An Effective Solution for Strategic Leadership
In the rapidly evolving world of healthcare, managing a practice efficiently while staying ahead of industry trends and changes can be a daunting task. Healthcare practices often face the challenge of needing high-level executive leadership without the full-time commitment or expense.
SMSC offers fractional leadership support in a variety of functional areas including practice management, operations, human resources, finance, marketing, and revenue enhancement.
Fractional leaders can fill an interim need while searching for a full-time hire. For many small-to-mid-size practices, hiring a full-time executive may not be financially feasible, or even necessary. Practice leaders, such as a fractional CEO, COO, CFO, CHRO, or CMO can provide an excellent complement to an existing administrative team.
Our team of fractional leaders offer a practical and effective solution, providing high-level expertise, flexibility, and cost savings. By leveraging the skills of a fractional leader, healthcare practices can enhance their operational efficiency, drive growth, and ultimately provide better care to their patients. Additional key benefits include:
- Diverse experience of best practices and strategies that have been proven successful.
- Scalable and flexible involvement during critical growth phases, challenges, or strategic pivots.
- Objective perspective on a practice’s operations, crucial for identifying areas of improvement, driving change, and ensuring the best interest of the organization.
- Physicians and practice administrators focus on core competencies knowing the strategic and operational aspects of the business are in capable hands.
- Seasoned professionals who quickly assess situations, make informed decisions, and implement strategies efficiently.
Key Services
- Improve financial and operational health of the organization by Identifying and implement strategies to enhance practice performance.
- Evaluate new business models, markets, and technologies to assess potential revenue or other strategic advantages.
- Develop strategic planning processes that engages broad audiences including physicians, providers, and staff at all levels of the organization as well as external partners, patients, and other key constituencies.
- Ensure alignment with organizational vision and objectives.
- Develop and maintain external partnerships with key stakeholders.
- Develop and implement operational plans to align with organizational strategy and goals.
- Regularly conduct an array of business analytics to track progress with strategic objectives and ensure data-driven decision making.
- Manage financial operations and budgets.
- Lead diverse staff teams.
- Implement programs that improve patient satisfaction.
- Develop financial strategy for the organization, including insight and recommendations to achieve both short- and long-term financial performance goals.
- Conduct analyses to identify trends and ensure that revenue and expense targets are met.
- Develop and administer a wide range of physician compensation methodologies.
- Oversee the practice’s accounting, budgeting, and financial planning activities.
- Generate financial management reports to provide practice leadership with insight into financial performance and trends.
- Develop strategies for talent acquisition and retention, performance management, employee benefits, succession planning, change management, and other key functions.
- Ensure compliance with government and labor regulations.
- Conduct compensation analyses to evaluate whether comp and benefit packages are competitive with market-area employers.
- Provide “surge capacity” to support in-house teams during special projects or high-volume time periods, such as open enrollment.
- Review or create employee policies, procedures, job descriptions, and employee handbooks to ensure compliance and mitigate liability.
- Lead efforts to increase patient volumes and ensure practice profitability.
- Develop communication strategies for internal and external audiences.
- Create and execute omnichannel communication campaigns with an effective blend of traditional, digital, social media outreach, and public relations components.
- Provide comprehensive market analytics to identify environmental trends, competitive threats, and market opportunities.