The Healthcare Entrepreneur Blog » MGMA

Time to throw in the towel on private practice…or is it?

Tannus Quatre PT, MBA — Sat, 27 Mar 2010 00:07:45 +0000

I don’t buy it.

An article in the New York Times today titled, “More Doctors Giving Up Private Practices,” told the story of an increasing number of physicians who are finding their “bliss” through employed, salaried positions, rather than at the helm of their own private practice. The reason – increased costs, decreased pay, and ultimately unhappier doctors in the private practice environment. Again, I don’t buy it.

The article spoke of the…

MGMA’s Project SwipeIT: Standardization of health insurance cards

Tannus Quatre PT, MBA — Tue, 09 Jun 2009 21:49:00 +0000

The Medical Group Management Association (MGMA) is taking on waste…IT style.

It’s a great initiative, and I recommend that we consider getting on board. The goal is to prevent up to 2.2 billion in waste that occurs each year through the use of non-standardized insurance cards. By using machine-readable cards, patients, private practice clinics, and insurers can all save. Click below to learn more about this great initiative.

MGMA’s Project SwipeIT for standardized health insurance…

Is the recession really changing our medical practices?

Tannus Quatre PT, MBA — Wed, 25 Mar 2009 06:03:14 +0000

It looks like the recession is changing how we run our medical practices. And we’re not talking comments from the pundits – we’re talking serious research by the Medical Group Management Association (MGMA).

While many of us could probably surmise as much (because we’re probably living it), putting numbers behind how the economy is affecting us and our peers is important an informative.

From a study of 1,850…

Take the pain out of collecting from patients

Tannus Quatre PT, MBA — Tue, 24 Feb 2009 20:33:56 +0000

Collecting co-pays and responsible portions from patients is uncomfortable for many in the front office, and for clinicians as well. Unfortunately, choosing to avoid the pain of collecting can land a private practice in a world of hurt, especially in our current economic environment.

This article from the Medical Group Management Association (MGMA) speaks to some ways to make the collections process a bit easier, more professional, and systematic – ensuring that your practice won’t…

Creative advertising has a place in medicine

Tannus Quatre PT, MBA — Tue, 02 Dec 2008 16:47:21 +0000

I’ve felt resistance before from those within the healthcare industry that feel that marketing or advertising is “below them.” Back in July, I actually blogged about this issue in a post titled, “The ‘M’ word in private practice: Marketing.” Marketing, and advertising specifically, does not have to liken your practice to the used car lot across town. I would go so far as to say that…

Economic impacts on healthcare

Tannus Quatre PT, MBA — Wed, 12 Nov 2008 22:18:54 +0000

Our economic woes are far from over. This article published by the Medical Group Management Association (MGMA) validates some of what many of us already know to be true:

1. Healthcare services are being viewed as discretionary. Patients are foregoing certain operations, services, and prescriptions simply because they can’t afford it. This is impacting private practices through reduced volumes of services rendered and procedures performed.…

Setting and maintaining appropriate fee schedules for your practice

Tannus Quatre PT, MBA — Wed, 11 Jun 2008 16:19:13 +0000

When working with clients, we often find 2 things: (1) practice owners want to be more profitable, and (2) cutting expenses is not always an option. At its most fundamental level, a healthcare practice’s profit is based on the equation: revenue – expenses = profit. So, if expenses can’t be reduced significantly, the next place to look is at the revenue side of the equation.

Revenues are controlled by 2 elements, volume and price. Increase…