(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
. In particular, the following performance practices set these “Better Performers” medical practices apart:
- 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.”
Since the 2020 MGMA Better Performers Report is based on 2019 data and reflects information prior to COVID-19, MGMA added a supplement to this year’s report to gauge current priorities of medical practices. MGMA conducted a MGMA Stat poll
on Oct. 13, 2020 asking healthcare leaders, “What is your biggest priority for improvement in your practice?” Findings from 704 responses include:
- 31% said “profitability”
- 30% said “operations”
- 24% said “productivity”
- 11% said “value”
- 4% said “other”
“Better Performer” status allows medical practices to receive recognition for the great work they are doing. Medical practices who benchmark their overall performance through data comparison and analyzing key performance indicators (KPIs) can streamline and improve their profitability, operations and productivity. These areas are critical to a high performing and successful practice and align with the overall goal of the MGMA Better Performers criteria. They also have an opportunity to build their organization’s reputation and brand awareness by publicizing their efforts and sharing their expertise with colleagues around the country, so others can learn from their successes.
Only one independent medical practice attained Better Performer status in all four categories. “MGMA’s Better Performer reporting process has helped us validate our thinking and that we are making good decisions for our organization,” said Steven Sinclair, CPA, CMPE, chief financial officer, Graves-Gilbert Clinic in Bowling Green, Ky. “This recognition doesn't mean that we're done with our efforts because our goal line is always changing. What worked for us a few years ago might not work for us today so we need to continually benchmark so we know how to adjust our efforts.”
To learn more about the Graves-Gilbert Clinic, consider registering for the MGMA’s Medical Practice Excellence Conference
, Oct. 19-21. During a 30-minute session on Wednesday, Oct. 21, Graves-Gilbert Clinic’s Steven K. Sinclair, CPA, CMPE, chief financial officer, will detail how his team achieved Better Performer status and steps other practices can take to realize success in the four categories.
Visit the MGMA DataDive Better Performers Report
page for access to or inquiries on purchasing the full data.
Medical Group Management Association (MGMA) is the premier association for professionals who lead medical practices. Since 1926, through data, people, insights, and advocacy, MGMA empowers medical group practices to innovate and create meaningful change in healthcare. With a membership of more than 58,000 medical practice administrators, executives, and leaders, MGMA represents more than 12,500 organizations of all sizes, types, structures and specialties that deliver almost half of the healthcare in the United States. www.mgma.com