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”
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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.
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.Back to HCB News