CareCloud and UBM Medica released results from their 2017 Practice Performance Index that show medical groups that embrace a patient-centric, value-based approach to practice management outperform those following the status quo.
Researchers surveyed more than 2,000 practice leaders and grouped their responses by practice performance. Researchers determined performance segments by the following criteria: increases in practice collections, number of practice locations, number of providers, total patient volume and provider satisfaction
High-performing medical practices had three recurrent key trends:
1. High-performing practices prepared for reimbursement changes.
- 56 percent had a value-based plan in place, compared to 32 percent of the "falling behind" segment
- 53 percent of high-performing practices planned to earn either a full or partial Medicare Access and CHIP Reauthorization Act incentive
2. High-performing practices adopted new technologies:
- High-performing practices were two times as likely to adopt new patient choice-facing technologies
- These practices were more likely to adopt advanced population health analytics, telemedicine, iPad-based intake forms and check-in kiosks.
- However all practices were skeptical about wearables. Approximately 70 percent of respondents had no interest in adding wearable technology to their practice
3. High performing practices improved patient experience:
- More than 80 percent of high-performing practices utilized online survey tools
- 24 percent of these practices invested in telemedicine
- 21 percent invested in additional payment options
- 19 percent invested in check-in kiosks