Fractional COO for Medical Groups

Med Consulting Solutions (MCS) provides fractional COO/CFO services tailored to healthcare organizations. Our deep expertise in healthcare infrastructure, strategic operations, and executive leadership supports medical practices, surgery centers, and hospitals in overcoming operational challenges and achieving growth. Our Fractional COO oversight responsibilities across various departments.

Med Consulting Solutions (MCS) offers flexible, COO/CFO services designed to address the specific needs of healthcare organizations. We help you utilize people, processes, day-to-day business operations, and technology to maximize the potential of your healthcare organization, solo medical practice, group medical practice, Independent Ambulatory Surgery Center, and non-healthcare business. We’re do-ers, finishers, finders, and fixers. 

You’ll gain insights you never imagined and bring your business vision to life.

Hiring our company is an investment, not an expense. If you don’t have the budget for a full-time COO or don't need that level of commitment long-term, you can hire a CFO/COO to get the help you need at a fraction of the cost. At MCS, we find solutions to problems preventing businesses from achieving their goals. 

Whether we roll up our sleeves and get hands-on or work alongside your leadership team to provide fresh perspectives and additional horsepower, we add value.

Our Process

Discovery & Onboarding
First and foremost, any Fractional COO/CFO worth their salt will immediately spend time getting to know the visionary behind a growing business, the current systems in place, and the people responsible for achieving set goals.

Whether you hire a Fractional COO/CFO part-time or long-term, you can expect them to take a long, hard look at your goals, determine if they’re S.M.A.R.T., if they’re the right goals for where your business is, and if they align with the destination you intend to reach.

They’ll also evaluate how you measure the success of these goals, your chosen metrics, and if you have the right people in the right seats, ensuring these goals are met as efficiently as possible.

Execution & Quick Wins
After quickly getting up to speed, some quick wins, and getting to know the business, the people, and diagnosing where the issues lay—generally around a month—your part-time COO/CFO will begin helping you implement process improvements across the board.

Though it can be different based on your unique needs, this stage is all about taking the information, tools, and strategic planning and putting it in the hands of your team. It’s about getting everyone on the same page and ensuring leadership is accountable for the execution of the new strategies in place.

Weekly, monthly, and quarterly meetings are a staple in this stage—they keep leadership connected and focused on the initiatives that matter while generating even greater information and data for the next stage.

Optimization
As your Fractional COO continues with project management, they will begin to forge the information gained from the initial integration of process improvements into more refined strategies to further optimize daily operations.

Basically, a fractional COO/CFO will repeat their process to keep strengthening your business operations. They continually build on new information to help you fix what’s not working and finish what you’ve started so your growing company can transition to a stable business model.

They use the information they gain to get your business to where it can safely scale and handle new and greater initiatives.

What Should I Expect from the Typical Fractional COO/CFO Process?

The very first thing a Fractional COO is going to do is sit down with you and discuss your vision and goals for the business. They want to complement your strengths and shore up your weaknesses—so don’t worry, they won’t run off and start changing processes without first running those suggestions by you.

As mentioned above, you can also expect the process to involve a significant amount of learning the people and systems in place, frequent meetings, and constant process improvements.

More than this, you can expect the Fractional COO/CFO process to:

• Execute the vision of the founder/CEO.
• Assess the risks and various gaps in operational performance to help course correct.
• Completely revamp poorly performing systems and processes for greater efficiency and growth—be it revenue, new patients, long patient wait times, or even your technology solutions.
• Refine your daily operations to improve traction and reduce company-wide gridlock.
• Implement strategic planning and custom benchmarks for sustainable growth and safe scaling.
• Shape technological advances to help your company scale.
• Fix what’s not working and finish what you started.

Is the Fractional COO Process Right for My Business?

Whether you have an individual medical practice or your company is a group practice—if you’re looking to scale or simply refine your processes and optimize workflows—hiring a fractional chief operating officer will position your growing business for more efficient, stable growth at a fraction of the cost of a traditional full-time hire.

A Fractional COO is especially effective for business owners who wear too many hats and feel they can’t afford a full-time executive-level seat on their team or feel the need to try-before-you-buy before committing to a full-time hire.

Avoid Consolidation and Retain Control

Action is bringing on a Fractional COO/CFO as an alternative to selling your practice to a management group, which then makes you just a number. Considering joining a national ASC management company? There are other options! Retain your control and avoid consolidation by outsourcing fractional COO and/or fractional Practice/ASC management services to MCS. 

Let MCS handle administrative tasks such as payor contracting, credentialing, physician recruitment, and revenue cycle management (RCM), allowing you to focus on patient care. Now is the time to act. The percentage of independent ASCs shrunk from 70% to 68% from 2022 to 2023, according to VMG Health. With the industry highly fragmented, there's room for consolidation at the individual facility level. From 2011 to 2023, the number of ASCs partnered with national operators grew at a compound annual rate of 3.14%, from about 1,339 to 1,941 centers. Don't let this trend force you into consolidation—choose MCS to maintain your independence.