The Consultant Advantage

Are you working with a consultant? Maybe you should be. Consultants are a wealth of information and can help you navigate issues that may arise in your practice.

Most consultants come from business backgrounds, either from running their own business, or from corporate America. In either case, they have the business knowledge and experience, most physician do not have. I've met some really sharp physicians who happen to be really good business people, but sadly, most of their learning comes from the school of hard knocks.

Business consultants have resources that most physician owners would love to tap in to. For example, consultants have access to financial benchmark data that can be so important to doctors. Yes, physicians can, and should, conduct their own benchmarking, comparing financial data from quarter to quarter, year to year. But how many physicians have access to broad range benchmark data to measure themselves compared to other like practices?

Consultants can also serve as your contract employee should you have the need to implement a new initiative or conduct a special project. Projects such as practice performance surveys, staff surveys, annual review processes are good examples. Your staff may simply not have the time to conduct these projects, or may not know just how to get started. Consultants can help you in these environments.

Fee structures for consultants vary, but generally fall into one, or a combination, of these structures:

• Hourly rate
• Project rate
• Retainer

Hourly rates are good if you need is simple and need only a few hours time. Project rates work well if you a sure of a specific project you want to conduct, e.g., practice performance survey. Lastly, the retainer affords you the best option. With a retainer, you can use the consultant as much or as little without the worry or inconvenience of frequent billings. Retainers can also be budgeted much more easily. And I would suggest you discuss any fee questions with your consultant prior to any commitments. As a final note regarding fees, there are a lot of consultants who will talk with you about your issue at no charge. Take advantage of that.

At Primoro, Inc. our philosophy is "thought medical practice consulting." We are here to assist you where we can and to offer solutions or other resources where needed. Be assured that at your consultation, Primoro, Inc. will have your best interest at heart.