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An Overview of Medical Practice Management

February 23, 2022

Practice managers play an integral role in their medical practice, but they can become overwhelmed with all of the tasks and responsibilities that come with it. Physician practice management companies (PPMC) can streamline operations, improve your workflow, and increase efficiency. By developing a program that fits your practice’s unique needs, you can focus on what’s most important — the patient. 

What Is Practice Management?

A practice management company works with physicians who maintain their practices to help with the business side of operations. 

Physician practice management companies, often referred to as PPMCs or management services organizations (MSOs), offer various services, including marketing, HR administration, filing claims, and financial services.

In most states, PPMCs may not participate in any sort of medical care due to a “corporate practice of medicine” (CPOM) prohibition. This means, depending on how strict the CPOM is in your state, that the PPMC may not handle tasks that should be performed by a licensed professional, including hiring and firing physicians and making purchasing decisions related to medical supplies and equipment. 

PPMCs are not strictly owned companies. You still own your practice and maintain the authority of operations. The PPMC simply allows you to delegate clerical and administrative tasks that take you away from your patients.

Reasons To Consider a Practice Management Company

Managing an oncology practice can feel like two full-time jobs. First and foremost, you’re a physician. You meet with and treat patients, which can be physically demanding and emotionally and intellectually draining. 

When you own a practice and are a physician, you must also be a business owner. You’re responsible for the HR, financial, and marketing operations of your practice, in addition to ensuring that you’re maintaining proper compliance and credentialing.

That’s a lot of responsibility. It’s also why you may want to consider an oncology practice management company.

Benefits of a Practice Management System 

A practice management system provides many benefits for your oncology practice. Integrating this system with other practice technology allows you to have everything you need in one place without jumping from solution to solution to get the information and tools you need. 

Streamlined Workflow

Practice management software can streamline your workflow productivity, creating an environment of fast-paced efficiency throughout your administrative, billing, and intake processes. This tool will allow your team to perform at their best. 

Improved Organization

A practice management system can keep you organized by creating a tailored workflow. You can keep track of every detail with automated tools and digital processes. This system also makes it simple to locate important data. Improving your organization ensures that nothing falls through the cracks. 

Higher Quality Patient Care 

Optimizing your administrative processes allows you to focus on what’s most important to your oncology practice — your patients. When your team is bogged down with the burden of administrative responsibilities, it can lead to extreme burnout. Medical practice management is a quality solution that removes some of this burden, allowing you to provide better, more focused patient care. 

Enhanced Automation

Automation has become a growing practice in today’s digital landscape. Healthcare automation helps providers do their jobs faster and more accurately. Automated tools such as scheduling, intake, and insurance verification enable your team to work more efficiently. Additionally, your medical practice can benefit from automated tools for inputting patient data, integrating intake forms, pre-visit requirements, and bill pay alerts. 

Improved Billing

An integrated practice management system can improve billing by quickly verifying insurance and eligibility and collecting patient payments during their office visit. Your administrative staff to take credit card payments at the front desk and verify insurance coverage before their appointment, protecting your organization’s revenue and growing your bottom line. 

Simple Scheduling 

A practice management system makes scheduling easy. Integrating this system with a patient portal allows patients to schedule their appointments directly online, sign up for updates and reminders, and stay on top of their follow-up care. As a result, patients can remain engaged in their oncology care. 

Better Patient Experience

A medical practice management solution simplifies and digitizes various processes within your oncology practice. Patients can easily schedule their appointments, pay their medical bills, and receive other health management resources, improving their overall experience. 

Why Should You Consider Using a PPMC?

There are several reasons that a PPMC may be beneficial to your medical practice.

Reduce stress

You can instantly reduce your stress level by offloading administrative tasks that may not be ones in which you excel (like bookkeeping and marketing).

Spend more time with your patients

This may be the most crucial benefit. By not having to divide your time between patient care and operations, you will be able to spend more of your day with your patients, which is essential both for their care and overall patient satisfaction.

Grow your practice

Have you considered expanding your practice? With a PPMC handling marketing and other administrative pieces, growing your practice becomes a much more realistic goal.

How Do I Choose a PPMC?

If you have decided that a PPMC is suitable for your practice, you want to be sure to choose your partner wisely. Here are some things to keep in mind.

Does the PPMC share your core values?

As a second arm to your business, you want to ensure that the PPMC’s core values align with your practice.

What is the PPMC’s track record?

Look into other practices the PPMC manages. Is that practice thriving? Talk to the physicians there to see what they think of their relationship with the company.

Does the PPMC specialize by practice type?

As we are well aware, medical practice needs can vary widely depending on the types of care you provide. As an oncology practice, does the PPMC you are interested in working with service other oncology practices? This can be important, particularly regarding claims management and different HR needs.

By asking these questions, you will be able to find a PPMC that best aligns with your oncology practice, allowing you to focus your time on patient care. 

About Verdi Oncology

Verdi Oncology empowers physicians in our network to focus on an exceptional patient experience to create the future of cancer care. We understand the challenges facing the modern physician practice and have the tools and expertise to help practices grow in a value-based care environment. Contact us to learn more about joining our network.