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Anyone ever hired a consultant to evaluate their practice?

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  • Anyone ever hired a consultant to evaluate their practice?

    I'm a surgical sub-specialist 4 years out of training and part of a private-practice single specialty group that is going through some transitions. Our group is hoping to have an analysis of our strengths, weaknesses, opportunities for growth, etc so that we can make a strategic plan moving forward. We already have an annual practice retreat in addition to monthly practice meetings, but we are hoping for an unbiased analysis of our practice from an outsider given that we believe that we have an upcoming inflection point for the group with the impending retirement of the senior partner who started the group as a solo practice and built it.

    Does anyone have experience using a 3rd-party consultant to evaluate their practice? Was there value in this or a reasonable return on investment? Any recommendations on specific firms? It would be great to have a few choices of consultants and pick the one who was the best fit for our practice. Any thoughts on a ballpark cost estimate for this would also be helpful.

    Any advice would be appreciated. Thank you very much.

  • #2
    I was in a large physician-run group that spent quite a bit of money on a practice consultant, then mostly ignored everything they had to say. So I would say if you do it then it should be mutually agreed on within the partners, and you should go in with an open mind.

    Having said that I'm not sure the advice we got was all that great. and probably not a good ROI. In our case there were issues with service area and recruiting that were fairly unique, and the consultant was not in a good position to opine.

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    • #3
      Originally posted by Rando View Post
      I was in a large physician-run group that spent quite a bit of money on a practice consultant, then mostly ignored everything they had to say. So I would say if you do it then it should be mutually agreed on within the partners, and you should go in with an open mind.

      Having said that I'm not sure the advice we got was all that great. and probably not a good ROI. In our case there were issues with service area and recruiting that were fairly unique, and the consultant was not in a good position to opine.
      This is the only thing I've ever seen.

      Also, someone, not the practice will be paying them, the contact and spokesperson. This is who they will gear their analysis too, and it will not at all be unbiased or objective.

      What is it that is the most taboo subject or topic to not discuss? Overhead, call, profit sharing, ancillary, buyout, etc...Thats probably the issue.

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      • #4
        I'm doubtful there is a consultant knowledgeable enough that would be helpful for such a broad question. That would require the consultant to know your specialty, the local area, and how your group functions.

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