When we write about “best-run medical practices,” we’re talking about the practices that excel in more than one of these four measurable areas:
- Profitability and cost control;
- Efficiency and productivity;
- Revenue cycle measures (accounts receivable performance); and
- Patient satisfaction.
Different practice settings obviously benefit from different solutions. Their “secrets” often include operational policies and procedures that the practice carefully developed and has followed consistently with good results. The operational strategy that proves to be a home run in one practice may produce a disappointing base hit (or strikeout) at your place. Stealing someone else’s idea doesn’t always produce the same great results. We once studied under a professor who liked to say, “It does take a thief—but you have to know what to steal.” Our esteemed professor explained that stealing a single idea can yield very limited results at best, but if you can emulate the thought processes and principles that produced the idea, you can benefit indefinitely. It’s a lot like that old saw: “Give a man a fish . . .”
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