Data Drives the Future of Physician Practice Management: Best Practices For Practice Management Reporting
As health systems continue to employ larger numbers of physicians, many challenges have emerged. Due to mismatches in supply and demand, inadequate management infrastructure, and organizations’ willingness to invest capital in practices, losses on employed physician networks have steadily risen. In fact, many organizations are at the point where there is a threat to the hospital’s bottom lines. Hospitals have been willing to invest their money in physician practices as it brought community access, ED coverage, and ensured market viability. Health systems also realize that by building their employed network they are investing in capabilities to improve quality by better coordinating care and managing risk contracts over the long term.
All these factors have been discussed within the industry, but most health systems still do not have a sophisticated understanding of the root cause of the losses in their network, nor a consistent methodology for practice management reporting. To pinpoint where these losses start, health systems must embrace a data-driven management style. Data will be the key to successful physician networks in the future.
Questions for Management to Start the Discovery Process.
- Do we currently equip decision-makers with metric-driven management dashboards to inform operational and strategic decisions?
- Do we have the management, IT infrastructure, and staffing to electively mine and report on key data metrics?
- Which team members have the greatest ability to effect change for each metric?
- With what frequency (weekly, monthly, quarterly), and by whom, should dashboard metrics be reported and reviewed?
This white paper was created to outline best-practices for practice management reporting including: measuring, reporting, and building a constant stream of key performance indicators related to your physician network. Making sense of the data and understanding its implications becomes much easier through effective reporting, enabling management to make more informed strategic decisions. We recommend using consistent metrics across audiences, from practice managers to executives. However, each audience should be provided with varying levels of detail to best support their job function.
To discuss how HSG is partnering with health systems around the nation to build and execute a data management and reporting structure specific to your physician network, contact Davis Creech directly.
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Practice Management Reporting
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Related Thought Leadership
HSG Advisors has been considered experts in physician network performance improvement for 20+ years. Access more content related to our insights from partnering with health systems around the nation and ways in which we’re partnering with them to develop practice management reporting that is data oriented to drive the future of physician practice management.