By Todd Evenson, MBA
Success - The achievement of something desired, planned, or attempted.
(According to www.thefreedictionary.com/success)
In business, I would define success as making sound decisions that allow an organization to attain its goals. To make the right decisions for your medical practice, you need evidence – an anchor from which to base your decision. The bottom line: You need to know what the best are doing to be successful.
So where do you find resources that give you credible data and proven processes? You have a number of options:
- Networking with peers (right here in the Member Community)
- Joining professional associations (you've got this one in the bag)
- Researching internal/external industry journals (think EBSCO)
You'll find information may in various formats:
- In-depth articles
- Case studies
- Data (tables and graphs)
If you can't locate a resource that delivers the combination of information you need, you haven't seen MGMA's Performance and Practices of Successful Medical Groups: 2008 Report Based on 2007 Data.
This year marks the report's 10th anniversary, and we're celebrating with stories from distinguished practices – those that have been named better performers more than three times in the past 10 years. They've described their experiences to illustrate how they continue to thrive, and how your group can, too.
Other bonuses: Succinct articles written by successful practice administrators provide practical solutions to complex problems, including:
- "Serving the Underserved and Staying Profitable"
- "Improving A/R Efficiency with EMR"
- "Covering your Bases: Increasing Efficiency Through Adequate Staffing"
The specialty-specific data allow you to identify and set realistic targets from the three key performance areas:
- Profitability and cost
- Productivity, staffing and capacity
- Accounts receivable and collections
Warren C. White Jr., FACMPE, administrator at Southwestern Medical Clinic PC, Berrien Springs, Mich., introduces the report: "Use the [it] to learn from your peers. Gain techniques to improve process in your own practice."
So, why reinvent the wheel? Don't let daily obstacles keep you from presenting the next great evidenced-based idea or identifying realistic goals. Find the information you need and discover how to maximize performance.
Members can purchase the report at a discount in the MGMA Store.
Todd Evenson is senior project manager in the MGMA Survey Operations Department.
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