Provides details and analysis on how physician integration and business planning can help doctors deal with new organizations like physician practice management companies (PPMCs). Reviews the rapid change of healthcare into big business and what it means for physicians, then discusses PPMCs and the public equity market, development of strategic business plans, legal issues, independent practice associations, and physician hospital organizations. Includes a glossary. McCally is Vice President of Healthcare Consulting for Endurant Business Solutions. LaFond is an attorney who focuses his practice on corporate finance transactions in the healthcare industry. Annotation copyrighted by Book News, Inc., Portland, OR
To be successful and keep your doors open in the ever-changing market, you must know how to run your practice effectively according to sound financial principles. Is it time you learned how to make your practice more profitable? All you need is for someone to show you a proven process.
The U.S. health care system is in crisis. At stake are the quality of care for millions of Americans and the financial well-being of individuals and employers squeezed by skyrocketing premiums—not to mention the stability of state and federal government budgets. In Redefining Health Care, internationally renowned strategy expert Michael Porter and innovation expert Elizabeth Teisberg reveal the underlying—and largely overlooked—causes of the problem, and provide a powerful prescription for change. The authors argue that competition currently takes place at the wrong level—among health plans, networks, and hospitals—rather than where it matters most, in the diagnosis, treatment, and prevention of specific health conditions. Participants in the system accumulate bargaining power and shift costs in a zero-sum competition, rather than creating value for patients. Based on an exhaustive study of the U.S. health care system, Redefining Health Care lays out a breakthrough framework for redefining the way competition in health care delivery takes place—and unleashing stunning improvements in quality and efficiency. With specific recommendations for hospitals, doctors, health plans, employers, and policy makers, this book shows how to move health care toward positive-sum competition that delivers lasting benefits for all.
Published in association with the MGMA and written for physician leaders and senior healthcare managers as well as those involved in smaller practices, Physician Practice Management: Essential Operational and Financial Knowledge, Second Edition provides a comprehensive overview of the breadth of knowledge required to effectively manage a medical group practice today. Distinguished experts cover a range of topics while taking into special consideration the need for a broader and more detailed knowledge base amongst physicians, practice managers and healthcare managers. Topics covered in this must-have resource include: physician leadership, financial management, health care information technology, regulatory issues, compliance programs, legal implications of business arrangements, medical malpractice, facility design, and capital financing for physician group practices.
The U.S. health care system is in crisis. At stake are the quality of care for millions of Americans and the financial well-being of individuals and employers squeezed by skyrocketing premiums-not to mention the stability of state and federal government budgets. In Redefining Health Care, internationally renowned strategy expert Michael Porter and innovation expert Elizabeth Teisberg reveal the underlying-and largely overlooked-causes of the problem, and provide a powerful prescription for change. The authors argue that participants in the health care system have competed to shift costs, accumulate bargaining power, and restrict services, rather than create value for patients. This zero-sum competition takes place at the wrong level-among health plans, networks, and hospitals-rather than where it matters most, in the diagnosis, treatment, and prevention of specific health conditions. Redefining Health Care lays out a breakthrough framework for redefining health care competition based on patient value. With specific recommendations for hospitals, doctors, health plans, employers, and policy makers, this book shows how to move to a positive-sum competition that will unleash stunning improvements in quality and efficiency.
"Nathan Tierney’s powerful storytelling is rarely seen in today’s health care business environment. We must redesign the health care delivery system---a team sport in service of patients, hold it accountable with measurement to improve outcomes, and quantify the resource costs over the full cycle of care. Value-based health care is a framework through which these goals are achieved, and Tierney provides a detailed playbook to get your organization there. Outlined in incredible detail and clarity, he presents core concepts and dives into the key metrics needed to build, maintain, and scale a successful value-based health care organization. Nathan shares a realistic vision of what any CEO should expect when developing their own Value Management Office. Nothing is more important to me than improving the lives of those I love. My personal mission is to create systemic change with an impact on the global stage. This playbook needs to be on the desk of every executive, clinician, and patient today." -Mahek Shah, MD, Senior Researcher and Senior Project Leader, Harvard Business School Our current healthcare system’s broken. The Organization for Economic Co-Operation and Development (OECD) predicts health care costs could increase from 6% to 14% of GDP by 2060. The cause of this increase is due to (1) a global aging population, (2) growing affluence, (3) rise in chronic diseases, and (4) better-informed patients; all of which raises the demand for healthcare. In 2006, Michael Porter and Elizabeth Teisberg authored the book ‘Redefining Health Care: Creating Value-Based Competition on Results.’ In it, they present their analysis of the root causes plaguing the health care industry and make the case for why providers, suppliers, consumers, and employers should move towards a patient-centric approach that optimizes value for patients. According to Porter, "value for patients should be the overarching principle for our broken system." Since 2006, Professor Porter, accompanied by his esteemed Harvard colleague, Profesor Robert Kaplan, have worked tirelessly to promote this new approach and pilot it with leading healthcare delivery organizations like Cleveland Clinic, Mayo Clinic, MD Anderson, and U.S. Department of Veteran Affairs. Given the current state of global healthcare, there is urgency to achieve widespread adoption of this new approach. The intent of this book is to equip all healthcare delivery organizations with a guide for putting the value-based concept into practice. This book defines the practice of value-based health care as Value Management. The book explores Profesor Porter’s Value Equation (Value = Outcomes/ Cost), which is central to Value Management, and provides a step-by-step process for how to calculate the components of this equation. On the outcomes side, the book presents the Value Realization Framework, which translates organizational mission and strategy into a comprehensive set of performance measures and contextualizes the measures for healthcare delivery. The Value Realization Framework is based on Professor Kaplan's ground-breaking Balanced Scorecard approach, but specific to healthcare organizations. On the costs side, the book details the Harvard endorsed time-driven activity based costing (TDABC) methodology, which has proven to be a modern catalyst for defining HDO costs. Finally, this book covers the need and a plan to establish a Value Management Office to lead the delivery transformation and govern operations. This book is designed in a format where any organization can read it and acquire the fundamentals and methodologies of Value Management. It is intended for healthcare delivery organizations in need of learning the specifics of achieving the implementation of value-based healthcare.
This book is a guide to strategic training for physicians in an era of managed care. The first half of the book provides a step-by-step process to help physicians take their practices into the new world of integrated delivery systems. The second half of the book covers a variety of key topics such as credentialing, reimbursement systems, and utilization management.
The time is right for an enlightened model of health care delivery. The authors of this breakthrough text offer an approach to patient care that is physician-based, patient-centered, financially viable, quality driven and managed by visionary leaders. Calling for collaboration among health care executives, physicians and support staff, the model illustrates how medical practices can deliver quality, cost-effective patient care with kindness and caring.
COVID-19 is clearly creating significant change in how daily lives are pursued. The impacts on healthcare as an industry are profound and how physicians continue to provide patient care is being challenged. Those in group practices, as well as those within institutional environments, are all now faced with the prospect for how to develop new approaches in their professional pursuits. The changing environment in healthcare provides all physicians with a unique opportunity to develop and implement larger scales of change for the industry, as a result. Dr. Peter Angood is president and CEO of the American Association for Physician Leadership, the only association solely focused on providing professional development, leadership education, and management training exclusively for physicians since its founding in 1975. In that role since 2012, he has continuously promoted the charge that "at some level, all physicians are leaders." The book is a frank dialogue and call to action on how all physicians can reach their fullest potential by becoming and remaining more engaged while inspiring engagement in others. It is also a clear-eyed look at the positive and trusted role physicians exercise in every sector of the healthcare industry. Including chapters on wellness and burnout, patient safety, lifelong learning and the necessary personal and professional competencies for physicians, Dr. Angood's commentaries are uniquely astute and bold. He asserts that physicians remain the most trusted and dominant conduit for care and decision-making within the multidisciplinary sphere of healthcare and, further, with increasing demands for quality care and patient satisfaction, the physician leader is well-positioned and deserves an equitable say in shaping the future of the healthcare industry. "The research shows that the benefit of a physician-led organization is improved patient outcomes and decreased costs," says Dr. Angood. "While academia and basic science research continue to expand the scientific knowledge of medicine at rapid rates, technology, pharmaceuticals, device innovation and digital communication all are redefining their value equation with physicians as leaders in their organizations." This book of personal reflections on healthcare and the state of the industry is precisely that: personal. Dr. Angood's goal is for the various chapters to spur personal reflection among physicians while instilling in them a renewed sense of privilege and commitment to the profession.
