The top priority of a medical group practice is to be profitable, and to do that takes good management. So says consultant Frank Cohen, who gave the closing keynote address today on the final day of the Medical Group Management Association's annual conference in Las Vegas. Without financial success, none of a practice's other priorities such as improving patient care are possible, he explained.
Use of evidence-based management urged
Cohen, who is principal and senior analyst of the Frank Cohen Group, lectured the several thousand medical practice administrators and physicians on the finer points of evidenced-based management and how it applies to healthcare providers struggling to survive in an increasingly complex business environment.
Providers can take two approaches to coping with that change, he said. They can base their decisionmaking on anecdotes and past experience. Or they can use evidence. Cohen urged the crowd to use the latter as the former likely would put providers out of business.
Cohen outlined the three components of evidenced-based management: analytics, decisionmaking and problem-solving. He said providers can use those tools to improve profitability, improve quality and outcomes, and minimize risk.
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