Advisors can provide a fresh viewpoint and innovative ideas for a practice. They can also make suggestions on methods to improve strategy and revenue, say Kevin J. Corcoran, President, Corcoran Consulting Group, San Bernardino, and John Pinto, founder of J. Pinto & Associates, Inc., San Diego — both have long histories of assisting ophthalmology practices in these endeavors.

In a discussion with Retinal Physician, Corcoran and Pinto identified some of the potential benefits of hiring a consultant, CPA or lawyer.

1. Critical analysis, appraisal and independence: As an independent professional, an advisor can offer neutral advice that may “tell you what you need to hear, not necessarily what you want to hear,” says Corcoran. A consultant may also be able “to give your Board of Directors a second opinion on a potential initiative,” says Pinto. “Or be a neutral mediator when partners are in conflict.”

An advisor also offers “out-of-the-box ideas” that don’t rely on the past history of the practice. For example, Corcoran’s firm tabulates Medicare benchmark data on utilization of ophthalmic procedures and advises clients when practice patterns are high or low. Often, this leads to a discussion of new diagnostic instruments, surgical techniques, and concepts for disease management, he says.

2. Expertise: Whether hiring a lawyer or a consultant, the professional likely can offer “skill and capabilities employees don’t have,” says Corcoran, explaining that many of the firm’s professionals possess credentials specific to the field, including certified ophthalmic medical technologist, certified professional coder, and certified professional medical auditor.

“While your administrator may have worked in two or three eye care settings, a consultant has worked in hundreds or even thousands of practices, and may have solved a problem that you’re only seeing for the first time,” says Pinto.

3. Long-range planning: Advisors are also talented problem-solvers. “Like a medical consultant, a finance and management expert has advanced, often proprietary methods to ‘diagnose’ and ‘treat’ your business problems,” says Pinto. “A consultant can be used in a number of ways [including] to review business systems for flaws or missing profits.”

Ideally, an advisor should be able to offer an ophthalmic practice a “fresh viewpoint and creative insights,” adds Corcoran. This infusion of enthusiasm and fresh perspective can “help generate new ideas for the practice’s strategic plan.”

4. Economic benefit: Hiring a consultant may also lead to an improvement in profitability. A professional can “provide new recommendations aimed at increasing revenue, promoting growth, and lowering costs,” says Corcoran. Based on a review of the last 800 chart audits performed by Corcoran Consulting Group, for example, the firm made recommendations to clients that have the potential to increase annual collections by an average of 1% — revenue that outweighs consultant fees.

5. Reduced risk: An advisor also may suggest policy changes to enhance compliance and protect the practice from severe criticism, says Corcoran, explaining that a consultant can “provide recommendations that limit liability.” Given the government’s concerted efforts to recapture ophthalmologist and optometrist payments during post-payment audits, consultant review of practice charting and coding can represent millions of dollars, he says.

Such advice often counterbalances fees, according to the consultants. “Generally the cost of hiring a consultant is paid back many times over by enhanced operations and profitability,” says Pinto.