Top-tier medical practices excel in four categories: profitability and cost management; productivity, capacity, and staffing; account receivables and collections; and patient satisfaction, according to a report in Modern Medicine.
A study by the Medical Group Management Association (MGMA), “Performance and Practices of Successful Medical Groups: 2012 Report Based on 2011 Data,” finds that the best performers had almost $150,000 more in total medical revenue per full-time equivalent physician than their peers.
The successful practices said their key to success was optimizing back-end business processes and collections. These high-scoring practices also said they regularly poll patients regarding their satisfaction with physicians and staff, and evaluate their operation to find areas of needed improvement.
