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4 key traits of the best performing physician practices

The Medical Group Management Association launched the 2017 MGMA DataDive Better Performers report, outlining the best practices for profitable medical groups.

"Medical practice leaders grapple with a growing number of factors that can impact performance, so understanding the levers that are in the practice's control is critical," said Halee Fischer-Wright, MD, president and CEO of MGMA. "The Better Performers data set provides an invaluable benchmark for practices seeking their own insights about where their opportunities for stronger performance reside."

Here are key findings from the report:

1. The best performing physician-owned practices spend $3,685 less in IT expenses per full time employed physician than all reporting practices. However, the best performing hospital-owned practices spend $1,216 more than others.

2. Among all physician practices, the best performing groups spend less on operating expenses and typically earn more in total medical revenue after operating costs. Among physician-owned groups, best performing multispecialty practices report $44,553 more in total medical revenue and the best performing surgical specialists report $25,902 more in medical revenue.

3. The most productive practices are also the better performing groups, and those groups report earning more total compensation. Among orthopedic groups, the best performers reported 0.37 percent more in total compensation and 14.59 percent more in work relative value units.

4. Patient portals are more often used in the best performing practices when compared with all practices. The best performing primary care groups also offered shorter wait times to schedule appointments, higher percentage of same-day appointments and lower no-show and cancellation rates.

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