Achieving Compliance in Your Medical Practice Made Easy for Physicians
A. Overview of the Healthcare Landscape
The healthcare landscape is constantly evolving. From small independent medical practices to large hospitals and local healthcare settings to international medical tourism, all continually strive to maximize productivity, profitability, and value.
Not surprisingly enough recent report published by the Medical Group Management Association (MGMA), those medical groups that are more diligent in sustaining such a trend are the ones that stand out. Thus they survive the increasing administrative turmoil without losing ground on excellence.
Nevertheless, the intriguing finding is limited to some medical practices. That makes it clear that physicians and healthcare practices have some work to do if they intend to stay independent in years to come.
B. Evaluation of 4,098 Medical Groups
Stat poll conducted by MGMA on 4,098 medical groups indicated that only 1,119 did reasonably well compared to the rest in at least one of the following practice areas: Operations, Profitability, Productivity, and Value.
II. Key Data Insights for the stat poll suggested:
A. Total Medical Revenue:
Medical revenue per FTE physician was considerably more than the medical practices among the better-performing group. Calculate their FTE status for physicians who work less than full-time by dividing the average hours operated per week by the full-time standard. For instance, if a physician works 30 hours a week in a practice that considers 40 hours full-time, their FTE status would be 0.75.
B. Accounts Receivable:
The better-performing group collected over 9% of accounts receivable over their lesser-performing peers. That is for the charges managed within 30 days after the completion of services.
C. Total Median Compensation:
Physicians in higher-performing primary care practices have seen a double-digit percentage increase in copayment collections at the time of service. That trend resulted in higher compensation than their peers in all critical areas.
A. Summary of Findings
The report published by MGMA indicates that data-driven medical practice management will ultimately translate into a more robust operational setting. It will result in better productivity, increased value, and higher revenue. At the other end of the spectrum, those who fail to do so may ultimately lose their dependence on more extensive and efficient systems that are competitive.
B. Implications for Physicians
One can never overlook that physicians and patients are central to the competitive healthcare transformation. More so, independent physicians can not afford to lag amidst a movement that is one of the most significant contributors to physician administrative burden, burnout, and, eventually, patient dissatisfaction.
IV. Resources for Medical Practices to Stay Competitive
ding As a physician, staying competitive in the medical field is essential. To do this, you need to have access to the proper resources. These resources include:
1. Up-to-date medical information: Keeping up with the latest medical research and developments is essential for staying competitive. Access to reliable medical journals, textbooks, and other sources of information is critical.
2. Technology: Technology is becoming increasingly important in the medical field. Access to the latest medical software and hardware can help you stay ahead of the competition.
3. Networking: Networking with other physicians and medical professionals can help you stay informed about the latest developments in the field.
4. Professional development: Continuing education and professional development opportunities can help you stay up-to-date on the latest trends and developments in the medical field.
5. Financial resources: Access to the right financial resources can help physicians stay competitive. That includes access to capital, grants, and other forms of financing.
As straightforward as it may sound, efficiently complying with all the mentioned requirements is not like walking in the park, particularly if a medical practice intends to maximize Operations, Profitability, Productivity, and Value.
Indeed, larger organizations can comply with such demands. Nonetheless, smaller medical groups will need a robust system that upholds physician independence through collaborative and hybrid workflow systems.