Rose Wagner, vice president of the American Medical Group Association (AMGA), recently highlighted several things medical practice executives can do to improve their organization’s revenue and performance, as reported last week by Healthcare Finance reports. Wagner’s recommendations can benefit different types of practice settings, from private solo practices, to partnerships, to hospital-run practices and multi-specialty groups owned by health systems. Read on to learn these helpful strategies and how to apply them at your practice.
- Develop comprehensive knowledge of your organization’s financial performance. Build the budget from square one, identify gaps in major disbursement categories through benchmark assessments, establish a game plan, and monitor results once a month. “For revenue, start with historical wRVU production and factor in growth opportunities based on solid plans, such as an increase in office hours,” said Wagner, as quoted in Healthcare Finance.
- Conduct a detailed evaluation of operations to eliminate inadequacies. Practice decision makers should determine starting-point metrics as well as tactics for removing issues. Begin the process by gauging cycle time, examining patient satisfaction, and going through telephone management reports.
- Ensure timely patient access to care. Measure the length of time required to schedule appointments of various lengths for the providers in your practice. Also, review tasks that were not performed and clinical contact hours per clinician—specialty care and primary care providers alike—and access care standards by reviewing CG-CAHPS scores. In addition, Wagner advises practice leaders to devise strategies to reduce wait times for patients, such as adding advanced practitioners to the team.
- Cross-train staff to fill in/work with other providers when needed. For further improvement, regulate processes as well as exam rooms to achieve optimum production.
- Select standards of measurement to correctly convey completed work and create dashboards to check performance. “Engaging the staff, measuring and monitoring, and developing action plans are key to ensuring the greatest opportunity for success,” Wagner adds.