Sure, you’re busy. But is your medical practice productive?
Many medical practices judge productivity by charges, receipts, collections or the number of encounters. Fees, however, can differ from payer to payer. Plus, a practitioner can see 25-35 patients a day and still not be "productive" in terms of what those encounters actually contribute to the bottom line.
For medical practices today, there's a far better way to measure productivity - and benchmark performance year-to-year and practitioner-to-practitioner: Relative Value Units (RVUs), the measurements originally developed to standardize Medicare payments.
Now, in the new book RVUs at Work: Relative Value Units in the Medical Practice, experts from Coker Group - a leading healthcare consulting firm - give practice administrators and physicians step-by-step guidance on how to use RVUs to gain profitable new control over physician productivity, costs and expenses, operating margins, resource allocation, compensation and even managed-care contract negotiations.
Noteworthy Features:
Clear and easy to read - written in layman's terms so practice administrators can immediately begin to implement an RVU approach.
Practical - includes examples of how different real-world medical practices are using RVUs to cut costs, enhance efficiency, boost profitability, and assure quality of care.
Huge 'upside' potential - by applying the RVU approach, practice managers gain a consistent and impartial way to align how money is spent and how staff and providers use their time with the maximum benefits for both patients and the practice.
Table of Contents
Chapter 1: History and Background of RVUs
Chapter 2: CMS and RVU Considerations
Chapter 3: RVUs and Productivity
Chapter 4: RVUs and Compensation
Chapter 5: Utilizing RVUs in Practice Management
Chapter 6: Increasing Productivity With RVU Management
Chapter 7: The Future of RVUs - Conclusion and Summary
List of Terms
About the Authors:
Max Reiboldt, CPA, President and CEO, Coker Group - For more than a decade, Max Reiboldt has led Coker Group, one of the leading healthcare consulting firms in the US and abroad. He helps hospitals, medical practices, and other healthcare entities address issues from compensation to business and strategic planning, M&As, and operational assessments. A noted author, he has contributed to more than 50 books for physicians and medical practices.
Justin Chamblee, CPA, MAcc, Financial Services Manager, Coker Group - Justin Chamblee works with Coker Group clients in a variety of strategic and financial areas, mainly dealing with physician compensation and hospital-physician transactions. This includes the development and redesign of physician compensation plans for both private practices and hospital-employed settings as well as providing guidance to hospitals, physicians and legal counsel as to the appropriateness of transactions between a hospital and a physician. Prior to joining Coker Group, he worked as a senior associate for PriceWaterhouseCoopers in their audit practice.
