Top-performing medical practices excel in certain areas that set them apart from the field.
MGMA released its "Performance and Practices of Successful Medical Groups" data report, which evaluated 3,864 organizations. MGMA identified 1,036 practices that excelled above the rest.
Here's what made a successful practice:
1. Practices that stood out excelled in metrics related to operations, profitability, productivity and value.
2. These practices also excelled in:
- Actively monitoring revenue cycle
- Monitoring provider output, operating costs and revenue
- Reporting and tracking quality metrics and values
3. MGMA also asked 704 healthcare leaders what area they were targeting to improve in their practice:
- 31 percent said profitability
- 30 percent said operations
- 24 percent said productivity
- 11 percent said value
View the entire report here.
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