MGMA Report: Most Financially Successful Practices

According to an MGMA survey there are 4 performance management categories which separated financially successful practices from less successful practices.

Successful physician practices demonstrated management behaviors that may be the key to their financial success. The 4 performance categories according to the survey are:

• Profitability and Cost Management
• Productivity, Capacity, and Staffing
• Accounts Receivable and Collections
• Patient Satisfaction

Many successful practices use patient surveys to determine their satisfaction and also what areas may need improving in the practice. Better-performing practices also tended to spend more on IT operating expenses and reported less bad debt to fee-for-service activity per physician partner.

Other factors that contributed to most of the successful practices surveyed are lower total operating costs, more cases per practice partner, and lower total accounts receivable.

For the full article click here or read on Healthcare Finance News:
http://www.healthcarefinancenews.com/news/mgma-cost-management-patient-satisfaction-affect-medical-practice-success

lower total operating costs, more cases per partner, total A/R