The Medical Group Management Association has released a new report that explores the factors that lead to a medical practice earning more revenue.
The following factors, MGMA reported, are associated with higher earnings in a medical practice:
- Lower operating expenses
- Greater physician productivity
- Increased patient portal usage
- Faster patient scheduling and same-day appointment availability
- Steps taken to reduce no-shows and cancellations
The report also noted that higher-earning physician-owned practices typically spend less on information technology expenses, while better-performing hospital-owned practices usually spend more on IT than their lower-performing peers do.
Learn more about the MGMA report here.