Who's managing your medical practice?
Posted by CEP America on Tue, Mar 16, 2010 @ 06:20 PM
By Michael Harrington, CEO, MedAmerica
As the healthcare reform debate continues, the overall complexity of our country's healthcare system seems almost overwhelming. Many healthcare organizations, physician groups, administrators and physicians are frustrated and unsettled by the pending sea change in how the government will fund and support our myriad healthcare programs.
Navigating the healthcare maze is challenging enough. But with total healthcare spending predicted to reach a staggering 20% of the entire US economy by 2017, and with per person healthcare expenditures looking to double during the same period, physicians and medical professionals will be hard pressed to spend quality time with their patients - adding to increased concerns about healthcare quality and safety.
That's why I firmly believe that the importance of a qualified, third party practice management organization has never been greater. To illustrate my point, I've identified the top 5 benefits a practice management organization can offer to health administrators and physician groups:
- Deep understanding of your business - The strength of a practice management organization is that you are working with a team of experienced professionals who understand the healthcare industry. You'll work with people who truly know and understand your business, and will treat you like a partner.
- Efficient and cost effective - Because a group offers comprehensive management specialties under one roof, you'll be able to take advantage of an array of management solutions without having to shop around to several consultants or smaller firms. This "one-stop shopping" approach increases overall efficiency and cost effectiveness.
- Collaboration - Collaboration ensures open lines of communication and a healthy sharing of ideas that lead to high-performance solutions that work for your practice. A practice management organization should be completely in sync with your unique needs.
- Technology - The benefits of a larger practice management organization include Information Technology services that are right for your needs, vs. a cookie cutter approach that may not serve your best interests. Looking toward the future, technology will be playing an ever greater role in maintaining a successful practice.
- Financials - having access to a full scope of financial, billing, reporting, benefits administration, etc. enhances the profitability of your practice. The best practice management firms offer these capabilities and take the burden off of you and your practice to keep up with ever-changing State or Federal mandates.
The bottom line is the healthcare industry isn't going to get any less complicated. The right healthcare practice management organization can really make a difference in running a successful practice. And as I like to say, it allows doctors to do what they do best - practice medicine!
Have any opinions on practice management groups? I'd love to hear them!