A new report from the Medical Group Management Association suggests technology and benchmarking are drivers of the financial and operational success of top medical groups.
The "better performing" groups chronicled in the MGMA's "Performance and Practices of Successful Medical Groups: 2002 Report Based on 2001 Data" posted median revenues 20% higher per full time equivalent (FTE) physician than a similar metric for all groups surveyed, according to the Englewood, Colo.-based trade group.
Medical specialty groups that were better performers in profitability and cost management earned a median $591,646 in revenue after operating costs per FTE physician in 2001, compared with $457,954 for all medicine groups. Meanwhile, revenues per FTE physician for those top performers in primary care was $247,560 compared with $197,607 in all primary care-only groups.
Operating costs per medical procedure performed by the top medical specialty groups edged up, from $37.53 to $38.49, while costs per procedure for all other medical groups climbed from $50.18 to $59.60.
Operating costs as a percentage of total medical revenue in the top-performing multispecialty medical groups rose to 56.7%, while costs ran at 54.7% in the better-performing primary care-only groups.
Copies of the report are available at www.mgma.com/press.