March 1, 2015 marked the tenth anniversary of an idea that was ahead of its time.
“Ten years ago, on March 1, 2005 we completed an asset purchase of UT Physicians and combined it with my consulting practice to make a full-service practice management and consulting firm for solo and small-group physician practices,” said Physician Practice Resources, Inc.
founder and CEO Bill Taylor.
UT Physicians, Inc., was founded in 1995 by Dr. B.W. Ruffner and others to provided billing and management services for the teaching clinics at Erlanger Medical Center. In 2003, Dr. Ruffler wanted to expand the business to private physicians. “At that time,” Mr. Taylor said, “the UTP board decided to hire a business manager/executive director, and I was chosen, based on successful work with physicians locally and my 25 years of experience in healthcare.”
After the first year of successful management and expansion, UTP agreed to sell its assets to Mr. Taylor.
Dr. Ruffner said, “The Board accepted Mr. Taylor’s offer as he had demonstrated the ability to move the organization where it needed to go in the market and pledged to protect our outstanding employees going forward. The past 10 years have shown that we were correct in our assessment and I congratulate PPR on its 10th anniversary.”
In those 10 years, despite losing all of the teaching clinic business to Erlanger, Physician Practice Resources has tripled the size of its business. According to Mr. Taylor, “We provided services to about 80 physicians and mid-level providers last year. We have approximately 30 practice clients we provide services to on a monthly basis. These services are tailored to the practice and can include credentialing, contracting, IT, billing, management, bookkeeping, payroll, human resources, and staffing.
From eight employees and staffing two clinics in 2005, the business has grown to include 18 central office staff and 80 employees in 10 clinics. PPR’s business footprint now includes multiple counties in Tennessee and several in North Georgia.
The reasons behind this tremendous growth have to do with adept business practices—and the classic concept of finding a need and filling it. “We do a very good job with the billing and keep overhead at a minimum,” said Mr. Taylor. The result is increased income and/or a less stressful lifestyle for the physician.
Said client Dr. Curtis McKoy,“Our practice not only relies on the business expertise of Physician Practice Resources but benefits from the strategic insights and market assessments we discuss during our monthly meetings. We have the benefits of a large independent group practice without the excessive cost.”
“There are many regulatory pressures facing physician practices: HIPAA, Electronic Medical Records, meaningful use, new ACA health plans, etc.,” said Mr. Taylor. “However, solo and small group practices don’t usually have the resources to deal with all of the issues. PPR brings the resources of a large organization to these practices at a price consistent with the resources available.”
He cites the example of three physicians who had formerly been in a large group practice. “One saw his income increase 20 percent. Another doubled his income and the third tripled it,” said Mr. Taylor. In another example, a physician was able to create a solo practice, reduce his overhead, and told Mr. Taylor, “I can now take six weeks off and I’m not working Friday