What is practice management?
A practice manager has the responsibility of managing all business aspects of a medical practice including financials, human resources, information technology, compliance, marketing, and operations. Professionals in practice management hold titles such as Practice Manager, Administrator, CEO, COO, and Executive Director, among others. Practice managers work for small independent practices, for large multispecialty clinics, for hospital employed systems, and other management and consulting companies.
With pressures of cost reduction, greater compliance, and technology implementation that are headlines in health care today, managing a medical practice is complex. It is also a profession that is exciting, rewarding, and has a high rate of growth in the industry. Practice managers are always learning new things, have the opportunity to work with and lead a variety of bright people, and to coordinate efforts that provide for the health and well being of their customer, the patient.
Why is training and certification important?
Medical practices are looking for individuals who can roll up their sleeves and effectively manage the business side of medicine. Understanding general business concepts for a medical practice is not enough to be effective, rather, managers need to have practical “know how” for getting day to day tasks completed. A solid understanding of practical skills gives a manager the tools to successfully manage a complex medical practice.
Certified practice management skills:
- Be effective in running day to day operations that result in patient satisfaction and office efficiency
- Manage the revenue cycle to maximize cash flow
- Mitigate risk with strong compliance programs
- Strengthen the business with good financial planning and corporate structure
- Manage relationships with payers and suppliers to maximize reimbursement and reduce costs
- Lead efforts with information technology that will meet the demands for providing quality care and necessary communication within the medical community
- Effectively lead the practice into the future creating value and stability for the owners of the practice