Comprehensive Business Solutions for Optometry Practices
Optometry practices today face a myriad of business challenges that extend far beyond patient care. At Sullivan Management & Consulting Group (SMCG), we specialize in navigating these complexities to drive practice success and profitability.
Our team of experts delves deep into the operational core of your practice – examining revenue cycles, analyzing workflow efficiencies, and evaluating growth strategies. We apply rigorous analytical methods to uncover opportunities and address challenges that impact your bottom line.
While you concentrate on delivering top-tier eye care, SMCG focuses on optimizing your business model. We tackle inefficiencies, streamline administrative processes, and implement data-driven strategies to improve financial performance.
Recognizing that each optometry practice operates in its unique market context, we eschew generic solutions. Instead, our approach is meticulously tailored to your specific circumstances. Whether you’re an independent optometrist aiming to maximize practice value, a growing clinic looking to expand services, or a multi-location group working to standardize operations, we provide targeted solutions to meet your goals.
Optometry Practice Management & Consulting
SMCG equips you with the tools and insights needed to transform your practice’s financial and operational performance. We offer a comprehensive view of your business landscape, enabling you to make informed decisions that drive sustainable growth and long-term success.
Partner with SMCG to align your practice’s business performance with the high standards you set for patient care. Together, we’ll develop strategies that allow you to navigate the business side of optometry with confidence and achieve your practice’s full potential.
Finance & Accounting Services
SMCG’s finance and accounting services are tailored to the unique needs of optometry practices, providing you with the financial clarity and strategic insights needed to drive business growth and profitability.
Pro Forma Financials and Business Planning
We develop detailed pro forma financial statements and comprehensive business plans to support your practice’s strategic decision-making. These tools are essential for evaluating potential investments in new equipment, practice expansions, or the addition of specialized services. Our analysis considers optometry-specific market trends, local competition, and reimbursement patterns to provide realistic forecasts and strategic growth plans.
P & L Management and Performance Benchmarking
Our experts manage your profit and loss statements, offering regular analysis and actionable strategies to improve your bottom line. We track key performance indicators specific to optometry practices, such as revenue per exam, optical capture rate, and contact lens sales per patient. By benchmarking your performance against industry standards, we identify areas for improvement and implement targeted interventions to enhance profitability.
Practice Valuation and Succession Planning
SMCG offers comprehensive optometry practice valuation services, crucial for succession planning, partnership transitions, or potential mergers. Our valuation methodology considers both tangible assets like equipment and inventory, and intangible assets such as patient base and community goodwill, providing an accurate assessment of your practice’s worth in the current optometry market.
Optometry-Specific Accounting Services
From daily bookkeeping to complex financial reporting, our accounting services are tailored to the unique needs of optometry practices. We manage frame and lens inventory tracking, reconcile insurance payments, and ensure accurate reporting of vision plans versus medical eye care services. Our team implements robust internal controls and leverages industry-leading accounting software to maintain the integrity of your financial data.
Revenue Stream Diversification
We identify and help implement new revenue streams that complement your existing optometry services. This might include adding specialty contact lens fittings, expanding into pediatric vision care, or introducing optical coherence tomography (OCT) services. We analyze market demands, assess implementation costs, and project potential returns to help you diversify your income sources and boost overall profitability.
Cash Flow Management
We implement strategies to optimize your cash flow, including efficient accounts receivable management for vision plans and medical insurances, optical inventory control, and expense optimization. Our approach ensures your practice maintains a healthy financial position, even with the complexities of vision plan reimbursements and frame consignment arrangements.
Tax Planning and Compliance
Our tax experts stay abreast of the latest tax laws affecting optometry practices. We provide year-round tax planning advice, addressing optometry-specific issues such as equipment depreciation, frame inventory valuation, and tax implications of different practice ownership structures. Our goal is to minimize your tax liability while ensuring full compliance with all regulations.
Financial Technology Integration
We assist in selecting and implementing financial technology solutions that integrate seamlessly with your practice management software. This includes point-of-sale systems for your optical dispensary, inventory management tools, and financial dashboards that provide real-time insights into your practice’s performance. These technologies streamline your accounting processes, improve reporting capabilities, and enhance overall financial management efficiency in your optometry practice.
Provider Credentialing
SMCG understands the critical role of credentialing in maintaining a thriving optometry practice. Our streamlined and unique credentialing system is built on the latest technology and industry standards, allowing you to focus on patient care while we ensure your credentials are always in perfect order.
Initial Credentialing and Recredentialing
We manage the entire credentialing lifecycle for your providers, from initial applications to periodic re-credentialing. Our team navigates the complex requirements of various payers and regulatory bodies, ensuring your credentials are always current and compliant.
Provider Enrollment
SMCG facilitates smooth enrollment with Medicare, Medicaid, and private insurers. We handle all paperwork, follow up on applications, and resolve any issues that arise during the enrollment process.
Hospital and ASC Appointment and Reappointment
For optometrists requiring hospital or Ambulatory Surgery Center privileges, we manage the appointment and reappointment processes, ensuring all necessary documentation is submitted accurately and on time.
Payor Contract Negotiations
Our team leverages industry benchmarks and practice-specific data to negotiate favorable terms with insurance companies. We aim to secure optimal reimbursement rates and contract conditions that benefit your optometry practice.
NPI and CAQH Management
We handle the obtainment and management of National Provider Identifier numbers and maintain your Council for Affordable Quality Healthcare (CAQH) ProView profiles, ensuring your professional information is always up-to-date and accurate.
Demographic and Certification Tracking
SMCG monitors and manages changes in practice demographics, tax identification information, and tracks expiration dates for certifications, licenses, and insurance policies. This proactive approach prevents lapses that could impact your ability to practice or receive reimbursement.
Online Account Portal
We provide access to a secure, user-friendly online portal where you can track credentialing applications, view updates, and access stored credentials. This transparency allows you to stay informed about your credentialing status at all times.
Revenue Cycle Management (RCM)
As an optometrist, you know the importance of clear vision. At SMCG, we apply that same clarity to your practice’s financial health through our specialized Revenue Cycle Management services.
Optometry-Specific Billing and Coding
Our team understands the nuances of optometry billing, from routine vision exams to medical eye care services. We ensure accurate coding for procedures like fundus photography, OCT scans, and specialty contact lens fittings, maximizing your reimbursements.
Vision Plan and Insurance Management
We navigate the complexities of vision plans and medical insurance, optimizing your claims submission process for both. Our experts handle the intricacies of coordination of benefits, ensuring you capture all available revenue.
Denial Management and Appeals
We analyze claim denials specific to optometry practices, such as medical necessity for certain tests or frequency limitations on services. Our team crafts compelling appeals, significantly improving your successful claim rate.
Performance Analytics
We provide clear, actionable insights into your practice’s financial performance. Our reports highlight key metrics like revenue per exam, optical capture rate, and contact lens sales, helping you make informed decisions to grow your practice.
By partnering with SMCG for your RCM needs, you can focus on what you do best – providing top-notch eye care – while we ensure your practice’s financial vision is equally sharp.
