Better Manage Physician Compensation, Production and Costs; ValuSource Introduces Expanded Data, New Benchmarking Tools for Practice Management on Interactive Versions of MGMA Surveys.COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo. -- ValuSource Software, the leader in medical practice benchmarking software, today announced that in conjunction with the Medical Group Management Association (MGMA MGMA Medical Group Management Association MGMA Metro Global Media, Inc. (stock symbol) MGMA Metal Gutter Manufacturers Association (UK) MGMA Michigan Gospel Music Association ) it will release interactive CDs containing the 2006 Physician Compensation and Production Survey Report and Cost Survey Report. With the new data and tools contained on these CDs, medical practices can perform peer-group benchmarking in a fraction of the time it used to take. "MGMA delivers the gold standard data for medical practice benchmarking," said David Fein, ValuSource CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "and the new benchmarking tools on these CDs allow medical practices to quickly identify and improve areas of performance that are substandard substandard, adj below an acceptable level of performance. ." ValuSource is delivering two CDs. The first contains the Physician Compensation and Production Survey Report, which provides detailed data on physician income, as well as production, which is measured in terms of gross charges, RVUs, patient encounters, and collections. This data is particularly useful for anyone who needs to determine fair compensation for physicians, develop productivity-based compensation plans and establish necessary benchmarks for compliance. The second CD, delivering MGMA Cost Survey Report data, offers in-depth information about medical practice revenues, costs, staffing levels and accounts receivables accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Both CDs deliver more than one hundred times the data than you can find in printed reports, offer new regional information by state, and allow easy export to Excel A full-featured spreadsheet for Windows and the Macintosh from Microsoft. It can link many spreadsheets for consolidation and provides a wide variety of business graphics and charts for creating presentation materials. for custom analysis and charting. The single most powerful aspects of the CDs are built-in benchmarking applications ValuSource built to help practices understand, process and interpret comparative data. "In the current economic climate of rising costs and reduced reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , medical practices need a fast and easy way to determine if their businesses are efficient and effective," says Fein. Benchmarking Value Traditionally, larger and more sophisticated practices have used benchmarking to enhance financial performance. It's clear that other practices could benefit from the same techniques if only they had a cost-effective way of doing it. Now, for the first time, ValuSource CDs offer explicit instructions and a step-by-step framework to help those new to medical practice benchmarking to enhance performance and profitability. Even if users have done benchmarking before, ValuSource programs will cut their benchmarking time in half by helping them automate To turn a set of manual steps into an operation that goes by itself. See automation. and standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. the process. "The MGMA Physician Compensation and Production Survey Report is probably one of the most-used data sources in the industry," says Fred Simmons, CEO of Clearwater Cardiovascular and Interventional Consultants, a specialty practice with 19 physicians and some 130 employees in Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. . "We rely on it regularly to benchmark how productive our physicians are -- how many patients each is seeing, how much they're billing, what level they're billing at, and even how many bills are actually being paid." Simmons also relies on MGMA data to chart staff-to-physician ratios and space-utilization costs, which he says help him compare the efficiency of his Clearwater practice to its regional peers and adjust operations accordingly. He is particularly impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: by the ease of accessing and manipulating data on the new interactive CDs. "I've used MGMA data for years," explains Simmons, a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. by training, who used to work for one of the larger accounting firms. "In the past, relying solely on printed formats, I've needed to enter our practice data into Excel, add MGMA survey information, write formulas, and lots more. The whole thing generally took me four to five hours." Using the CDs is dramatically simpler, says Simmons. "Now I only have to do 15 minutes of data entry, at most, and simply push a button." MGMA Relationship The ValuSource/MGMA relationship demonstrates the power of combining cutting-edge technology with world-class data. "For years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time MGMA has provided the best benchmarking data in the industry," said David N. Gans, FACMPE FACMPE Fellow of the American College of Medical Practice Executives , MGMA Vice-President Practice Management Resources. "Our arrangement with ValuSource enables us to package our compensation, productivity and practice performance data with powerful benchmarking tools that make it much easier for medical practices to analyze provider productivity, effectively manage costs and increase operational efficiency." Producing benchmarking tools together with ValuSource since 1997, MGMA chose the Colorado Springs-based company because of its expertise in software development and reputation among financial professionals. Both CDs will ship in October, and are available at $425 each for MGMA members; non-members will pay a slightly higher cost. Call 800-825-8763, ext. 2, or visit www.valusourcesoftware.com for more information and a full list of related services and products. About ValuSource Software Founded in 1985, ValuSource is recognized as the leader in medical practice benchmarking software and provides an array of tools that help group medical practices become more effective and profitable. About MGMA MGMA, founded in 1926, is the nation's principal voice for medical group practice. MGMA's 20,000 members manage and lead more than 12,000 organizations in which more than 242,000 physicians practice. MGMA's core purpose is to continually improve the performance of medical group practice professionals and the organizations they represent. MGMA headquarters are in Englewood, Colo. |
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