As the private practice arm of the University of Tennessee Health Science Center, this 200+-multispecialty physician faculty practice plan was seeking to improve financial, revenue cycle, operations, and physician performance through short-term action plans and longer-term initiatives. The group provides services at the Memphis Medical Center and several other locations, and supports specialized programs at The Regional Medical Center and Methodist University Hospital.
ECG provided an interim chief operating officer at UT Medical Group and a team that worked with practice leadership to develop 30-, 60-, and 90-day action plans that translated practice-level strategic priorities into targeted, measurable, and results-oriented goals for clinical and administrative areas.
Notable accomplishments include finalizing stalled contract negotiations with a hospital partner resulting in a $2.5 million increase in contracted revenue, renegotiating managed care contracts for a $6.6 million increase in revenue over the life of the contract, and increasing time-of-service collections by 21% in the first quarter following the initiative. UT Medical Group also improved net income over budget by 76% in the first 10 months and reduced staff by 8% resulting in a first-year net savings of approximately $850,000.