Using an effective business model for group practice management.

Abstract

Managing a group practice effectively can improve the practice's bottom line as well as attract a capital partner, if necessary. By addressing issues such as culture, values, governance, role definition, and expectations, group practices can clarify their vision and goals and run their business in an organized, efficient manner. When a group practice's physicians are committed to the success of the practice, they can work as a team to implement efficient operational procedures and optimize revenues. Effective business model components should be considered by both fledgling and mature practices.