Better performance

A recent report by the MGMA (Medical Group Management Association) defined some benchmarking standards that demonstrated what makes some medical practices perform better than others.

The key points were:

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  The first benchmark in successful practices is they employ productive physicians. The data showed better-performing practices perform more procedures and take steps to ensure productivity.
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  They offer profitable ancillary services. The better-performing practices readily adopt new services and technologies and acquired new information technology and billing systems.
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  They hire enough support staff and the ratio to physicians is higher in the better-performing practices.
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  They get the money they are owed and are much better at accounts receivables management. They do a better job of collecting co-pays and deductibles at the time of the visit.
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  They spend more and have higher operating costs, but overall make more money in the long run.

The bottom line is that the better-performing practices demonstrate a commitment to patient satisfaction, benchmarking their practices, maintain strong effective leadership and are not afraid to invest time and money on improvement for the ultimate goal of success.