Exploring innovative revenue-enhancing and cost-saving initiatives for medical practices
Abstract
Health systems and medical groups are currently facing unprecedented challenges, including the highest inflation rates in four decades. These challenges are compounded by post-pandemic issues, such as the Great Resignation, staffing shortages, financial constraints and increased competition in new markets. Moreover, there is a pressing need to work towards achieving the Triple Aim of healthcare: improving the individual experience of care, enhancing population health and reducing per capita costs. Against this backdrop, this paper aims to explore successful strategies implemented by health systems and medical groups across the USA. It will highlight numerous initiatives focused on either enhancing revenue or reducing costs, all aimed at achieving long-term, sustainable outcomes. By drawing upon the experiences of high-performing healthcare organisations and medical groups, readers can gain insights into reimagining patient care delivery through effective dyad partnerships, innovative team-based care models and the cultivation of a positive organisational culture.
The full article is available to subscribers to the journal.
Author's Biography
Michael O’Connell , MHA, FACHE, FACMPE, is a senior healthcare consultant and has worked with internationally recognised health systems and medical groups in creating transformative care models on their journeys to becoming highly reliable organisations. As a member of the Medical Group Management Association (MGMA) and serving on their Board of Directors, in addition to being involved in two state chapters of the American College of Healthcare Executives (ACHE), he has networked with diverse, highly respected healthcare leaders and learned from them on the best practices they have pursued in revenue-enhancing and cost-saving strategies. Michael has presented on this topic in numerous forums and continues to learn about the innovative practices that medical groups are implementing to ensure that they are outstanding stewards of their resources. He is a published author on healthcare and leadership development and has presented numerous times on a diverse range of healthcare topics. He is board certified in medical practice management, a Fellow of the American College of Medical Practice Executives and board certified as a Health Executive and a fellow in ACHE. Michael has a bachelor of science from University of Illinois and a master of health administration from Saint Louis University.
Citation
O’Connell, Michael (2024, September 1). Exploring innovative revenue-enhancing and cost-saving initiatives for medical practices. In the Management in Healthcare: A Peer-Reviewed Journal, Volume 9, Issue 1. https://doi.org/10.69554/MFEN5980.
Publications LLP