The MGMA National Conference is being held this week in San Diego. Large practices, small practices and academic practices from all over the US will converge to connect and learn what makes practices successful. What interests me the most about this year’s conference, based on the brochure of events, is that the subjects offered are the basic subjects most practices need to grow and increase the revenue of their practices.
Indeed the skills needed to succeed in a medical practice have not changed over the last 10 years or so. The value of one day in AR, physician compensation, how to motivate employees, negotiating with payers, cost cutting that makes a difference….all subjects that while basic, are core principles of successful healthcare practices….and the subject of break-out sessions at MGMA.
But this year, new subjects must also be addressed: The role of EHRs in a practice success metrics, The ACA (Affordable Care Act) impact on practices, and ICD10 conversion. If these critical subjects are not in your current strategy for success; then your practice will not enjoy long term success. All three subjects are critical to practice success and cash flow. Meaningful use incentives have been used by many practices to bridge the gap created by purchasing expensive EHR systems. But now the real tests begin, becoming proficient with EHRs to the point where the real cost savings that can be gained by use is achieved.
ICD 10 conversion is probably the most under-rated critical task of the year. The scope of ICD 10 is not only all encompassing: paper, systems, people; the negative cash flow potential hasn’t begun to be clearly understood. Now throw ACA in the mix.
This next year will probably be the most challenging single year for healthcare practices in many years. Those attending MGMA this year will hopefully walk away from that conference with skills and strategy to meet the challenge. Whether from connecting to people who can impact your practice, hearing a strategy that fits your practice or meeting a vendor that has just the right product…Medical Management Services wishes a good conference to all attendees.