ENGLEWOOD, Colo. (Oct. 15, 2020) – Medical Group Management Association (MGMA) released its 2020 MGMA Better Performers data in a new report, Performance and Practices of Successful Medical Groups. For the past 23 years, MGMA has used its extensive database of practice expense and revenue information to identify medical practices that are meeting superior performance metrics. This new report highlights the common elements that contribute to success for every medical organization and presents industry benchmarks to obtain financial success, an effective work culture, higher job satisfaction, and trust between physicians and administrators.
The report also offers insights on how many of these better performing organizations have tackled the challenge of the COVID-19 pandemic in an effort to focus on exceptional business performance while delivering high-quality care.
To build this year’s report, MGMA evaluated 3,864 organizations that participated in three recent MGMA surveys focused on medical practice excellence. MGMA’s research determined that 1,036 of them stood out above the rest. These practices demonstrate top performance in metrics related to Operations, Profitability, Productivity and Value. In particular, the following performance practices set these “Better Performers” medical practices apart:
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Improvement of an operations revenue cycle with better and faster collections and lower accounts receivable
Evaluation of profitability and productivity by monitoring staff and provider output, operating costs and revenue
Identification of practices that report quality metrics and value while qualifying as having better performer status in operations, productivity and profitability
“The determining criteria that MGMA uses has changed over time to align with how our industry has evolved, and that makes the insights and best practices in this report very timely for our members. To me, one of the clearest takeaways from this report is the number of medical practices that are reporting successful metrics. That is a testament to the level of innovation, creativity and hard work that medical practice professionals are delivering in these challenging times,” said Halee Fischer-Wright, MD, MMM, FAAP, FACMPE, president and CEO of MGMA. “There is no one-size-fits-all approach to determining superior performance, but the four categories of the Better Performers Report provide the chance to evaluate them on a holistic level.”