Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-255193

255193 - Article 1

Pdf Summary

The document is part of an educational series on Business Fundamentals 101 focusing on Medical Practice Operations, presented by Jeffrey T. Gorke, the National Director of Physician Enterprise at Wipfli. The Winter 2022 module specifically addresses employment opportunities within medical practices.<br /><br />Jeffrey T. Gorke, who has extensive experience in healthcare management, provides insights into various employment models in the healthcare sector, such as private practices, hospital/health systems, and academic medical centers. Each model presents unique governance structures, financial management styles (cash-based vs. accrual accounting), and operational challenges such as revenue cycle management and compensation planning, particularly focusing on Work Relative Value Units (wRVUs) for hospitals/health systems.<br /><br />The presentation emphasizes that there is no definitive model that fits every situation due to variations in practices based on geographical and market factors. For example, compensation may vary significantly depending on whether one practices in a large city or a rural area. It also highlights the financial and operational considerations associated with each employment model, including decision-making autonomy, strategic planning, physician leadership, and the impact of group size on leverage and negotiations.<br /><br />The document underscores the importance of adaptability in employment models, advising attendees to consider multiple factors like governance (e.g., physician-led boards), competitive structure, and revenue cycle management. It is noted that the trend is shifting towards more physicians working in employed models over private practices according to the American Medical Association's data.<br /><br />The presentation is intended for educational purposes, establishing a foundational understanding of the operational and strategic aspects of different employment models in healthcare, while encouraging further exploration of legal and financial specifics.

Keywords

Business Fundamentals

Medical Practice Operations

Jeffrey T. Gorke

employment models

healthcare sector

revenue cycle management

compensation planning

physician leadership

governance structures

adaptability