You don’t have to face business challenges alone.

Dental, medical and veterinary practices face a wide range of challenges when identifying strengths, weaknesses, and opportunities related to their businesses. However, it’s not necessary to face all of them alone. When it comes to healthcare practice consulting, you have a partner in LenDRgroup Consulting.

LenDRgroup Consulting offers a robust catalog of services. 

  • Practice Valuations

     

    Typically, valuations are needed to resolve tax or legal issues.  However, valuations are actually performed for a myriad of reasons, including but certainly not limited to selling or acquiring a business.  In the cases of death, disability, disaster or divorce, valuations are needed to equitably determine the business assets according to terms spelled out in legal filings. There could be requirements in a buy/sell, partnership or shareholder agreement that necessitates a business valuation.

    In addition, owners would generally perform a valuation when attempting to raise strategic capital or obtaining a Small Business Association (SBA) loan.  Moreover, a formal business valuation can help to reconcile perceived opinions on value, and coupled with a marketability analysis, it can help a business owner determine relative value in the marketplace.

    An accurate valuation of a closely held business is an essential tool for a business owner to assess both opportunities and opportunity costs as they plan for future growth and eventual transition and we have on-staff an accredited valuation analyst, someone who can place a value on your practice in any of the events described above.

  • Practice Transitions

     

    A practice transition takes place when an existing practice hires a new provider who will bring existing patients with them or when a practice owner decides to sell their practice. People who sell their practices often do so as a precursor to retirement.

    Private practice changes can be quite complex and require extensive planning. A transition differs from a straight sale in that typically, a new provider will be brought on either as a growth strategy or as an eventual exit strategy. Both instances may be true; for example, an established dentist might bring on a younger partner with the intention of eventually retiring, so that the other dentist can take over.

    In every private practice, there is change, growth, and eventually retirement. We can assist you in each of these different transitions! Whether it’s obtaining a qualified candidate to join you as an associate and work up to ownership or helping you find a buyer for your practice, our experienced staff is equipped to help you navigate mergers, acquisitions, and all stages of practice growth along the way.

  • Accounting

     

    Accurate accounting is essential to the optimal running of a practice. Our accounting personnel are experienced in the specific requirements of healthcare practices. We can provide monthly accounting, balance sheets, income statements, bank reconciliations, general ledgers, and quarterly payroll reports for our monthly retainer clients. These are delivered and explained to the client by our consulting staff. This way, you'll know exactly what is happening in the practice at any time, and what may need to be done to improve the bottom line. Our accounting staff is friendly, helpful, and a valuable source of information regarding accounts and payroll, always just a phone call away.

  • Controlled Overhead

     

    Prices for consumer goods are always on the rise and when they go down it is newsworthy (such as the price of gasoline as it fluctuates).  We all have to manage our personal budgets and make adjustments to account for fluctuating prices on essential goods. This is generally referred to as the "cost of living." Private practices are no different. Successfully managing overhead costs can be the difference between being profitable or carrying a deficit. 

    By preparing your profit and loss statements, we can monitor your collection percentage, overhead percentages, and benchmark your practice. Using this information we can identify areas of opportunity and success and create a long-term plan that best suits your growth goals.

  • Proforma and Projections

     

    So your practice is chugging right along, and you’ve had great financial results for years. You have no problem proving to a potential investor or lender that your company is doing well. But…you’ve got big things in the works. Maybe you’re selling off part of the company, or acquiring another. Now you need an accounting tool that will help you see how the numbers will change with this transition. But generally accepted accounting principles (known as GAAP) only look at historical financial statements and don’t help you predict the future.

    Short of having a crystal ball, pro forma financial statements can help you predict things like net income and gross profit in the future. Using these financial statements, you can plan for the future and lower your risk, as well as attract investors or get approved for financing. Our team works with you and your established accounting team to keep your finger on the pulse of your practice and provide a picture of where your practice stands financially at a given point in time, so you can better plan for the future.

  • Retirement Planning

     

    As a small business owner running a private practice, you’re responsible for all of your employee benefits. You don’t have a human resources department to set up a 401(k) plan for you, but you still need some kind of plan to save for your retirement. There is a wealth of information out there on the different plans that may be available to you and it can get overwhelming, especially when you’re a working practitioner.

    Our Certified Healthcare Practice Management Consultants can assist you in choosing a retirement plan that is best suited for you and your practice. We work closely with your investment advisor and attorney in keeping you up-to-date on compliance issues, record-keeping, and filing annual reports so that when you're ready, so are your finances.

     

  • Practice Valuations
  • Practice Transitions
  • Accounting
  • Controlled Overhead
  • Proforma and Projections
  • Retirement Planning

Practice Valuations

 

Typically, valuations are needed to resolve tax or legal issues.  However, valuations are actually performed for a myriad of reasons, including but certainly not limited to selling or acquiring a business.  In the cases of death, disability, disaster or divorce, valuations are needed to equitably determine the business assets according to terms spelled out in legal filings. There could be requirements in a buy/sell, partnership or shareholder agreement that necessitates a business valuation.

In addition, owners would generally perform a valuation when attempting to raise strategic capital or obtaining a Small Business Association (SBA) loan.  Moreover, a formal business valuation can help to reconcile perceived opinions on value, and coupled with a marketability analysis, it can help a business owner determine relative value in the marketplace.

An accurate valuation of a closely held business is an essential tool for a business owner to assess both opportunities and opportunity costs as they plan for future growth and eventual transition and we have on-staff an accredited valuation analyst, someone who can place a value on your practice in any of the events described above.

Practice Transitions

 

A practice transition takes place when an existing practice hires a new provider who will bring existing patients with them or when a practice owner decides to sell their practice. People who sell their practices often do so as a precursor to retirement.

Private practice changes can be quite complex and require extensive planning. A transition differs from a straight sale in that typically, a new provider will be brought on either as a growth strategy or as an eventual exit strategy. Both instances may be true; for example, an established dentist might bring on a younger partner with the intention of eventually retiring, so that the other dentist can take over.

In every private practice, there is change, growth, and eventually retirement. We can assist you in each of these different transitions! Whether it’s obtaining a qualified candidate to join you as an associate and work up to ownership or helping you find a buyer for your practice, our experienced staff is equipped to help you navigate mergers, acquisitions, and all stages of practice growth along the way.

Accounting

 

Accurate accounting is essential to the optimal running of a practice. Our accounting personnel are experienced in the specific requirements of healthcare practices. We can provide monthly accounting, balance sheets, income statements, bank reconciliations, general ledgers, and quarterly payroll reports for our monthly retainer clients. These are delivered and explained to the client by our consulting staff. This way, you'll know exactly what is happening in the practice at any time, and what may need to be done to improve the bottom line. Our accounting staff is friendly, helpful, and a valuable source of information regarding accounts and payroll, always just a phone call away.

Controlled Overhead

 

Prices for consumer goods are always on the rise and when they go down it is newsworthy (such as the price of gasoline as it fluctuates).  We all have to manage our personal budgets and make adjustments to account for fluctuating prices on essential goods. This is generally referred to as the "cost of living." Private practices are no different. Successfully managing overhead costs can be the difference between being profitable or carrying a deficit. 

By preparing your profit and loss statements, we can monitor your collection percentage, overhead percentages, and benchmark your practice. Using this information we can identify areas of opportunity and success and create a long-term plan that best suits your growth goals.

Proforma and Projections

 

So your practice is chugging right along, and you’ve had great financial results for years. You have no problem proving to a potential investor or lender that your company is doing well. But…you’ve got big things in the works. Maybe you’re selling off part of the company, or acquiring another. Now you need an accounting tool that will help you see how the numbers will change with this transition. But generally accepted accounting principles (known as GAAP) only look at historical financial statements and don’t help you predict the future.

Short of having a crystal ball, pro forma financial statements can help you predict things like net income and gross profit in the future. Using these financial statements, you can plan for the future and lower your risk, as well as attract investors or get approved for financing. Our team works with you and your established accounting team to keep your finger on the pulse of your practice and provide a picture of where your practice stands financially at a given point in time, so you can better plan for the future.

Retirement Planning

 

As a small business owner running a private practice, you’re responsible for all of your employee benefits. You don’t have a human resources department to set up a 401(k) plan for you, but you still need some kind of plan to save for your retirement. There is a wealth of information out there on the different plans that may be available to you and it can get overwhelming, especially when you’re a working practitioner.

Our Certified Healthcare Practice Management Consultants can assist you in choosing a retirement plan that is best suited for you and your practice. We work closely with your investment advisor and attorney in keeping you up-to-date on compliance issues, record-keeping, and filing annual reports so that when you're ready, so are your finances.

 

We're here to help as much as you need, or as little.

We tailor our services to the specific needs of your practice, even as they change and grow, so you'll have a partner every step of the way. Our services can be "a la carte" or bundled-it's what works best for you. Download our comprehensive service list!

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Strategic Planning

Business Plan Development | Buy Sell Agreements | Crisis Management | Disaster Planning | Financial Modeling to improve Banking relations | Hiring Associates | Life Insurance Analysis | Perpetuation and Exit Planning | Practice Mergers and Acquisition | Practice Purchases | Practice Valuations | Provider Compensation Plan Analysis | Starting a Practice | Closing a Practice

Let's Talk Strategy
medical practice consultant

Practice Management

Coding and Compliance | Collection Best Practices | Credentialing and Contracting | Electronic Health Records Consulting | Fee Schedule Development | Insurance Evaluations and Benchmarking | Billing, and Analysis | Productivity Analysis | Risk Assessment | Third-Party Payer Contract Analysis

Let's Talk Practice Management
medical practice consultant

Tax and Financial Services

Accounts Payables | Balance Sheets | Bank Reconciliation | Business Tax Preparation | Financial Benchmarking and Overhead Analysis | General Ledgers | Income Statements | Individual Tax Preparation | Lease versus Purchase Analysis | Monthly Accounting | Payroll Tax Preparation | Quarterly Tax estimates and preparation | W-2, 1099 and K-1 Preparation

Let's Discuss Taxes
medical practice consultant

Human Resources

Employee Benefits Analysis | Employee Compensation and Reviews | Employee Engagement | Employee Handbook Development | Employee Retention | Employment, Supervision and Collaboration Agreements | Job Descriptions | Performance Evaluation Practices | Performance Management Analysis | Pre and Post-Offer Hiring Practice Review | Procedure Manual Development | Second in Command Evaluation and Training

Let's Talk HR
medical practice consultant

Compliance

CPT & ICD-10 Coding | FMLA, ADA, FLSA, I-9, PPACA, EEO and Wage and Hour | Healthcare Reimbursement Compliance | HIPAA Compliance Analysis | OSHA Recordkeeping and Compliance | Stark Anti-Kickback Compliance | State and Federal Mandates

Let's Discuss Compliance
medical practice consultant

LenDRgroup Consulting realizes that your most important priority is focusing on your patients. The pressures of today’s business environment on your practice can keep you from that focus...

 

Let us help you save time and money in the management of your private practice so you can get back to the things that matter most.

Examples of our Clients Success

3x
INCREASED REVENUE

In a time span of 3 years, gross revenue grew from $400,000 per year to $1,200,000 with a 37.7% overhead.

10x
CASH BALANCE RETIREMENT

Helped start funding a cash balance retirement plan, saving the client thousands of dollars annually by deferring large sums of money into the plan for his retirement.

$$$
THOUSANDS SAVED

Helped save the client thousands of dollars in sales taxes by communicating with the auditor on the proper way to tax items.

50%
IMPROVED CASH FLOW

Moved to an outside billing company for patient receivables. Improved cash flow from in-house staff by 50%, plus collected old receivables that were thought to be lost.

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