Medical Specialties

Consulting Services Provided:

• Served as a start up advisory role for nine physician cardiology practice

  • Organizational Structure

  • Leadership

  • Billing/Coding/Revenue Cycle

  • Staffing/roles

A physician leader in a Midwest-based nine physician cardiology group reached out to InnoMed to serve in an advisory role after breaking away from a system. InnoMed served on an as needed basis after the opening of the practice, advising in a variety of aspects of a physician led organization.

Private Dermatology Practice

Consulting Services Provided: 

• Negotiate with hospital on behalf of client

• Close practice--hospital transition

• Transition to hospital employment

• Analyze/research fair market value for equipment and negotiate sale to hospital

• Staffing negotiations with hospital on behalf of client 

• Physician compensation and salary structure negotiations with hospital

A physician-owned cosmetic dermatology and laser center located in the Midwest approached InnoMed after signing with a hospital system to become its medical director at their wellness center. The physician was looking to slow down and close the private practice but had no representation on her behalf to negotiate with the hospital. With InnoMed assistance the physician successfully re-negotiated the agreement to include employee transition agreements (the staff became employees of the hospital), the sale of the equipment from her practice, and her salary structure. InnoMed also provided analysis and research for the fair market value for high value equipment, resulting in the physician receiving list prices for her equipment including her cosmetic lasers.

Private General Surgery Practice

Consulting Services Provided: 

• Benchmark Analysis

• Billing and Coding Analysis

• Revenue Cycle Analysis

• Mystery Patient Visit

• Creation of Policies/Procedures (Revenue Cycle, Front Desk Analysis)

• Brand and Logo Package Update

A four-,physician general surgery practice based in North Carolina was struggling to recruit new physicians and manage collections, billing, and coding. There simply was not enough money to recruit new providers. InnoMed provided a revenue cycle analysis which included a billing and coding analysis. The results of the analysis provided the group with recommendations for changes that would allow them to recruit providers. InnoMed was also responsible for updating policies and procedures, making staff recommendations, and partnering with a creative firm to update their branding, including logo and collaterals.

Private Hospitalist Practice

Consulting Services Provided:

• Organizational and Leadership Analysis

• Leadership Succession Plan

• Organizational Restructure 

• Interim Contract Management

The founder of one of the largest private hospitalist practices in the country decided it was time to step away from his leadership responsibilities to pursue other interests. After initially working with his accountant and attorney on a succession plan that would divide his oversight among three of the other practicing physicians, the practice eventually reached out to InnoMed as the organization was having significant organizational and leadership challenges eight months into the change. InnoMed Management Group provided the practice the opportunity to test drive a high-level administrator by providing interim leadership while also conducting an organizational review from top to bottom. After careful analysis and research, InnoMed designed an organizational and leadership model that is still in use today. The model’s ability to scale has allowed the organization to double its staff to over 60 hospitalist providers to accommodate its significant growth over the past five years, without having to make changes to its structure or leadership model put in place by IMG. It has also allowed for more growth and leadership opportunities for the physicians and administrative leadership within the organization and the health system.

Private Infectious Disease Practice

Consulting Services Provided: 

• EHR Selection and Implementation

• Human Resources Consulting

• Leadership and Management Assistance

• Benchmark Analysis

 A four physician private infectious disease practice located in the Midwest reached out to InnoMed Management Group based on the recommendation of a local hospital chief executive officer (CEO). Initially engaged for assistance with electronic health record (EHR) selection and implementation, the practice was so impressed with InnoMed’s work that it requested help with human resources and management concerns that included its challenges recruiting new physicians. It was discovered that competitive pay and human resource issues were turning away potential candidates from joining. With InnoMed’s benchmark analysis, the practice identified where the gaps were on the financial side while InnoMed worked with its management team to provide human resource and leadership assistance on the operational side.

1. Private Interventional Pain Management Practice (8 Locations)

Consulting Services Provided: 

• Acquisitions/Merger Analysis

• Market Research Analysis

• Corporate Partnership Strategies

• Executive Leadership/Oversight Consulting

• Physician Recruitment/Retention

• Leadership/Management Search

• Physician Onboarding/Exit Strategies

• New Physician/Provider Marketing 

• Human Resources Assistance

• Mystery Patient Program

• Company Retreat Facilitation

• Compliance

  • Meaningful Use

  • HIPPA and OSHA Training

InnoMed Management Group was contacted by a rapidly growing private interventional pain practice with multiple locations throughout Texas. We consulted with the group on a contractual retained basis, offering assistance and oversight of its rapidly growing organization. InnoMed also assisted with leadership and executive coaching throughout the expansion. With staffing, InnoMed performed the hiring and opening of offices, conducted staff surveys and mystery patient visits, and formulated recommendations for strategic and operational improvement. InnoMed also provided market research prior to opening a new practice. InnoMed assisted as providers joined or transitioned out of the practice, and managed the onboarding process for new physicians. Other consulting services that InnoMed was responsible for included a company retreat, and Meaningful Use and HIPAA issues. The successful growth the practice experienced allowed it to be attractive to private equity firms and eventually was purchased by a private equity firm in 2018.

2. Private Interventional Pain Management Practice

Consulting Services Provided: 

• Practice Start-up vs. Opportunity Analysis

InnoMed was contacted by a physician during his fellowship at Emory School of Medicine in Atlanta, Georgia. The pain management fellow was looking at either starting his own practice or employed physician opportunities. InnoMed Management Group provided both market research and on-site research analysis for opportunities in both Georgia and Texas. The physician ultimately decided the best opportunity for him and his family was the employed opportunity in Texas.

3. Private Interventional Pain Management Practice

Consulting Services Provided: 

• Market Research

• Multiple practice start-up/build outs 

• Contract Management

  • Practice Administration

  • Human Resources 

  • Revenue Cycle 

  • Marketing/Branding

• Practice mergers

• Compound Pharmacy (see Pharmacy section)

• Policies/Procedures

• Handbook/Forms

• Physician/Provider Recruitment

• Credentialing

• 401K Planning

This private interventional pain management practice based in the Midwest was a comprehensive start-up and contract management engagement. InnoMed Management Group assisted with all aspects of the start up including location search, market research, office lease negotiation, and buildout. InnoMed also created its branding and marketing strategy, including advertising partnership with the region’s premiere sporting/concert arena and home to the state university’s basketball team. As the practice grew and gained market share, InnoMed assisted with the merger with another pain practice, doubling the size of the practice overnight. With InnoMed’s leadership and oversight, the practice flourished, growing from one to five providers within three years of opening to become the largest interventional pain practice in the area. InnoMed also provided market research and location analysis for new locations and also provided the startup services. In addition, InnoMed was tasked with the responsibility of the start up and oversight of an onsite compounding pharmacy. 

4. Private Interventional Pain Management Practice

Consulting Services Provided:

• Practice Startup

• Arranging startup financing

• Market New Practice

• Branding Package

• Contracts

• Hospital Contract

• Find Accountants, Attorneys  

• Create Forms

• Supplies

• Equipment Purchases

• Annual Reviews

• Adding Extenders

• HIPAA/OSHA training

• Follow-up, Financial Review

• Miscellaneous Requests

This West Coast-based private interventional pain management practice was a comprehensive practice start-up. The physician was finishing her fellowship in Utah and had decided to start a practice in Oregon. She reached out to InnoMed because she was unsatisfied with the consulting firm she had initially hired to start her practice, as she had spent tens of thousands of dollars yet was not close to opening. InnoMed Management Group was able to get her practice open within three months, saving her tens of thousands of dollars more. InnoMed provided the traditional startup assistance as well as assisted in the negotiation between the physician and a local community hospital to provide onsite services, thus affording her a guaranteed income while her practice was just getting off the ground. Over the years, the practice has reached out for other consulting services, such as adding new providers, billing questions, and staffing situations that have occurred along the way. We have also provided annual HIPAA and OSHA over the years. The InnoMed team has also conducted onsite visits to provide solutions for operational and patient/workflow issues. 

5. Private Interventional Pain Management Practice

Practice and Ambulatory Surgery Center (ASC) Start up

Consulting Services Provided: 

• Market Research

• Corporation Structure and Elections

• Start-up financing assistance/business plan/proformas

• Construction Bids

• Negotiating Insurance Contracts

  • Credentialing

• Branding/Marketing 

• EHR Selection and Implementation

• Practice Management Selection and Implementation

• Staff Interviews/Hiring

• Forms/Supplies

• Accounting/ Payroll

• Templates/Office flow

InnoMed was contacted by a pain fellowship physician at Emory in Atlanta, Georgia on the recommendation from a colleague, as he was interested in starting his own practice in the area. InnoMed Management Group first assisted with the market research and pro forma projections for his bank. Once the site was settled on, we worked with his contractors, and assisted with all facets of a practice start up, including the buildout of the ambulatory surgery center (ASC). The ASC buildout on top of a normal start-up added another layer of complexity. The practice has since grown, and has merged with other pain practices in the area over the years, cementing its presence in the community.

Private OB/GYN Practice

Consulting Services Provided: 

• Interim Management

• Benchmark Analysis

• Short-term Financing

Single provider OB/GYN practice located in Iowa reached out to InnoMed after a recommendation from a local hospital chief executive officer (CEO). The practice was struggling after losing its manager, who was also in charge of the revenue cycle. InnoMed provided practice oversight while conducting a benchmark analysis and working with the local hospital to obtain a short-term financing, which afforded the practice the time to right the ship financially and operationally.

1. Private Oral and Maxillofacial Surgery Practice (OMS)

Consulting Services Provided 

• Contract Management

• Accounting

• Human Resources

• Strategic Direction 

One of InnoMed’s first engagements, Aaron was tasked with providing contract management services for an oral and maxillofacial surgery practice (OMS) in North Carolina. Aaron was involved in all facets of managing this small medical practice including bookkeeping and finances, human resources, and marketing. With his oversight, the practice enjoyed a 47 percent increase in net charges and a 40 percent increase in fees received versus the prior year without increased physician time in the office or additional staff.

2. Private Oral and Maxillofacial Surgery Practice (OMS)

Consulting Services Provided: 

• Practice Start-up Assistance

• Pay Policies and Forms

• Handbooks

• Competitive Analysis

• Templates

• Human Resources and Staff Hiring

• Organizational Operations Analysis

This oral surgeon was finishing up his OMS fellowship at the Mayo Clinic in Rochester Minnesota when he reached out to InnoMed. A Lincoln, Nebraska native, he was moving back to his hometown and starting a private oral and maxillofacial surgery practice (OMS). While handling most of the start up himself, he leaned on InnoMed Management Group’s expertise for budgeting, staff handbooks, schedule templates, policies and both human resources and patient forms. Our team also assisted with the market analysis, helped set up the initial fee schedule, and provided a financial analysis of the pros and cons of participating in the call rotation at the local hospital. A few years later, as the office continued to grow, the practice contacted us again to conduct an analysis to increase the office efficiencies. An organizational operations analysis was conducted and a plan formulated that would allow the organization to continue to grow and permit the manager to step away from the day-to-day operations and transition to a marketing role.

Private Podiatry Practice

Consulting Services Provided:

• Practice Analysis

• Financial Analysis

• Human resources consulting

• Consulting on various operational issues

 The physician-owner of a local podiatry practice came to InnoMed Management Group regarding her human resources and operational challenges. She felt that she was working for her staff, rather than the other way around. We conducted both a practice analysis and financial analysis to identify where the practice was financially and to help develop a strategy to manage the staffing issues. InnoMed was able to restructure the office in a way that allowed the physician to practice in the manner she desired and assisted in the recruitment of a team that complemented the physician’s needs. InnoMed continues to work with the practice on an as needed basis to this day.

1. Private Internal Medicine-Pediatrics Practice

Consulting Services Provided:

• Practice valuation

• Practice purchase 

• Financing/Bridge Loan (obtained on client behalf)

• Buy/Sell Agreement Analysis

• Transition Assistance

• Monthly bookkeeping/regular consults and reviews 

InnoMed was contacted by an employed physician at a private primary care practice outside of Houston, Texas, who was approached by the owner of the practice about the possibility of selling the practice to her. Partnering with both a law and an accounting firm, InnoMed Management Group analyzed the market value of the practice, negotiated on behalf our client (buyer), and orchestrated the purchase agreement between both parties. InnoMed also assisted with acquiring financing for the buyer to purchase the practice, including securing a temporary bridge loan from a private source until the Small Business Administration (SBA) financing came through. InnoMed was onsite multiple times during this engagement to manage the buy/sell and transition, to assist with a new accounting package and electronic health record (EHR), and to transition employees to work for the new physician owner. InnoMed continues to work with the client on a regular basis and provides accounting and bookkeeping services, in addition to an occasional sideline consult on business and operational matters.

2. Direct Primary Care 

Consulting Services Provided:

• Consultation on Pricing of a Start-up Practice

• Negotiation around Departure from Previous Practice

• Medicare Ordering and Referring Enrollment

• Compensation Plans for Employees

• OSHA and HIPAA Training

Assisted a Direct Primary Care Physician in starting a practice. InnoMed continues to provide occasional assistance on an as needed basis.

3. Private Internal Medicine-Pediatrics Practice

Consulting Services Provided: 

• Nurse Practitioner Search 

This growing private internal medicine-pediatrics practice based in Lafayette, Colorado needed to add a new provider. InnoMed assisted in the process by performing a customized search, conducting interviews, and making hiring recommendations based on its needs assessment and input from the client.

4. Private Family Practice 

Consulting Services Provided:

• Organizational Analysis

• Interim to contract management

• New office lease negotiation and buildout oversight 

• 401K Plan analysis, implementation

• COVID crisis navigation

Based on a recommendation from the practice’s accounting firm, InnoMed Management Group was retained as the primary care practice had recently elected new physician leadership. The new physician leadership was struggling to implement changes within the organization. In addition, leadership did not feel it was being adequately supported by its management. InnoMed was tasked to analyze the practice as the practice was also unable to afford new providers. InnoMed provided interim management to provide stability while also helping get their financial house in order. During this time InnoMed also assisted with hiring appropriate staff and developing departmental leadership. As its interim period winded down, InnoMed was asked to continue providing management on a long-term contractual basis, which it has done for over four years. During InnoMed’s tenure, the group has added six new providers, including two behavioral health providers, and has assisted with the transition of two physician retirements. Through InnoMed’s management and oversight, the practice was able to double the provider salaries to bring it in line with the industry standards. InnoMed also helped as they transitioned into a new EHR system, and have provided lease negotiation and oversight for the buildout of a new office. InnoMed continues to provide contract management and leadership for the practice to this day, including the navigation of the COVID-19 crisis.

5. Private Family Medicine Practice

Consulting Services Provided:

• Interim Contract Management

• Organizational Analysis

• Administrator Search

• 401K Planning

• Navigating COVID Crisis

The administrator of this 10 provider private family medicine practice had recently accepted another position when InnoMed was contacted, as the group of physicians were unable to come together on which candidate would be best suited for their organization. Thus, InnoMed Management Group was engaged to provide interim management, which changed to a contract management basis during the COVID-19 crisis. While providing interim management services, InnoMed was tasked with conducting an organizational analysis, which served as the basis for determining the type of candidate needed to complement the physician group when the time arises. The analysis also included recommendations for both cultural and operational improvement. InnoMed has also assisted with the recruitment of two additional providers within a four month span. Based on the analysis we also transitioned some staff into new roles, created new positions and leadership roles to increase operational efficiency. InnoMed continues to provide a variety of ongoing consulting services including oversight of a joint venture with the local hospital.  

1. Private Pediatrics Practice
Consulting Services Provided: 

• Unsigned charts challenges

InnoMed was contacted by a private pediatrics practice in Texas to help resolve thousands of patient charts that were not finished. InnoMed went onsite to observe processes and analyze the existing workflow. InnoMed then created templates from their electronic health record (EHR) to help physicians lessen the documentation burden, and we provided encouragement and assistance to the physicians so they could move forward in an efficient manner.

2. Private Pediatric Practice
Consulting Services Provided:

• Organization Analysis

• Benchmark Analysis

• Employee Surveys

• Interim Management

• Administrator Search

• Move to New Building

• Ongoing Assistance 

A large, private pediatric practice based in the Kansas City, Missouri area contacted InnoMed Management Group to perform an evaluation of their administrator. During the same time, the practice was in the process of building a new building. InnoMed conducted both an organizational analysis and employee surveys to determine satisfaction and identify processes and any issues that may need resolved. InnoMed was also contracted to provide interim management and to assist with the new building. Our team reviewed the organization’s finances, conducted a benchmark analysis, worked with the practice’s banker and attorney in the process, and connected them with a new accounting firm. After stabilizing the organization, InnoMed was tasked with the search for a new administrator. Today, we continue to provide ongoing assistance on an as needed basis, including most recently assisting with their HR onboarding process of new hires and employee benefits. With InnoMed’s assistance, the practice has doubled its number of providers and tripled its locations over the past decade, cementing its presence its marketplace.

Urology Practice
Consulting Services Provided: 

• Unsigned charts challenges

• Served as the practice administrator for a 7 provider Urology clinic

• Organizational Structure update

• Awareness elective procedure campaign

• Updated Policies/Procedures

• Credentialing

• Handbook/Forms update

A urology practice located in Arkansas observed a significate portion of their patients had an overactive bladder or urinary retention but many were not aware of the new medical options for treatment that the clinic provided. InnoMed’s team recommended a targeted awareness campaign for the specific elective procedure for one of its newer physicians who had additional training for such issues. 

A questionnaire was created and sent to over 600 patients who were seen in the past 12 months for overactive bladder or urinary retention issues. The questionnaire response rate was quite high with over 50% of the 600 surveys being returned.  In order to accommodate the newfound interest in the procedure, the practice also revised their consult and surgery scheduling to ensure patients were seen within a week of returning the questionnaires to discuss if the procedure was right for them.  If after consult the procedure was deemed an appropriate remedy, surgeries were scheduled soon thereafter.