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A Winning STRATEGY for Physician Practices

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Mar 17, 2021 · By LabReady Team
A Winning STRATEGY for Physician Practices
 
The Medical Group Management Association, (MGMA) has released its “Winning Strategies from Top Medical Groups” with data from over 2900 practices.
 
We have summarized the report in short blog posts focusing on key points in the three areas of success: strategy, operations and culture. 
 
MGMA’s Recommended Approach to Strategic Success:
 
1. Establish metrics and goals to maintain performance and accountability
2. Assess compensation models to retain top talent
3. Review vendor contracts for cost, value and strategic alignment
4. Invest in appropriate technology
5. Assess costs and reduce them when possible
6. Revise systems and processes that support the organization, particularly revenue cycle, billing, and collections
7. Increase patient access and engagement with cross-departmental strategies
8. Develop and implement standard work
9. Tie incentives to goals
10. Adjust schedules, operating hours and staffing to achieve goals
11. Focus on efficiently reporting key metrics, then benchmark metrics to identify new strategic opportunities.
 
Hallee Fisher-Wright, MD, CEO and president of MGMA states, “Top performing medical groups are methodical when investing in their organizations.”
 
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.
 
To discuss the topics in this article, contact a LabReady team member here: https://www.labready.com/#modalProviders

 
Credit: Healthleaders, MGMA
 
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