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Survey reveals secrets of high-performing practices

February 22, 2011

The medical practices that performed the best were those who utilized management practices such as cutting costs and handing out patient questionnaires, according to a recent survey.

The Medical Group Management Association conducted the survey of medical organizations. The group found that those who reported higher revenues and greater customer service typically prioritized four performance management categories: managing profitability and costs, maintaining staff productivity, ensuring patient satisfaction and streamlining their billing departments.

Equipping an office with practice management and electronic health record software can also boost a practice’s revenue and lower costs. Excluding multi-specialty practices, those groups that invested more money in information technology operations had higher performance rates and reported less bad debt to fee-for-service activity per physician, the association reported.

Strong cash flow is also crucial to a practice’s success, the report found, and better-performing groups had a lower percentage of their total accounts receivable in the 120-plus-day category.

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