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Marc Lion | Accounting & Finance Show

Partner, Entrepreneurial Business Services Group Practice Leader
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Marc provides tax, estate, financial, and retirement planning services to high-net-worth individuals and business owners in the health care, investment banking, real estate, and professional services industries. Often invited to speak to medical societies and health care groups, he serves as an adjunct Healthcare Economics professor in Hofstra University’s Master of Healthcare Administration program.
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Profitability Consulting for a Medical Practice

Profitability Consulting for a Medical Practice
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Marc recently spoke on profitability optimization for medical practices. Key trends Marc discussed were consolidation in the medical field, particularly medical spa services, driven largely by the interests of private equity firms, as well as various sources of profit leak and how to mitigate it.

Marc noted that clients can benefit from a written strategic action plan, which should be regarded as a living, breathing document and revisited regularly as short-, middle-, and long-term financial goals evolve. This will help with business planning, as well as with the professional’s personal financial plan.

Marc also noted that diligence in documenting and enforcing all policies and procedures is integral to sound fiscal management. These considerations extend from human resources and strategic planning through accounting and reporting, all of which can contribute to profit leak of as much as 15%.

Though the advent and proliferation of EMRs and other technologies will lend increasing accountability and transparency to the billing process, Marc emphasized that these solutions are only as useful as they are adoptable. As such, ensuring staff are fully trained on billing standards, technologies and processes is critical to sound revenue cycle management. As both technology and the healthcare world continue to evolve, establishing the proper frameworks will be critical for ensuring a practice is steeled against threats and poised for sustained growth and maximized profitability.