In MGMA’s “Performance and Practices of Successful Medical Groups: 2014 Report Based on 2013 Data” they revealed the best practices from a select group out of 2,518 physician organizations. The purpose of the study was to divulge the organizations that did the best and outline why they outshined the other physicians.
The study indicated four categories in which the best selected groups excelled in, and qualified them as “better-performing medical practices.” Namely: 1) profitability and cost management; 2) productivity, capacity, and staffing; 3) account receivables and collections; and 4) patient satisfaction. The “better-performing” healthcare institutions reported lower total cost of operations in percentage of total medical revenue than others, and in collecting receivables more quickly than the other groups. In fact, the “better-performing” groups indicated only 8.05% of their total accounts were in the 120+ day category. Proving a strong and healthy financial management system, and better processes in performing the financial aspect well.
There are many methods and systems that have been applied to create success for the “better-performing” practices. However, there is an overarching theme that played into all of the processes mentioned above: “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.” You need efficient data collection to gain the insights the software provides to effectively act on the information to create a successful medical institution, such as Salient Management offers.
Source via CTG and HCPro.