Strategies for Successful Medical Practices.

Citation metadata

Author: Todd Shryock
Date: Aug. 2021
From: Psychiatric Times(Vol. 38, Issue 8)
Publisher: Intellisphere, LLC
Document Type: Article
Length: 625 words
Lexile Measure: 1270L

Document controls

Main content

Article Preview :

Only 11% of medical practice owners said they did better in 2020 than in 2019, whereas 46% said they were doing worse, according to the Medical Economics[R] 2021 Physician Report. The top reason listed was lost revenue and increased expenses because of COVID-19. Here are some strategies to boost your practice's bottom line.

Look at Performance Indicators

Successful practices track performance indicators to identify opportunities for improvement, said Andrew Hajde, assistant director of association content for the Medical Group Management Association. These indicators include accounts receivable, insurance claims, reimbursement, denials, and patient satisfaction.

With those data, practices can not only track their own performance over time, Hajde explained, but also benchmark themselves against data from similar providers. He added, "It gives them [practices] a bar to see if they're doing well or if they have some opportunities for improvement in any of those areas."

Similarly, it is also important to find out what other practices are...

Source Citation

Source Citation   

Gale Document Number: GALE|A676443363