Healthcare Fractional COO Services

As a consulting firm, we often hear the same story. Your small medical practice is trying to grow without seeing results, and you lack the time and resources to find the cause of this stagnation. It might also be that your practice is struggling to get organized to serve your patients and staff better.

When this happens, it can be frustrating. Doctors and other healthcare practitioners spend a lot of time working on their patients and do not have the time to evaluate where their organization can improve. This can include critical functions, such as filing claims or onboarding new patients.

This is where we can help. Good Stewart Consulting offers the best operation management services for small to medium-sized medical practices. From streamlining your organization’s new patient process to ensuring payrolls and claims procedures are set up correctly, our consultants can improve the function of your business. 

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Healthcare Practice Assessment Team

What Is A Fractional COO?

A fractional COO is a Chief Operating Officer (COO) that an organization, such as a healthcare practice, brings on a part-time or as-needed basis. These experts provide guidance, expertise, and executive-level leadership to help the business assess and avoid potential obstacles in its business model and ensure they are on the right track for maximum growth.

Unlike traditional COOs, fractional chief operating officers offer their services at a fraction of the cost. This makes them excellent tools for smaller-to-medium-sized healthcare organizations that are just starting and do not have the budget for a full-time officer.

The Benefits Of A Fractional COO For Your Healthcare Practice

When you hire a fractional chief operating officer, you get the experience and resources of an industry veteran without paying a full-time wage. Most offer their services on retainer from month-to-month for a set fee, which means you can bring them in for a few hours per week or more, depending on your needs. Regardless of your choice, it is still a budget-friendly way to bring expertise.

Bringing in a COO also helps you run your medical practice’s day-to-day operations, giving you time to focus on long-term strategies and visualize the big picture for your healthcare office’s growth. A COO will help support that vision and put it into action. They can wear any number of hats within your organization and execute a variety of roles, depending on your changing needs.

You can also hire for a specific purpose or project, allowing them to bring a skill set you lack to your organization. Many fractional COOs are also “try before you buy” in that you can bring them on and see how well they integrate and mesh with your company before keeping them on for work.

This is only a taste of the range of services a fractional COO can bring to your healthcare organization. They allow you to save on your budget and give you time to focus on the most critical aspects of being a medical practitioner, including managing your patients and ensuring they receive the best care possible.

Practice Analysis

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Healthcare Business Meeting

Our Process

Good Stewart Consulting focuses on applying the best practices to optimize your business and overall performance. All our consultants have years of experience in the healthcare industry with a focus on business and are committed to helping you achieve all your goals for your practice.

Working with our firm brings you all the benefits of being a full-time operations manager. We also provide operational leadership at a fraction of the cost required for a full-time operations manager, so you save on costs. Our services are a partnership optimized to fit your unique business needs. We prefer to remain agile and flexible – while retainers are the norm, we can also be project-based, part-time, or interim. No matter what your organization needs, we can help!

We’ve outlined our usual process below:

Healthcare Practice Assessment

The first step in helping your organization involves assessing your current business and future plans. Specifically, we will identify what areas of focus you need and the frequency. Our consultants understand every medical practice is different, so we take the time to listen to your specific needs and goals to ensure the best outcomes. Once we have outlined what needs to change, we will design a solution tailored specifically to your business. This will serve as a roadmap for our next steps to improve your operations management.

Practice Analysis

In this next step, we will conduct a more detailed analysis of your needs. This involves a detailed discussion with you to gain a clearer understanding of what you envision for your practice’s future. More importantly, it also includes conversations with your leadership team, supervisory staff, and front-line employees. The most successful organizations include everyone on the team in these discussions to ensure everyone’s voice is heard. Other team members can also provide valuable insight into operations where you are not directly involved.

This analysis will give a well-rounded perspective of your organization’s issues and needs. It allows our consultants to create a thorough review of your medical office and the knowledge to adjust or improve on the solutions we have already offered.

Improve And Grow Your Medical Practice

After all this, we will discuss where you want to prioritize efforts and resources. While trying and fixing everything might be tempting, this is not always the most practical approach. Your budget, time, and resources largely dictate what you can focus on. This makes it important to prioritize a select few solutions at a time.

Our experts will then work with the appropriate members of your team to develop any necessary processes, solutions and action plans. You can focus on your patients while we handle the day-to-day actions that make your practice run as smoothly as possible. We will also decide on the appropriate key performance indicators, or KPIs, so that we can measure our progress objectively on an ongoing basis. This allows us to adjust our strategies as we work together to take your healthcare organization to the next level!

Hire A Fractional COO For Your Healthcare Practice Today

Hiring a business consultant with years of experience in the healthcare field can only help your medical practice reach new heights. With the right expertise, you would be surprised how quickly your organization grows and improves as we implement practical solutions for all your management problems.

The team at Good Stewart Consulting has extensive expertise in a wide range of administrative operations, from strategic planning to process management and recruitment. We also help with patient relationship management and retention, recruitment, and mergers. Our consultants can help you no matter the market, whether it is academic health systems or private outpatient practices.

Contact us today to learn how we can help your healthcare organization blossom into what you’ve always wanted it to be!

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