According to a new research data from the Medical Group Management Association (MGMA), the “better-performing medical practices” are the ones that have focused specifically on patient satisfaction, profitability and cost management; productivity, capacity and staffing; and accounts receivable (A/R) and collections. The report, Performance and Practices of Successful Medical Groups: 2012 Report Based on 2011 Data, looked at data from 348 better-performing groups that responded to the MGMA 2012 Cost Survey.
The research from MGMA found that better performing medical practices poll patients on their satisfaction and used the results to educate physicians and staff about behavior. This information is used to evaluate and improve practice operations, and to benchmark against other practices.
In terms of profitability and cost management, respondents in multispecialty practices deemed “better-performers” had higher total medical revenue per full-time-equivalent (FTE) physician (a median of $814,944) compared with their peers (a median of $666,634). In addition, better performing multispecialty practices reported lower total operating cost as a percentage of total medical revenue at a median of 53.85 percent, compared with other practices’ 63.6 percent. Also, better-performing practices collected their receivables more quickly than their peers.