ABSTRACT
Managing a group practice effectively can improve the practice's bottom line as well as attract a capital partner, if necessary. By addressing issues such as culture, values, governance, role definition, and expectations, group practices can clarify their vision and goals and run their business in an organized, efficient manner. When a group practice's physicians are committed to the success of the practice, they can work as a team to implement efficient operational procedures and optimize revenues. Effective business model components should be considered by both fledgling and mature practices.
Subject(s)
Group Practice/organization & administration , Models, Organizational , Organizational Culture , Organizational Objectives , Financial Management , Group Practice/economics , Income , United StatesABSTRACT
Increasing numbers of physicians are forming group practices to secure managed care contracts. In doing so, they face challenges they did not experience in solo practices. Physicians new to group practice must develop a group perspective that reflects the different values, goals, governance structure, and decision-making approach needed for a group to succeed.
