Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-Module 5

Video Transcription

Video Summary

This segment is part five of a ten-part series presented by the AOA, focusing on medical practice operations in clinical settings. Regardless of the delivery platform, such as academic medical centers or private practices, 90% of the operations are generic. This session provides a broad overview of practice operations, including revenue cycle, coding, auditing, physician compensation, and patient flow, emphasizing that medical practice is a business intertwined with legalities. The speaker, Jeff, director of the physician enterprise at Whitley, with over 30 years of healthcare experience, discusses staffing dynamics and operational efficiencies, stressing the importance of finding a balance in staffing to optimize profitability without overstaffing. An analysis of profit and loss (P&L) statements illustrates how expenses impact profitability, emphasizing the need for investment in employees and infrastructure. The discussion also covers benchmarking as a tool to assess practice efficiency and align operational goals. The segment concludes with a focus on leadership structures and human resources as integral components of medical practice operations, while soliciting audience questions for further exploration in a live WebEx session.

Keywords

medical practice operations

revenue cycle

physician compensation

staffing dynamics

profit and loss statements

benchmarking

leadership structures