The gap that divides the best-performing medical groups from their less-successful peers is narrowing as the industry's top businesses share data with others on their practices, according to a new study from the Medical Group Management Association.
The MGMA, whose 19,500 members lead about 240,000 doctors, found that the best-performing multi-specialty groups logged a 6.2% increase in total medical revenue after operating cost, or about $298,300 per full-time equivalent in 2003. "All respondents," meantime, reported an increase of 2.5%, to about $232,000. Officials with the MGMA said the gap between the two groups has narrowed over the last five years.
The MGMA report -- based on data from about 1,240 respondents -- found that the most successful groups are more likely to compensate physicians through a 100% productivity method, partner new physicians with physician mentors and verify new patient insurance before time of service.