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Financial Management

Financial management is key to making better business decisions.

We understand that managing the financial aspects for dermatology, ophthalmology, plastic surgery, and aesthetic medicine practices and ambulatory surgery centers (ASCs) is a critical, yet daunting, task. When you engage with BSM Consulting, you are partnering with a thoughtful, seasoned consulting team that is well-versed in all areas of practice financial management.

Our goal is to help clients determine tangible solutions to grow top-line revenue, improve operating efficiency, maximize value, and increase profitability. From analyzing your numbers and understanding your historical results to making recommendations to enhance operating results, we have the vast experience required to help you manage your finances. We understand that every practice is unique and complex, but our customized approach means we can tailor solutions and an action plan to meet the specific needs of your business.

Andrew Maller explains the benefits of Financial Management

Increase profitability and efficiency in your business.

Whether you are a business owner looking to design a succession plan or are considering how to differentiate your business in a competitive marketplace, we can help you. Specifically, our team of experts can: 

  • Compare your financial performance to industry benchmarks and standards
  • Leverage customized tools to analyze the feasibility of new business opportunities
  • Identify new strategic opportunities based on financial impact
  • Create customized dashboard reports and practice scorecards to analyze key performance indicators that signal improvement
  • Build useful and functional practice budgets
  • Align financial goals to the overall strategic plan

Benchmarking

A dedicated BSM consultant will work with you from project inception to scope your needs and find the right deliverable for your business. We start by running a comprehensive financial analysis to evaluate overall competitiveness, efficiency, and productivity — then compare your business operations and performance standards to that of others in the same industry. From there, we can:

  • Focus on key operating metrics that impact overall efficiency and profitability
  • Assess current performance by comparing it to historical results and industry standards
  • Identify trends and changes
  • Uncover opportunities to maximize provider productivity
  • Evaluate staffing levels by department
  • Assess the performance of billing functions and overall revenue cycle management health
  • Use relevant data to evaluate business planning options and make better decisions

Feasibility Analysis Tools

Assessing the feasibility of new business opportunities is a complex process due to the myriad strategic, operational, and financial considerations that must be considered. When it comes to your financial investment, we’ll guide you through the process using a proven set of feasibility analysis tools designed specifically to help make complex decision-making easier. Common new business opportunities include:

  • Purchasing new equipment
  • Adding a new subspecialty
  • Hiring mid-level providers
  • Opening a new location
  • Adding an ancillary service line
  • Acquiring or merging with another practice
  • Developing an ASC
  • Adding partners to an ASC

Let’s set up an initial complimentary consultation.

Sometimes it’s helpful to talk things through. A complimentary consultation with a member of our financial management team provides an opportunity to discuss your specific needs and mutually identify the level of support you need. Since every engagement is unique, an initial consultation can help build a scope of work tailored for your needs.