Virtual Practice Management
Every practice at some point, needs an extra pair of hands, or additional skills, to assist the specialist and their staff with running the business. Whether you’re starting up a new practice, going through staff transitions or undertaking a new project, RWS (Rooms with Style) is perfectly positioned to assist. Since 2005 RWS has been providing hands on virtual practice management support to the medical industry offering a wide range of skills. So if you or your staff are struggling with the day to day demands of a busy practice, then call RWS.
Starting a Practice
Starting a practice can be a daunting task, but it needn’t be. RWS can provide assistance across a wide range of skills, to assist you during the set up phase of your practice.Assistance with choosing the right medical software, agreements with health funds, provider number registrations, or assistance with setting fees for your services. All these elements are vital at start up stage.
Many of our clients are from the Preparation for Practice program run by the Royal College of Surgeons. We see many Younger Fellows all anxious to get a great start. RWS is highly experienced regarding what you need to get started.
Our Virtual Practice Management Service provides this assistance for you at much less than the cost of a full time practice manager.
Staff training (on and off site as required)
Whether you’ve got new or experienced staff, every practice can benefit from training.
RWS can perform a “health check” on your practice to:
- Identify areas for improvement
- Provided structured training for your staff
- Get the most out of their medical software
Training can be done on site or offsite, depending on the needs of your staff and your practice
- Policy and Procedure Manual
A good Operations Manual is the road map for a smooth running practice. It is one of the most useful tools to streamline your business. The manual lists all the tasks that are essential in your practice, how to do these tasks, and who is responsible for the tasks.As a specialist, you can be confident that the manual will provide consistency in your daily operations, as well as providing peace of mind, that the IP of the practice is protected, in the event of staff absence, or when staff leave.
RWS will tailor a manual to your practice, taking into consideration your practice software and the specific processes within your specialty.
- Risk Management Support
Risk management is a structured approach to managing uncertainty and includes actions taken to:
Risks are events, situations or circumstances which lead to negative consequences for your business. Types of risks that affect a medical practice include compliance and legal risks, financial risks, service delivery, risk to your reputation as well as risks with the use of technology and equipment.
- Monitor and
- Reduce the impact of risks to your business
It is important to allocate some time, budget and resources for preparing a risk management plan and a business impact analysis. This will help you meet your legal obligations for providing a safe workplace and can reduce the likelihood of an incident negatively impacting on your business. A recovery plan will help you respond effectively if an incident or crisis affects your business. It aims to shorten your recovery time and minimise losses.
At RWS we have the staff with the skills and experience to assist you with your Risk Management and Recovery Plan so you can feel confident that you are prepared for any uncertainty.
- Finance Management – Accounting
RWS works with the specialist’s existing systems and existing taxation accountant.
Work is completed on onsite at the specialist’s rooms three or four times per month (generally weekly).
Given the varied nature of systems, the output and throughput may vary depending on the system.
This service utilises a minimum of (20) hours per month covering activities which may include:
Specific activities performed may vary depending on those to be carried out by practice staff and/or the principal. Weekly update of work carried out, cash status, receivables update (30 days+), and key financial activities to be addressed. Monthly dashboard of practice financial indicators, which would include:
- Payroll processing and employee compliance from financial perspective
- Bank reconciliation(s)
- Receipting and invoicing
- Accounts payable preparation and payment
- Integration of Practice Management information into the financial system
- ATO lodgements and communication, and Liaison with principal(s), staff, and principal’s tax accountant where required.
- Cash flow assessment
- Summarised profit/loss; for month, year to date, and comparison with prior periods and prior year.
- Detail to be provided in appendix to report, but utilised to assess revenue and cost trends
- Results by location, surgery type, and/or other depending on specific focus points
- Ratio of surgery to consulting time
- Assessment of key items flagged by principal, and,
- Receivables and payables status.