Hand-washing Isn't So Simple; Trouble Staying Awake?; More

Marcy Tolkoff, JD

Disclosures

January 21, 2015

In This Article

The Four Keys to a Better-Performing Medical Practice

The Medical Group Management Association (MGMA) isolated characteristics of four performance-management categories, according to its Performance and Practices of Successful Medical Groups: 2014 Report Based on 2013 Data, based on respondents to the MGMA 2014 Cost Survey .[6,7]

In addition to being more adept at advertising and marketing their services, the survey results clearly showed that those considered better-performing practices (BPPs):

Spend less. BPPs reported a lower total operating cost as a percent of total medical revenue than other groups (56% vs 70%). "Medical practices that actively monitor their operating costs and use benchmarking data and tools to assess their performance are positioned for long-term success and sustainability," said Todd Evenson, MGMA vice president of data solutions and consulting services.

Collect more. BPPs collected receivables more quickly than their peers and had $11,361 less bad debt than other practices. Only 8% of their total accounts receivable was in the 120+ day category. Evenson said this metric is a strong indicator of healthy financial management, and BPPs have the right procedures and processes in place to do this efficiently.

Produce more. BPPs implemented operational efficiencies to ensure strong provider productivity, including employing nonphysician providers and ensuring efficient patient flow. "Healthy medical practices understand that investing in the right staff pays off," noted Evenson.

Measure patient satisfaction. Almost 81% of BPPs used patient-satisfaction surveys. They included questions to assess appointment availability (52%), overall experience (55%), physician communication style (40%), and recommendation of practice to others (46%). 

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