare professionals. Some of the issues that this manual addresses are: scheduling, time off, submitting reports, timeliness, meetings, adherence to Compliance Manual and other issues that impact directly on exposure to assets. This is critical in any multi-physician practice and truly impacts on the bottom line!
 
Professional Liability Risk Management Manual 
 
The insurance business is historically cyclical and it’s likely at some point insurance premiums will increase. The question is, “What can the practice do proactively to reduce the potential for claims?” This manual addresses specific actions that physicians can take right now. It covers such critical areas as poor or ineffective communication; inconsistent, late or non-existent follow up with patients regarding medical reports, tests etc.; physicians becoming uninvolved and delegating communication responsibility to others in the practice; poor treatment of patients by staff (including non-medical staff – front desk, billing and collection staff etc.) and; physician treatment of patient (uncaring, abrupt, use of medical terms not understood by patients, contradiction etc).
 
Catastrophe Planning Guide 
 
If you don’t have a disaster plan right now – you are exposing the assets of your practice! It’s not hard – just another “system”. Thompson has created an easy to use guide that will help you in categorizing, in a systematic way, the key components of your practice that will be important if a catastrophe of any kind should occur.
 
Call for more details on any of these products or other products and services that are available. Call (732-528-7645) or e-mail me (jpt@jpthompson.com) if you want any more information on these or other issues!
 
Customized training programs – which of these tailored programs would help your practice?
  • Learn how to pick the 8 correct software reports that will, help you understand and manage the financial health of your practice. 
  • 8 Criteria guaranteed to improve the quality of your new hires – reduce costs of turnover – Develop an exciting supercharged Team environment! 
  • Learn to maximize your profit using Resource Based Relative Value Units ion conjunction with your Profit and Loss Statement.
  • Learn about the latest techniques for effective delegation, time management, team building, communication and other critical business skills! 
  • Conduct a retreat with tailored and proven interactive workshops and training sessions designed for an immediate Return On Investment! 
  • Experience a customized and “tailored” approach to obtaining the skills required in your practice or organization.
 
See the seminar section of this web site for more ideas on our customized training programs
 
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Jeffrey P. Thompson, principal JP Thompson & Associates is a nationally recognized physician consultant and speaker and writer. For more information on your specific compensation issues or other practice concerns….
 
Contact Information
 
Jeffrey P. Thompson
 
1541 Logan Drive Manasquan, NJ 08736
 
Phone – 732-528-7645 E-mail – jpt@jpthompson.com