CHALLENGE
This medical group, which was part of a larger health system, had over 50 providers geographically distributed across 8 locations and 18 specialties over the span of approximately 10 years. This group was looking for opportunities to reduce their annual operating deficit that has been funded by the larger health system to support long-term sustainable growth.
PROCESS
Stroudwater performed a deep analytical dive into the market opportunities across the group’s specialties, examining areas where increased patient access would increase market share and geographic areas where focused efforts would improve market share. Further, we did a detailed work-flow analysis to identify areas of operational improvement given a very thin management bench spread across a large geography. Most importantly, Stroudwater engaged with physician leadership to enable them to take ownership of the process knowing that the key to change would be physician leadership. We identified bright spots amongst the physician leadership of practices that should be replicated across other locations and specialties to improve.
RESULTS
Stroudwater identified over $1 million in annual revenue opportunities through improved patient access strategies. These strategies also included operational initiatives to reduce turnover costs and investments in staffing to implement strategies.