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Reviewing practice expenses can improve profitability.

K M Wood1, G E Matthews

  • 1Healthcare Advisory Group, Atlanta, GA, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|June 6, 1997
PubMed
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Physician group practices facing rising expenses and falling productivity can improve financial health. Benchmarking costs and creating budgets are key strategies for better practice management and resource utilization.

Area of Science:

  • Health Services Research
  • Medical Practice Management
  • Healthcare Economics

Background:

  • Physician group practices, especially those integrated into larger health systems, report increased expenses and decreased productivity.
  • These trends negatively impact practice viability and physician satisfaction.

Purpose of the Study:

  • To identify actionable strategies for physician group practices to reverse unfavorable financial trends.
  • To provide guidance on improving cost management and resource utilization within medical practices.

Main Methods:

  • Reviewing and benchmarking key practice costs, including physician compensation, staff salaries, occupancy, supplies, and malpractice insurance.
  • Developing operating budgets based on historical data and projected revenues.

Related Experiment Videos

  • Comparing internal financial data with peer benchmarks for performance evaluation.

    • Main Results:

    • Strategic review of compensation plans, staffing, occupancy, supplies, and insurance can identify cost-saving opportunities.
    • Budgeting based on historical expenditures and anticipated revenues, when compared to benchmarks, enhances financial control.
    • Improved cost management and resource utilization are achievable through proactive financial oversight.

    Conclusions:

    • Physician group practices can mitigate financial challenges by implementing robust cost-review and budgeting processes.
    • Benchmarking against peer practices is crucial for identifying areas of inefficiency and potential savings.
    • Effective financial management is essential for the sustainability and success of physician group practices.