MGMA 2017 Annual Conference

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Five Proven Ways for Physicians to Reduce Operating Costs (Room Room 210)

10 Oct 17
1:00 PM - 2:00 PM

Tracks: Financial Management

Physicians control 100% of operating revenue and a significant amount of operating costs through practice patterns and variation, and they must be seen as potential partners to reduce the overwhelming amount of waste that exists in our healthcare system. Five proven ways that organizations are working with physicians to reduce operating costs include: 1) Reducing labor costs through redeployment of physicians and other healthcare providers; 2) Aligning all compensation models to achieve operational and organizational objectives; 3) Redesigning and simplifying operations; 4) Reducing supply chain costs through a value analysis process; and 5) Optimizing outcomes and reducing costs through standardized service excellence. Each of these approaches will be discussed, with specific examples of organizations that have been successful at reducing operating costs through these proven techniques.