Process Improvement is a method or systematic approach to introduce change to improve the effectiveness (e.g., increase profit &/or performance, reduce cost, accelerate thru-put, improve quality) of a process usually to better match the needs of the business due to risk exposure or customer requirements/requests. While optimization may be an underlying objective, it is difficult if not impossible to achieve in a reasonable amount of time making continuous process improvement the preferable option. The first step is to baseline the process in question by conducting an assessment/audit.
Typical process improvement projects involve identifying current throughput elements and developing a set of metrics in order to quantify key parameters. Once identified and quantified focus is on high cost (capital and variable) and high reimbursement (revenue) services that have a material effect on overall profitability. Next existing cost, utilization, throughput and reimbursement (revenue) detail is collected.
The above activities are then analyzed to see which increase or decrease throughput and und/or utilization. Based on a review of the existing information, areas that are potential candidates for improvement are identified. Quantifying potential improvements confirms our understanding of the current operating metrics and leads to an investigation of the feasibility of implementing technology, process and management changes that could improve process performance.
- Business Process Improvement: learn how IMS experts help organizations realize value from existing processes by increasing agility, efficiency, and internal adoption: Based on our analysis, we identify ways to increase utilization and throughput, reduce fixed and variable cost and increase reimbursement revenue; Finally, we review our findings and recommendations to set a baseline of implementing improvements and measuring results; For each approved recommendation, we develop a plan of action and estimate the time and cost to implement the recommendation and project the financial benefit to be achieved from the recommendation; Before implementing each recommendation, we review the implementation plan and potential benefits with management stakeholders and obtain approval to proceed; The final step in the process is to evaluate throughput improvements and quantify expected financial benefits. As each recommendation is implemented, new management reporting metrics are developed and implemented to confirm the performance of the area and quantify the financial benefit of the change.
- Legal Process Improvement: connect the dots for firm leaders and partners on how recent market changes are interrelated and can be addressed in coordination. IMS Experts will work with you to develop a long-range plan to address client satisfaction, profitability, and work product quality — including how to tackle individual initiatives consistent with long-range strategic plans.
Is your firm going through its budget or planning season? Are you trying to determine which projects your department or firm needs to focus on and invest in? Contact one of our experts directly, or e-mail email@example.com with the subject “Performance Assessment” to learn more about IMS complimentary performance-related assessments, and gain a better understanding of the leverage points and options for your organization.