An overview of practice management for your understanding

Managing all aspects of medical practice, including finances, human resources, information technology, compliance, marketing, and operations is the job of a practice manager. Management positions in practice management include Practice Managers, Administrators, CEOs, COOs, and Executive Directors. Medical practice managers work for small independent clinics, large multispecialty practices, hospital-owned systems, and other management and consulting companies.

 

With pressures for cost reduction, greater compliance, and technology implementation that are headlines in health care today, managing a medical practice can be challenging. The field is also exciting, rewarding, and has a high rate of growth in the industry. A practice manager is always learning new things, having the opportunity to work with and lead bright people, and coordinating efforts to ensure the health and well-being of their customers, the patient.

A health care compliance officer can develop, organize, manage, and direct the functions of a practice's compliance department. A compliance officer ensures the policies and procedures of a health care system are accurate and organized, and calls for changes as necessary. By balancing compliance costs against business risks, they understand the nature and location of compliance-related risks. What is the importance of training and certification? The medical industry is looking for individuals who can manage the business side of medicine effectively. Having a general understanding of the business world is not enough to be effective in medical practice; managers must also possess practical "know-how" to complete day-to-day tasks. Practical skills give a manager the tools to manage a complex medical practice successfully.

Skills that are certified include:

•    Ensure that day-to-day operations are run efficiently and effectively to ensure patient satisfaction and office efficiency

•    Maximize cash flow by managing the revenue cycle

•    Strong compliance programs can mitigate risk

•    Developing a good financial plan and corporate structure will strengthen the business

•    Manage relationships with payers and suppliers to maximize reimbursements and minimize costs

•    Develop information technology that will meet the demands of quality care and communication within the medical community

•    Creating value and stability for the owners of the practice by effectively leading the practice into the future