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PHYSICIAN PRACTICE MANAGEMENT ESSENTIALS KEYS …

PHYSICIAN PRACTICE MANAGEMENT ESSENTIALS : keys FOR SUCCESS Rosemarie Nelson MGMA Healthcare Consulting Group March 5, 2013 1 PRACTICE MANAGEMENT : WHAT DOES IT MEAN? Running a PRACTICE is complicated: Even the smallest groups are complex, multimillion-dollar businesses in need of sophisticated MANAGEMENT Costs of dealing w/ insurance companies: $63K-$71K per PHYSICIAN /year Top challenges of modern practices : Maintaining PHYSICIAN compensation in a time of lower reimbursement Cost growth is outstripping revenue growth, creating a fundamental, long-term business problem Selecting, implementing and optimizing an EHR 2 2 3 PRACTICE MANAGEMENT IS COMPLICATED! Get down in the weeds to improve Patient cycle visit time Collection at time of service Reducing costs of operations with technology Are the right people answering the phones? Can a mid-level provider increase efficiency and allow patients to be seen at their convenience Is the business office best place to verify benefits Will a patient survey provide the data to support proposal to BOD?

physician/year Top challenges of modern practices: Maintaining physician compensation in a time of lower reimbursement Cost growth is outstripping revenue growth, creating a fundamental, long-term business problem Selecting, implementing and optimizing an EHR . 2 . 2

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