Top-performing medical groups excel in four key areas, according to reports by the Medical Group Management Association (MGMA). Based on survey data, annual MGMA reports on the Performance and Practices of Successful Medical Groups have plumbed medical office best practices for the key performance standards that have the greatest impact on medical practice success. The following four best practices are consistently cited as playing major roles in the success of top-rated medical practices:
Profitability and cost management
Productivity, capacity and staffing
Accounts receivable and collections
That two of the four measures of medical practice success are directly related to sound fiscal management should come as no surprise to medical office managers. Caught between more demanding government regulations and more restrictive insurance practices at a time when patient rolls are growing, medical practitioners and healthcare providers are under enormous financial pressures that many fear have the potential to negatively affect the quality of patient care.
Managers of profitable medical and dental practices say there are two keys to financial success in the medical field: efficient management of back-end processes and implementation of effective and timely collections procedures. Successful medical office managers were able to reduce operating costs to an average 54% of total revenue, compared to the national average of 64%. Major revenue gains were achieved by reducing patient wait times, allowing physicians to serve more patients, and decreasing the number of days between service and payment.
MedConnectUSA’s affordable selection of efficient, high-quality medical answering services helps hold down back-end costs and increase staff efficiency which improving patient satisfaction.