In these times when margins are razor-thin, do you feel confident that your practice management systems and processes work as efficiently as they could? Is your revenue cycle set up for success?
Your medical practice must deliver superior patient care, but you also need to ensure that care allows for strong financial performance.
Managing and growing a physician’s practice is more difficult today than ever. Physician practice managers encounter one challenge after another, including:
- New regulatory mandates: Physicians must prepare to respond and adapt quickly to new regulations like the No Surprises Act.
- Staffing shortages: Labor costs for some healthcare staff have risen by 50% or more.1 76% of medical practices have made operational changes due to staffing shortages.2 EMSI data suggest a critical shortage of 3.2 million healthcare workers by 2026.3
- Cash flow issues: 50% of medical practices report an increase in time in A/R.
- More competition: The consumerization of healthcare continues rapidly as CVS, Walgreens, Walmart, and others compete with traditional physician practices.
To manage medical practice effectively today, you need the right resources, processes, and systems. To stay resilient over time, your medical group must build in flexibility to adapt to an increasingly complex healthcare environment.
Three success drivers of medical practice management
1. Standardize best practice processes
Many medical groups today work with disparate systems and procedures that make finding and fixing revenue leakage and cost overages difficult, which wreak havoc on the bottom line. At a time when lower operating margins are the norm, standardizing best practice processes is a critical first step to reduce superfluous expenditures and waste.
2. Leverage fully integrated workflow technology and intelligent automation
Establishing uniformity across the revenue cycle and tapping into a fully developed platform that integrates into existing systems allows physician groups to lower overall cycle times and perform more consistently, thus improving financial margins.
With healthcare’s rapid pace of change, a state-of-the-art, highly innovative platform can help physician practices get ahead rather than just keep up. Instead of facing the challenge and expense of creating this infrastructure, partnering with a platform that offers intelligent automation is key.
3. Ensure full transparency with analytics-driven performance management
Without proper visibility into critical operational metrics, organizations position themselves to be reactive rather than proactive, which tends to lead to significant (and often avoidable) problems.
Healthcare leaders need a regular line of sight into overall revenue cycle operations and performance metrics.
Learn more about implementing the three success drivers
Running the business side of your physician practice has never been more challenging. Learn more about the three success drivers that will help you succeed in this increasingly complex environment. Download our guidebook now:
1. Clinical Labor Pricing Updates Are Needed to Address Workforce Shortages, Financial Strain
2. Workarounds for Worker Shortages: 8 Strategies for Pandemic Staffing Issues in Medical practices
3. AHA Data Brief: Health Care Workforce Challenges
