In January 1997, PPI was referred to physicians at Southwest Orthopedic Institute (SOI). SOI, a twenty-four physician orthopedic group, had been affiliated with a multispecialty physician practice management company, Allied Physicians of DFW, P.A. that by January of 1997 was on the brink of bankruptcy. SOI retained PPI to provide guidance with regard to strategic alternatives. However, within one week, Allied filed for bankruptcy taking all of SOI’s accounts receivable and terminating all billing functions, accounting, payroll, benefits and all other business processes. Immediately, PPI arranged for a $1 million line of credit with a local bank so that SOI could meet payroll and other expenses. PPI immediately established new payroll and accounting functions, established employee benefits, hired and re-established billing and collection functions, and implemented all new practice management systems. From a strategic perspective, PPI ultimately repositioned the physicians into a new group practice and renamed the group Orthopedic Specialists and reformulated the group’s governance and compensation structure. The results of PPI’s efforts yielded an economically improved group including a 20% reduction in the group overhead ratio and a collection rate far in excess of historical averages.
“We retained Practice Performance when our practice was involved with the failure of a large multispecialty group. During that period, PPI identified our problems, proposed solutions, and moved ahead to solve all of our problems and improve our group practice. Their knowledge on the business aspects of medicine is superb. Since we began working with PPI, our profitability has increased by at least 20 to 30%.
In my opinion, the best decision I have made in 15 years of practice is to hire Practice Performance.” Jim Montgomery, M.D., Orthopedic Specialist, PLLC.
“We needed a turnaround agent and Practice Performance was terrific. They stepped in immediately and helped us address our problems and re-established all of our managed care business. As advisors, they have provided us with exceptional strategic vision that has improved our market position.”
Kevin Gill, M.D., Orthopedic Specialists, PLLC.