A Winning Operations Plan for Physician Practices
MGMA’s Recommended Approach to Operational Success
Specifically, successful practices spend their time and money in three areas:
- Analytics and reporting—55%
- Billing and collections efficiency—58%
- Coding and documentation efficiency—61%
Better performers report technology investments pay off when investing in:
- New or upgraded EHR systems to support better patient communication, better provider experience, and efficiency
- Electronic communication systems such as secure text messaging platforms for use between providers and secure file transfer systems to reduce faxing
- Upgraded billing and coding software as well as revenue cycle management systems
MGMA President and CEO Halee Fisher-Wright, MD states, “Top performing medical groups are methodical when investing in their organizations.
The decision on what to invest in is directly tied to what the practice identifies as organizational goals. They only invest in those items that allow them to make significant progress toward those goals," she said.
“Successful practices invest in good people, good technology and good systems—and then they maximize the return on those investments, achieving lower operating costs as a percent of revenue,” the report says.
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Credit: Healthleaders, MGMA
Source credit and full article: https://www.healthleadersmedia.com/clinical-care/mgma-shares-physician-practice-keys-success