Keys for Successful Physician Practice Operations
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The success of any physician practice is highly dependent on how it is managed. “Effective physician practice management helps improve patient care, reduce costs and boost practice efficiency,” says Hank Duffy, CEO at JHD Healthcare Partners.
By understanding the key elements of successful practice operations and leveraging data to optimize operations, physicians and administrators can set their practices up for success. For example, some of the ways effective physician practice management can help a practice run more smoothly include:
Improved patient experience: A pleasant and efficient patient experience is created by optimizing their scheduling, streamlining their billing processes, and providing quick and accurate follow-up care.
Improved financial performance: Physicians save time and increase revenue by streamlining administrative processes such as billing and coding. In addition, by optimizing processes and eliminating waste, costs can be reduced. Thus, helping practices become more profitable and sustainable in the long run.
Improved communication: By optimizing physician practices, it ensures everyone (physicians, office staff, patients and other stakeholders) is on the same page and working towards the same goals.
Key Elements of Successful Practice Operations
“JHD has co-managed physician operations with many hospital-owned and independent practices. We’ve learned there are five keys to ensuring successful and profitable physician practices,” said Duffy.
Leadership: Effective leadership is essential. It is important that there is a dyad relationship with administrator and physician, and that they have a cohesive vision and set a strong direction for the practice.
Staff: Staff are the backbone of any practice, and it is important to have the right team in place, and they are knowledgeable and experienced in their respective roles.
Technology: Having the right technology (EHR, billing systems, etc.) in place helps streamline processes and ensures effective practice-patient communication.
Processes: Having well-designed processes in place ensure efficiency and accuracy. These processes should be regularly reviewed and updated to ensure they are up-to-date and aligned with the practice’s goals.
Data: Data is essential to make informed decisions. Physician practices should regularly collect and analyze data to identify areas for improvement and make informed decisions.
In today’s healthcare environment, there are many things than can disrupt the practice operations, which are leading to burnout, staffing shortages and decreased patient experience. But, ensuring you have the right people, processes and technology in place can help your practice overcome the challenges.
Is your physician practice underperforming?
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