Survey analysis provides a frontline view of traits that have allowed medical practices to weather industry adversity
ENGLEWOOD, Colo., Sept. 8, 2022 /PRNewswire/ -- Medical Group Management Association (MGMA), which earlier this year surveyed more than 4,000 organizations to investigate links between their operating strategies and the vitality of their organizations, released survey results in its 2022 MGMA DataDive Better Performers data set, and also issued a detailed report on the data entitled "Performance and Practices of Successful Medical Groups." In addition to presenting industry benchmarks, the report gives clues about how high-performing medical providers have addressed difficulties such as ongoing staffing shortages, rising expenses, worker burnout, and more in the wake of the COVID-19 pandemic.
With healthcare executives in search of actionable data to make their organizations more efficient, more adaptive, and more attuned to the needs of patients, the MGMA data report offers an industry overview that can help shape policy and reveal obstacles. By unearthing patterns in operational activities including billing, patient scheduling, and insurance claim submissions—as well as exploring the possible effect of those patterns on metrics such as revenue and costs—the MGMA data analysis creates a telling picture of the qualities that set high-performing medical practices apart from the rest.
"One of the key insights from the Better Performers data report was the extent to which workplace culture affected an organization's resilience to stress," said Ron Holder, MHA, FACMPE, FACHE, CAE, chief operating officer at MGMA. "Organizations that had strong cultures had less trouble retaining staff and thus incurred lower costs from bringing in outside help to maintain high-quality care."
Among many other findings, "Performance and Practices of Successful Medical Groups" discusses the following Better Performer data set results in detail:
Medical revenue per FTE physician was higher for all better performing practice types except non-surgical specialty practices.
Better-performing primary care practices collect nearly 9% more accounts receivable in the first 30 days after service and have less A/R outstanding after 120 days than their counterparts.
Except in primary care practices, better-performing practices report a double digit percentage increase for copayment collections at time of service.
111 practices out of 4,098 achieved a superior performance ranking across three of the four practice feature categories.
The 2022 data report covers practice types ranging from primary care to surgical specialty practices and highlights the features of better-performing practices across four categories: Operations, Profitability, Productivity, and Value. For healthcare leaders across the country who are weighing the goals they will prioritize in 2023 and beyond, this kind of comprehensive analysis can help them tether decisions to approaches that have already proven successful in the real world and maximize their practices' chances of success
MGMA has made the complete report available for free here.
Founded in 1926, the Medical Group Management Association (MGMA) is the nation's largest association focused on the business of medical practice management. MGMA consists of 15,000 group medical practices ranging from small private medical practices to large national health systems representing more than 350,000 physicians. MGMA helps nearly 60,000 medical practice leaders and the healthcare community solve the business challenges of running practices so that they can focus on providing outstanding patient care. Specifically, MGMA helps its members innovate and improve profitability and financial sustainability, and it provides the gold standard on industry benchmarks such as physician compensation. The association also advocates extensively on its members' behalf on national regulatory and policy issues. To learn more, go to MGMA.com or follow us on LinkedIn, Twitter and Facebook.
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SOURCE Medical Group Management Association