Implement the medical group revenue function. Create competitive advantage.
This article shows medical groups how they can employ new financial management and information technology techniques to safeguard their revenue and income streams. These managerial techniques stem from the application of the medical group revenue function, which is defined herein. This article also describes how the medical group revenue function can be used to create value by employing a database and a decision support system. Finally, the article describes how the decision support system can be used to create competitive advantage. Through the wise use of internally generated information, medical groups can negotiate better contract terms, improve their operations, cut their costs, embark on capital investment programs and improve market share. As medical groups gain market power by improving in these areas, they will be more attractive to potential strategic allies, payers and investment bankers.
Colucci
C
C
Irvine Planning Associates, Irvine, CA 92614, USA.
D002017:Budgets; D002201:Capital Expenditures; D002204:Capitation Fee; D014487:Centers for Medicare and Medicaid Services, U.S.; D003361:Cost Allocation / Q000379:methods / Q000706:statistics & numerical data; D003660:Decision Support Systems, Management; D004465:Economic Competition; D017598:Efficiency, Organizational; D018588:Fee-for-Service Plans; D005376:Financial Management / Q000379:methods*; D006123:Group Practice / Q000191:economics* / Q000458:organization & administration; D007182:Income; D015895:Relative Value Scales; D014481:United States