Physician groups face formidable challenges in the current healthcare environment. Growing regulatory complexity, continued reimbursement cuts and intensifying competition can undermine and destabilize even the strongest practice.
Given the prospect of healthcare reform and the likelihood that additional, as-yet-unforeseen obstacles will emerge, it is essential that the practice manager -- the lynchpin of any group -- be equipped with the full range of knowledge and skills required to negotiate the often-treacherous and fast-changing healthcare landscape.
Understanding the nature and importance of practice management duties can help groups determine whether their practice is equipped to meet contingencies in the present marketplace.
In truth, even the most dedicated and experienced practice manager can struggle when attempting to address the many issues that inevitably impact a modern physician group. Few individuals possess the knowledge necessary across multiple disciplines to provide consistent and effective practice management.
Optimized practice management not only helps improve profitability, but also boosts patient care through better relations with hospitals and referring physicians and by allowing doctors to focus less on operational issues and more on direct patient needs.
Practice Management "Defined"
Practice management is a general task description that can encompass virtually all the business aspects of a physician group. In this paper, practice management responsibilities are divided into five main categories:
· Accounts Receivable and Billing Management
· Financial Management and Reporting
· Revenue Enhancement
· Strategic Planning and Direction
· General Business Services