Medical Group Management Flashcards
MGMA
Medical Group Management Association
ACMPE
American College of Medical Practice Executives
AMGA
The American Medical Group Association
HOG
Hospital Owned Group
DOG
Doctor Owned Group
RVU
Relative Value Unit
Medical Group Management Definition
Medical group practice is the provision of health care services by a group of at least three licensed physicians engaged in a formally organized and legally recognized entity: sharing equipment, facilities, common records, and personnel involved in both patient care and business management.
Medical Group Management Association
The premier membership association for professional administrators and leaders of medical group practices.
Challenges of Working With/For Physicians
- Money is usually one of the most important things to physicians, so first and foremost, learn how to control the revenue cycle
- Make sure that scheduling is maximized
Creating a better relationship with Physicians
Walk the halls and communicate with doctors
MGM Laws and Certification
- By law, you must be licensed by the state.
- Certification isn’t mandatory but if you want any sort of reimbursement from CMS, then it is a must.
- Accreditation can also be acquired by the Joint Commission.
Can MGM get certified?
Yes, by American College of Medical Practice Executives. They have an exam that you can take
Entrepreneurship in MGM
Networking and education are the base. There is a lot that you have control over as a manager as you are typically over all of the business aspects rather than just like one or two.
What is the Medicare Sustainable Growth Rate Formula
The sustainable growth rate is a measure of how much a firm can grow without borrowing more money. After the firm has passed this rate, it must borrow funds from another source to facilitate growth.
