January 27, 2023
The Effective Medical Practice Manager
An effective medical practice manager in any private practice must possess a wide range of business and interpersonal skills – in addition to the technical competencies required for effective medical practice management. Specifically, he or she must be able to transition from one function to another, many times in the same day. In other words, practice managers wear a lot of hats!
A practice manager’s performance is vital to the overall success of an independent practice, has a tremendous impact on how efficiently a practice operates, and can improve the overall quality of patient care provided at the facility.
Here are 15 essential functions of an effective medical practice manager:
- Establishes with physician(s) (and DoctorsManagement, if a DM client) the medical office’s mission, vision, and goals in response to changing healthcare, economic, regulatory, and community needs.
- Recommends, develops, and updates strategic short- and long-range plans to support the medical office’s philosophy and goals, including business operations, financial oversight, revenue cycle management, human resources, etc.
- Informs physician(s) in both scheduled and as-needed meetings about overall practice management issues, including medical billing, reimbursement, cash flow, clinical and office staff, etc., as well as addressing real-time trends in healthcare.
- Manages the practice within the established budget, understanding the interplay of operating expenses and cash flow.
- Establishes and recommends credit and collection policies to streamline the revenue cycle management process and makes recommendations for improvement in medical billing, accounts receivable, time of service collections, etc.
- Develops and monitors new administrative procedures and staff assignments to improve overall office management, staff morale, and overall workflow of the practice.
- Solves difficult payment and associated billing problems on behalf of the practice, ensuring all payers uphold their agreed upon rates and terms.
- Assures a solid human resources program, including the training and orientation of all staff, ensuring that clinic and office staff maintain a service-oriented atmosphere with patients, public and other staff members.
- Participates with and solicits feedback from the healthcare providers (and DoctorsManagement, if a DM client) to evaluate employee performance and recommend merit increases, promotions, and disciplinary actions.
- Initiates and answers pertinent correspondence through written reports, as well as maintaining appropriate patient data records and files in the medical practice management software.
- Maintains knowledge of and complies with established policies and regulatory procedures for OSHA and HIPAA Compliance.
- Routinely plans and directs with physician(s) general staff meetings and in-service programs, include routine meetings healthcare providers and other clinical staff regarding clinical duties and other matters.
- Keeps physicians and staff timely informed (as appropriate) of their weekly schedule including changes in appointments, billing, insurance, and staffing through written and verbal communication, as well as prompts and tasks in the electronic health record (EHR), as appropriate.
- Is responsible for accounts payable, payroll, and tax information, including producing a monthly aged accounts receivable report for each physician.
- Is responsible for bank deposits, maintaining a balanced checkbook, maintaining current personnel records and posting current versions of all federal and state regulatory notifications.
Interested in improving your medical practice productivity? Talk with one of our advisors to learn how you can increase profits and improve employee morale for your physician practice. Use the link above, submit a consultation form, or contact us via email or phone at 800-635-4040.